Leading real estate company Meraas Holding said the project infrastructure work at its ambitious Dubai Parks and Resorts development is progressing as per schedule with 42 per cent of the job completed at the end of first quarter.

Dubai Parks and Resorts is set to become the Middle East’s largest multi-themed leisure and entertainment destination comprising three separate theme parks: motiongate Dubai, a Hollywood movie inspired theme park concept; Legoland Dubai, the first theme park of the brand in the Middle East; and Bollywood Parks Dubai, a first-of-its-kind entertainment destination that will showcase the authentic Indian movie experience.

In addition Legoland Water Park, the region’s first water park catering to families with younger children, will also open at the resort.

The development will also host the Lapita Hotel, a Polynesian-themed hotel which will be managed by the Marriott Group, and Riverland Dubai, a 220,000 sq ft complementary and centrally located retail, dining and entertainment district connecting the three theme parks, water park and hotel.

Set to open in October 2016, the large-scale Dh10.5 billion project is spread across 25 million sq ft of land strategically located on Sheikh Zayed Road close to the Palm Jebel Ali between Dubai and Abu Dhabi. About 6.7 million ticketed visits are expected in 2017, during the first full year of operation.

On the project progress, Meraas said about 40 per cent work related to ride engineering and manufacturing had been completed, while 67 per cent of the procurement was over.

CEO Raed Al Nuami said: "We have made considerable progress in the first three months of the year as we build the Middle East’s first premier year-round leisure and entertainment destination. Our cumulative project expenditure was Dh3 billion ($817 million) as at the end of first quarter."

"We are tracking well against our plans and the high level of activity is testament to the dedication to deliver a world-class multi-themed leisure and entertainment destination to support Dubai’s continued growth as a global tourist destination," he noted.

Al Nuami was speaking at a meeting after announcing the financial results for the first quarter.

He pointed out that the projected revenue in the first full year of operation was estimated at Dh2.4 billion ($653 million) with over 5,000 jobs generated across the sector.

"Our first quarter 2015 financial results are in line with our plans. Our total assets stood at Dh6.9 billion ($1.87 billion) during the first quarter," stated Al Nuami.

There were no operating revenues in the first quarter, while the loss hit Dh13 million ($3.53 million) for the period. "The first revenues are expected towards the end of 2016 following the opening of the parks to the public," he added.

Dubai Parks and Resorts had signed three significant agreements in the first quarter.

"Our partnership with Lionsgate will bring the world’s first-ever Hunger Games theme park attraction as well as a Step Up inspired live stage show to motiongate Dubai. This is important as it attracts a teen/youth demographic in addition to the younger demographic targeted by our Legoland Dubai theme park and the holistic family offerings at Bollywood Parks Dubai and other zones of motiongate Dubai," he noted.

The tie-up with Wizcraft International will bring world-class Bollywood entertainment to the first Broadway-style theatre of its kind in the region at the Rajmahal Theatre in Bollywood Parks Dubai, said Al Nuami.

The launch of the corporate marketing partnership program with Norman JT Elder & Associates will provide a multi-dimensional branding platform to give partner companies an opportunity to reach out to a global target audience.

“Post-period, we announced an exclusive deal with Picsolve International to create one of the world’s largest photography integrations and allow guests to enjoy a seamless photo record of their visit. This is our first revenue-producing agreement and is expected to generate over Dh20 million ($5.4 million) annually over a five year period.

“In addition, we recently 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," he stated.

On the future outlook, Al Nuami said: "It is clear there is an untapped market with no existing multi-themed park destination on offer in the Middle East. Dubai is not only attracting a growing population but is 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," he added.-TradeArabia News Service