Studio's no mere Mirage
Nickelsons set up film city in UAE
Michelle Nickelson and her father, Carl, who was previously chief exec of U.S.-based visual effects studio Manex Entertainment, have set up Mirage Holdings in the United Arab Emirates as an umbrella company for activities that will include Mirage Studios and the Black Hawk Film Fund.
With no prior experience in the Middle East, the Nickelsons considered the more established Dubai or Abu Dhabi areas before settling on the lesser-known emirate of Ras Al Khaimah, where even more incentives were available.
The region's government has taken the rare step of granting Mirage its own 500-acre free zone. "It means that foreign companies can own their companies 100%. They won't need a local sponsor," says Michelle Nickelson.
While Dubai Media City operates on a similar tax-free basis, what makes Mirage's deal different is that instead of the government handing out and approving licenses, as happens in Dubai, it will be the Nickelsons who make the final call.
Michelle Nickelson says they expect to begin building the studio in September, with visual effects supervisor Joel Hyneck heading up the operation.
In addition to the studio, Mirage is setting up the Black Hawk Film Fund. The outfit seeks to harness the liquid capital currently splashing around the Mideast by linking each fund to a Hollywood star or helmer, then financing that person's projects with up to $250 million each.
"The key thing we found (in) dealing with the Mideast market is ... they're very comfortable with brand names," the daughter says. "Just look at Abu Dhabi -- they're building the Guggenheim," referencing the Frank Gehry-designed museum that is part of a $27 billion development project.
Nickelson says she expects to launch the first fund in August before embarking on a regional roadshow to raise more funds.
Training local filmmakers is also a key part of the pair's long-term strategy. Last year, 15 students from the American U. of Sharjah were flown to USC's School of Cinema-Television, where their films were showcased as part of a local fest, and also met with execs at Warner Independent. This year, Michelle Nickelson expects Paramount to sponsor the exchange.
"It is very important for young Arab filmmakers to become known in the industry," she says. "While seminars are great, we feel it is as important, if not more, to take them to where the industry is and let them see for themselves."
Mirage is talking to several U.S. film schools about establishing a graduate film program in the Mirage Film City.
While the Dubai Studio City project is further along (it plans to open its first phase of facilities by the end of the year), Nickelson is confident about her project's potential and says the Mideast offers an important new investment opportunity for the right projects.
