DUBAI: Chief Executive of Dubai Parks and Resorts, Raed Al Nuami, said in a statement that projects have estimated Dh2.4 billion revenue, to be collected during first year of operations.
“The first revenues are expected towards the end of 2016 following the opening of the parks to the public,” he added.
The company had not started its commercial operations; consequently there is no operating revenue during the period till December 2014. Dubai Parks & Resorts had Dh4.31 billion cash in hand with Dh6.88 billion worth of assets, it said. The company expects to generate more than 5,000 jobs across the sector. Of the total assets the cost of project under construction and land acquired amounted to Dh2.6 billion, an increase from Dh340 million.
We have made considerable progress since officially announcing our plans to create Dubai Parks and Resorts,” stated Al Nuami.
Dubai Parks & Resorts is building three theme parks, and a 500-room hotel on a stretch of desert halfway between Dubai and Abu Dhabi. The three theme parks will open by October 2016 and are expected to attract 6.7 million visitors the following year. Company will start giving profits from 2018.
The company has secured the financing to fund the construction of the Middle East’s largest multi-themed leisure and entertainment destination through an Dh4.2 billion finance facility and Dh2.5 billion of equity raised in its DFM (Dubai Financial Market) listing.
The first phase of the project would comprise Motiongate Dubai, Bollywood Parks Dubai and Legoland Dubai.
“From the project perspective schedule we are very well on schedule. We are on track for the opening in October 2016. We hired the best talent in the world from the theme park industry and Dubai’s local knowledge industry, so we get the best outcome,” Al Nuami told Gulf News in a late November interview. “I consider it as a national product because it’s an industry that we are creating for Dubai and the region, and we would like the UAE nationals and people who live in this country are proud of the national product,” he had said.
