Phase one of Dubai’s newly approved AED10bn (US2.7bn) entertainment and leisure development, which will include five theme parks based on movies and characters from Hollywood and Bollywood movies, will be completed in 2014, it was confirmed on Monday.

Dubai master developers Meraas Holding have been appointed to develop the project, located at Jebel Ali, Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s office announced online.

Dubai Adventure Studios, a Meraas-backed project which was originally announced in 2011, will anchor the new expanded development. Set to be completed in 2014, it will include popular Hollywood brands and a range of rides and attractions, the statement said.

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There will be five theme parks in total, including Bollywood Parks, which will partner with major Indian film studios to showcase Broadway-style Bollywood musicals and attractions.

In addition, the water and marine life park will feature aquatic life, rides and live shows, while a children’s theme park will include entertainment designed for toddlers, preschoolers and primary school children. A night safari will showcase wild desert themed attractions, the statement said.

“Meraas has been working with several industry experts to bring together a powerful mix of components that fulfill the need for a pure entertainment-based destination. The new initiative comes in response to Dubai’s status as a top global touristic destination which will contribute to the growth of the economy,” said Abdulla Ahmed Mohammed Al Habbai, Chairman of Meraas Holding.

“Featuring first-of-its kind rides and attractions, as well as innovative food and beverage concepts, and themed hotels, the theme parks are set to complement Dubai’s existing leisure and entertainment components,” he added.

The announcement comes just days after Sheikh Mohammed launched plans to build a new multi-billion dollar project called Mohammed Bin Rashid City.

The new city project will be built by Dubai Holding and Emaar Properties and will include the world's biggest shopping mall, a Universal Studios theme park and a green space a third bigger than Hyde Park in London.