Theme park company expects AED2.4 billion first year profits

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The operator of Dubai’s designed mega theme park project has estimated that its first full year of operations will make profits of approximately AED2.4 billion.

Theme park company expects AED2.4 billion first year profits

Theme park company expects AED2.4 billion first year profits

Dubai Parks and Resorts, which is constructing motiongate Dubai, Bollywood Parks Dubai, and LEGOLAND Dubai together with Riverpark, a grand entrance plaza and Lapita, a family themed hotel will also offer 5,000 employment across the area.

The mega project, on which creation has commenced, is on course to begin in October 2016.

According to Raed Al Nuami, CEO, Dubai Parks and Resorts, a Meraas Holding company, that by year end, above 50% of the resort wide roads and utilities infrastructure will be finished and 100% procurement of all theme park rides.

His remarks came as the company divulged AED21 million losses for 2014. Total assets improved to AED6.9bn, while no operating profit were informed as the park is not programmed to launch until fourth quarter of 2016.

Al Nuami stated that collaborations were settled last year with leading international leisure and entertainment brands to be part of the three theme parks whereas Parques Reunidos Servicios Centrales was selected park operator for motiongate Dubai and Bollywood Parks Dubai.

Abdulla Al Habbai, chairman, averred that Dubai Parks and Resorts will take the major development prospect represented by making the Middle East’s first premiere year-round leisure and entertainment destination.  Robust demographic improvement and constructive economic conditions within the UAE and the broader region will urge tough local demand for Dubai Parks and Resorts. Additionally, Dubai’s position and first-class tourist infrastructure will sustain the project’s advancement plan.

Estimated profit in the first full year of operation is approximated at AED2.4 billion with over 5,000 employments created across the sector. Their 2014 financial outcomes are in line with their tactics. The first profits are projected towards the end of 2016 following the launching of the parks to the public.”

Mohamed Dekkak