Thanks to Paul for passing this along - the film Arabian Nights, to be directed by Chuck Russell (http://en.wikipedia.org/wiki/Chuck_Russell) is set to go into production in August with backing from Chinese film sources and Russell, after a deal with the government of Kazakhstan fell through.
It was supposedly going to be released a year or so ago, but things were held up and it doesn't look like it will be out anytime soon, though production is a good sign for the future.
It's going to be in 3D Imax and starring Liam Hemsworth and Anthony Hopkins.
More info here, excerpts below - http://www.hollywoodreporter.com/news/chinese-regulators-approve-arabian-nights-562234
"The film then dropped off the radar, until Zhejiang HG Entertainment began making noises about its involvement in the project. Speaking to the Chinese press earlier in the year, the company’s general manager Liu Zhijiang said production of Arabian Nights will begin in August, with Russell, Hemsworth and Hopkins still on board. Liu also said the film will have a budget of $70 million. "
"In previously released publicity material, Arabian Nights is described as “a visually stunning 3D retelling of the classic adventure tale about a bold, young commander who joins forces with Sinbad, Aladdin and his Genie to rescue Scheherazade and save her kingdom from the dark powers of an immortal sorcerer.”"