|By TAP Staff| AED 4.8 billion has already been spent on the theme park owned by Dubai Parks and Resorts and the park is expected to open its gates to the public in just under 12 months’ time.
Over 11,000 workers on site and 34 contractors are working to bring the region’s largest theme park destination to life.
With construction of the individual parks progressing rapidly, one can truly begin to appreciate the size and diversity of offerings at the resort, Chief Executive Officer Raed Al Nuami said.
The project structure works is 73% complete as at the end of third quarter, up from 57% in the second quarter, he said. Up to 63 percent of design and procurement, along with ride engineering and manufacturing is now complete. In October, the company announced the installation of the resort’s first roller coaster at LEGOLAND® Dubai. The Dragon is LEGOLAND’s largest ride, standing at 16 metres tall and reaching speeds of 60kph.
Resort-wide roads and underground utilities are 86% complete and the substation and district cooling elements are almost complete. Dubai’s Roads & Transport Authority last quarter awarded the contract for access roads including the construction of multi-lane bridges delivering visitors effortlessly to the resort from Dubai and Abu Dhabi with completion expected in August next year.
RiverlandTM Dubai has secured 12 lease proposals, accounting for 19% of total available leasing space. Continuing the positive initial interest from tenants last quarter, these figures indicate that the original expectations for lease revenue would be exceeded in the first year of operations itself, Raed Al Nuami said. Over 50 dedicated outlets will feature at RiverlandTM Dubai, which is the gateway to the destination and provides access to all the parks.
MotiongateTM Dubai held its first media event in conjunction with the premier of Hotel Transylvania 2 in September. The event unveiled details about what visitors can expect at motiongateTM Dubai and showcased the Hotel Transylvania Castle, which soars 42m high inviting guests to a five minute seated trackless ride set within the Sony Pictures Studios zone.
Projected revenue in the first full year of operation is estimated at AED 2.4 billion with over 5,000 jobs generated across the sector. The company’s total assets stood at AED 7.6 billion as at the end of third quarter.