Fresh from buying into English Premier League football, Abu Dhabi has its eye on another trophy: Hollywood.

The emirate will today set out plans to invest $1bn (£560m) in films, in an attempt to become one of the world's biggest producers. The funding, provided by Abu Dhabi's government, will allow the Gulf state to back up to eight films a year over five years, Edward Borgerding, chief executive of the Abu Dhabi Media Company, told the Financial Times.