The sports facility is only the first phase of the privately funded development, the value of which Nagib would not reveal.
“The second phase is a residential gated community comprising 850 units including villas and apartments, which we expect will open in the third quarter of 2012. The villas will be partially for sale and the apartments will be on leasehold.
Phase three of the development is a 400-room hotel to complement the facilities. The Al Forsan Hilton will open mid-2013.
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“The big events mentioned don’t make money — they’re a bit of a financial burden, but they are there for the vision. These events are for the ‘macro picture’ to promote the UAE and Abu Dhabi as a destination, ensuring a leading role in the [world] sports agenda. We try to get sponsors to minimise the costs we face,” explained Nagib.
He expected the facilities major sources of revenue generation to be day-to-day walk-in guests, team-building groups and members.
“These markets will make up 90-95% of revenue. Some of the national events will make some money from fees for participants and subscribers, and from the F&B.”
He added that substantial revenue would come from the sale of some of the phase two apartments once completed.
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