Dubai Parks and Resorts spending tops US $1billion

Arabian Business staff writer, August 13th, 2015

Dubai Parks and Resorts, set to become the Middle East's largest multi-themed leisure and entertainment destination when it opens in October 2016, has announced that it has so far spent AED3.8 billion ($1.03 billion) on the project.

The company behind the AED10.5 billion leisure and entertainment development also said in a statement that 57 percent of project infrastructure and 52 percent of the ride engineering and manufacturing has been completed.

It added that four lease proposals have been signed at Riverland Dubai, the retail component of the theme park, accounting for 7 percent of total leasable space.

Riverland Dubai will be the main grand entrance to the destination as well as the central meeting point for visitors from all of our parks and will feature over 50 outlets.

Projected revenue in the first full year of operation is estimated at AED2.4 billion with over 5,000 jobs generated across the sector, said Raed Al Nuami, CEO, Dubai Parks and Resorts who added that total assets stood at AED7 billion at the end of the second quarter of 2015.

There were no operating revenues during Q2 and the loss was AED29 million for the three month period ended June 30, he said.

Al Nuami added: "In a little over 12 months, we will deliver a world-class attraction for residents and tourists in the United Arab Emirates. As the first multi-themed family entertainment destination in the region, Dubai Parks and Resorts is uniquely positioned to benefit from Dubai's growing popularity for residents and tourists alike.

"We continue to track well against our plans and it is pleasing to see the project coming to life a little more each day as we come closer to realising our vision."

He added: "We are confident in our ability to open the doors of Dubai Parks and Resorts to its first visitors in October 2016 to support Dubai's Tourism Vision of attracting 20 million visitors a year by 2020.

"The construction of our park infrastructure is progressing quickly with the substation and district cooling elements on track for completion before the end of 2015."

Al Nuami said the company is continuing to hire and now has more than 160 employees plus over 9,000 construction workers on site.

Dubai Parks and Resorts will simultaneously open LEGOLAND Dubai, Bollywood Parks Dubai, motiongate Dubai, together with LEGOLAND Water Park and Lapita Hotel, a Polynesian-themed resort catering to families.