Dubai Parks and Resorts on track for October 2016 launch


May 10, 2015 | By RetailME Bureau

Dubai Parks and Resorts, a unit of Meraas Holdings, is on track for October 2016 launch. During the first quarter of 2015 it has signed some major deals including world’s first-ever Hunger Games themed attraction and unveiling of the Legoland Water Park.

“It is clear there is an untapped market with no existing multi-themed park destination on offer in the Middle East. Dubai is not only attracting a growing population but is expected to attract 20 million visitors per year by 2020. We are pleased with the progress since we unveiled the blueprint of the project and have an equally busy year ahead as we come closer to the realisation of our vision,” shares Raed Al Nuami, CEO, Dubai Parks and Resorts.

“We have made considerable progress in the first three months of the year as we build the Middle East’s first premier year-round leisure and entertainment destination. Our cumulative project expenditure was AED 3 billion as at the end of first quarter.”

“We are tracking well against our plans and the high level of activity is testament to the dedication to deliver a world-class multi-themed leisure and entertainment destination to support Dubai’s continued growth as a global tourist destination. Our project infrastructure is 42% complete as at the end of first quarter, ride engineering and manufacturing is progressing as planned with 40% completed and our procurement is 67% completed,” he reveals.

Al Nuami continues, “Our partnership with Lionsgate will bring the world’s first-ever Hunger Games theme park attraction as well as a Step Up inspired live stage show to motiongate™ Dubai. This is important as it attracts a teen/youth demographic in addition to the younger demographic targeted by our Legoland Dubai theme park and the holistic family offerings at Bollywood Parks Dubai and other zones of motiongate™ Dubai.” “Our partnership with Wizcraft International will bring world-class Bollywood entertainment to the first Broadway-style theatre of its kind in the region at the Rajmahal Theatre in Bollywood Parks Dubai.”

“Post Q1 2015, we announced an exclusive deal with Picsolve International to create one of the world’s largest photography integrations and allow guests to enjoy a seamless photo record of their visit. This is our first revenue-producing agreement and is expected to generate over AED 20 million annually over a five year period,” he elaborates. “In addition, we recently announced the Legoland Water Park, bringing the number of components of Dubai Parks and Resorts to six with over 100 rides and attractions in total.”

“Our projected revenue in the first full year of operation is estimated at AED 2.4 billion with over 5,000 jobs generated across the sector. Our first quarter 2015 financial results are in line with our plans. Our total assets stood at AED 6.9 billion as at the end of first quarter.  The cumulative project expenditure including land acquired amounted to AED 3 billion, an increase from AED 2.6 billion. There were no operating revenues and the loss was AED 13 million during the first quarter 2015.  The first revenues are expected towards the end of 2016 following the opening of the parks to the public,” Al Nuami concludes.

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /


#Topshelftalks session at Food Business Forum 2024

Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital 

Continue Reading

July 3, 2024 | By Anurima Das
#EdgeOfTomorrow session at Food Business Forum 2024

The regional grocery retail market is evolving fast keeping pace with constantly 

Continue Reading

July 3, 2024 | By Rupkatha B
#CartToCouch session at Food Business Forum 2024

If anything, the Middle East market is excited about quick commerce – 

Continue Reading

July 2, 2024 | By Rupkatha B
#EcoEchoes session at Food Business Forum 2024

From ethical and local sourcing to adopting cutting-edge technologies to curb food 

Continue Reading

July 2, 2024 | By Rupkatha B
#ByteSizedBreakthroughs session at Food Business Forum 2024

The regional grocery retail market is becoming more and more diverse, offering 

Continue Reading

July 2, 2024 | By Rupkatha B

Spinneys, the leading premium fresh food retailer, has announced the opening of 

Continue Reading

June 24, 2024 | By RetailME Bureau

Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever 

Continue Reading

May 20, 2024 | By RetailME Bureau

In a move set to redefine the landscape of the Fast Moving 

Continue Reading

May 16, 2024 | By RetailME Bureau
Sunil Kumar and Ali Saeed Juma Albwardy, Spinneys

One of UAE’s leading fresh food retailers, Spinneys has announced its intention 

Continue Reading

April 19, 2024 | By RetailME Bureau
Laura Manning, Managing Director & Founder, BRW Society

Launched in 2019 by Laura Manning, UAE-based homegrown brand BRW Society completes 

Continue Reading

April 5, 2024 | By Rupkatha B
Rajiv Warrier, Chief Executive Officer, Choithrams

Since the launch of its first store in the UAE five decades 

Continue Reading

March 20, 2024 | By RetailME Bureau
Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC

Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC holds 

Continue Reading

February 29, 2024 | By Rupkatha B




Download Images RetailME Magazine