Dubai Parks and Resorts is on track for its October 2016 launch, with 67 per cent of procurement and 42 per cent of project infrastructure completed.
Raed Al Nuami, CEO, Dubai Parks and Resorts, said: “It is clear there is an untapped market, with no existing multi-themed park destination in the Middle East. Dubai is not only attracting a growing population but is also 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.”
“Our project infrastructure is 42 per cent complete at the end of Q1. Ride engineering and manufacturing is progressing as planned, with 40 per cent complete and our procurement is 67 per cent complete.”
Al Nuami added: “We announced an exclusive deal with Picsolve International to create one of the world’s largest photography integrations and allow guests to enjoy a photo record of their visit. This is our first revenue-producing agreement and is expected to generate over Dh20 million annually over a five-year period. We revealed the addition of the Legoland Water Park, bringing the number of components of Dubai Parks and Resorts to six, with over 100 rides and attractions in total.”
Projected revenue in the first full year of operation is estimated at Dh2.4 billion, with over 5,000 jobs generated. “Our total assets stood at Dh6.9 billion as at the end of first quarter. The cumulative project expenditure, including land acquired, amounted to Dh3 billion, an increase from Dh2.6 billion. There were no operating revenues and the loss was Dh13 million during the first quarter of 2015. The first revenues are expected towards the end of 2016, following the opening of the parks to the public,” Al Nuami said.
Source: Khaleej Times