DXB Entertainments, a Dubai-based leisure company, and Gulf Islamic Investments (GII), an Islamic financial services company, have signed a new exclusive agreement to develop and invest in a hitech parking management system at Dubai Parks and Resorts, the largest integrated theme park destination coming up in the region.

As per the deal, more than 10,000 parking spaces will be developed by GII across two parking facilities at the theme park destination which is set to open on October 31.
 
The parking facilities will include additional services such as VIP and valet parking services, to further enhance the overall visitor experience, said a statement from DXB Entertainments, the owner of Dubai Parks and Resorts.

In addition, one of the parking areas will be serviced by a tram system that transports guests to Riverland Dubai, the gateway to the destination, it stated.  

The five year profit-share agreement will generate revenue through parking tariffs and other related services. Parking fees will range from Dh50 to 80 ($13.6 to $21.7) for a full day and Dh120-150 for VIP and valet parking services.

Mohammed Alhassan, the co-founder and chief executive officer of GII (Gulf region), said this collaboration with DXB Entertainments is a remarkable opportunity for its investors to be part of the region’s largest multi-themed entertainment destination, and contribute to the city’s Tourism Vision 2020.

Pankaj Gupta, the co-founder and chief executive of GII (UAE), pointed out that the company was aligned with Dubai’s long-term tourism strategy, and was delighted to be part of this iconic development.

"This collaboration makes perfect strategic and business sense," he stated.

Sandesh Pandhare, the chief financial and investment officer at DXB Entertainments, pointed out that convenient parking was an essential part of the visitor experience at Dubai Parks and Resorts.

"The parking facilities that will be developed under this agreement will help ensure a smooth and pleasant experience for our guests as well as generate long-term shareholder value," he stated.

The Dubai Parks and Resorts comprises four theme parks (Six Flags Dubai opening in 2019) and a water park all at the same location. The large-scale Dh13.2 billion ($3.59 billion) development is spread across 30.6 million sq ft of land with 6.7 million ticketed visits expected in 2017, the first full year of operation.-TradeArabia News Service