Development costs touch Dh5.8b at Dubai Parks
It’s full systems go at the Dubai Parks and Resorts’ development site, with overall project expenditure (including the land cost) coming to Dh5.8 billion at the end of last year compared to Dh2.6 billion a year ago. The multi-attraction theme park is to open this October.
The developer has been ticking off the project milestones — 100 per cent of the design is complete; 89 per cent of ride system production is done; and 70 per cent of the overall infrastructure too has been reached by the end of 2015.
“As the fourth most visited city in the world, Dubai Parks and Resorts is set to benefit from Dubai’s increasing popularity as both a place of residence and a holiday destination,” said Raed Kajoor Al Nuaimi, CEO, DPR.
“The pace of construction combined with the numerous partnerships with globally recognised brands and the growth of the team represent our ambition to deliver the region’s first integrated theme park destination to UAE residents and visitors.”
Ease of Access
The developer is projecting a revenue of Dh2.4 billion from the first full year of operations. It had total assets of Dh8.6 billion as at the end of last year.
There are 13,500 workers on site representing 41 contractors. On the leasing side, Lease proposals have been signed for more than 50 per cent of the space and around two-thirds of available units at Riverland Dubai, its retail and entertainment cluster.
“To ensure ease of access to Dubai Parks and Resorts, contractors are busy constructing the access roads and multi-lane bridges over Shaikh Zayed Road that will lead directly into the resort,” said Al Nuaimi. “Hassle-free resort transportation within will be delivered by our tram systems.”
“As we enter 2016, we are now firmly focused on achieving monthly milestones to ensure we open the destination in nine months’ time.”