Dubai Parks spending hits $1.6bn at end of ‘15
Theme park construction progressing, with 70% of infrastructure now complete
Dubai Parks and Resorts is on track to open in October, with cumulative project expenditure including land amounting to AED5.8 billion ($1.6bn) at the end of 2015, the developer said.
The theme park developer, which is listed on the Dubai Financial Market, said in a statement its total assets stood at AED8.6 billion ($2.3bn) as at the end of 2015.
“We remain on track and on budget to open in October,” said Raed Kajoor Al Nuaimi, chief executive of Dubai Parks and Resorts.
Construction is progressing steadily on the project, with 100% of the design, 88% of overall facilities structure works, and 70% of overall infrastructure now complete. The project’s substation has been handed over to the Dubai Electricity and Water Authority (DEWA).
The Dubai Parks and Resorts development – which comprises three theme parks, one water park, a hotel and a retail dining district – reached a key milestone last October with the installation of the first ride, Legoland Dubai’s Dragon Coaster. “We have now completed 89% of the ride system production with 16 complete rides delivered,” Al Nuaimi said.
There are currently 13,500 workers and 41 contractors on-site at the project, the statement said. Contractors are currently building access roads and multi-lane bridges over the Sheikh Zayed Road to lead directly into the resort. Meanwhile, tram systems will transport visitors within the development.
Close to 16,000 trees, 6,100 palms and over 1.4 million shrubs and groundcovers, both locally and from overseas, will feature in the project. The developer also recently announced the start of a global audition tour across MENA, the UK and Australia in search of 400 performers to join the entertainment team.
“As we enter 2016, we are now firmly focused on achieving monthly milestones to ensure we open the destination in nine months’ time,” Al Nuaimi concluded.
Dubai Parks anticipates revenues of AED2.4 billion ($653.4m) in its first full year of operation.
