Hollywood's Paramount eyes new Dubai towers

Dubai's Downtown will soon get a touch of Hollywood glamour.

UAE property developer DAMAC properties is teaming up with Paramount Hotels and Resorts - a licensee of Paramount Pictures - to build a $1 billion mixed hotel and residential project, tabloid newspaper 7Days reported on Thursday.

DAMAC towers, by the film studio behind screen hits The Godfather and Titanic, will have a 540-room hotel and 1,400 residential units, the report said.

Ziad Al Chaar, Managing Director of DAMAC Properties, said: "The history, glamour and tradition of the movies indirectly transcend every element of the design and ethos of this aspirational project."

This is the first time Paramount is venturing into the hotel and real estate industry.

The property was launched on Wednesday at a major exhibition in Berlin, 7Days reported.

GALLERY: World's tallest hotel opnes in Dubai