Gulf Finance House plans USD 1.5 billion investment in theme park resort in Dubailand

The agreement provides for GFH and partners to co-develop the Arabian Legends Theme Park Resort (Arabian Legends) within the ambitious Dhs 18 billion Dubailand development, which is designed to create one of the regions single largest destinations for entertainment, tourism and leisure facilities.

Mr. Mohammed Al Gergawi, Chairman of the board of DDIA and Mr. Esam Janahi, CEO of GFH, signed the agreement at a ceremony attended by senior officials and dignitaries. "We welcome GFH's decision to be part of Dubailand. We see Dubailand as a regional facility that will draw international tourists to the Gulf and Arab world. With a regional conglomerate joining us as a partner, the venture supports the spirit of Dubailand, and the quality that is achieved with this union heightens Dubailand's image of being a facility that is truly luxurious and high quality. We encourage other regional entities to follow the example set by GFH and help us create a truly exceptional facility."

Mr. Al Gergawi added: "Dubailand is a strategic milestone in the development of tourism and leisure. We are confident that GFH will bring in the expertise and attract the knowledge of strategic investors to Dubailand in the hopes to generate lucrative opportunities for the expansion and development of this multibillion dollar project."

He said the Arabian Legends Theme Park Resort will span over an area of 25 million square feet and is a singularly attractive majestic and fascinating leisure and cultural project, which is designed in traditional rich colours and opulence related with exquisite Arabic architectural creativity.

"Arabian Legends is one of Dubailand's most unique projects. A combination of rich Arabian heritage and modern technology is truly a luxurious blend of cultures," Mr. Al Gergawi added.

Unveiling details of the partnership Mr. Esam Janahi, CEO of GFH said: "It is a matter of pride and prestige for us to be part of this unique project that will certainly add more value to Dubai's image on the global tourism map. GFH and its development partners in this project - Edifice, Jean Michel-Ruols Architectes and Glen Corporation - will develop the theme park in line with its concept that emphasises regional culture based on legendary themes and landscapes capturing the essence of Arabian history and traditional values."

He said GFH partners in the Arabian Legends were world-class entities with proven track record from across the globe. Edifice, the design and project management consultancy, under its principal, Shahram Foroughi, is famed for its involvement and development of a number of leisure and entertainment projects including Euro Disney Paris, Asterix Theme Park in Paris, Dubai's Wild Wadi and Adventureland in Sharjah etc.

Jean-Michel Ruols Architectes is one of the top leisure designers and specialists who are based in France and have designed prestigious projects such as Asterix Theme Park in Paris, Caldea Thermal Centre in Andorra, Waterpark in Mumbai, and many others. Edifice and Jean Michel-Ruols Architectes are also involved in the development of the GFH-promoted US$600 million Al Areen Desert Spa and Resort in the Kingdom of Bahrain and Dubai Heritage Vision in Dubailand.

Glen Corporation, involved in indoor and outdoor amusement operations, have been offering consultancy services to many Asian and Middle East leisure entertainment centres. Its principal, Glenn Figueroa is third generation in the industry and is currently operating Adventureland in Sharjah, UAE. Other projects in the pipeline will position Glen Corporation as the leading leisure operator in the Middle East.

Mr. Janahi said: "We are looking at an investment size of US$1.5 billion (AED 5.50 billion) in Arabian Legends. We are committed to our shareholders to invest in real estate assets which promises high returns and we are confident that Dubailand is a sterling opportunity."

He said the Arabian Legends Theme Park Resort will have the most thrilling game rides and attractions unmatched anywhere in the region making it a unique leisure and entertainment destination.

"The Arabian Legends Theme Park is central to the Dubailand project. In the context of the rapid economic diversification that is happening in the UAE and the aim of developing more non-oil revenues, the Dubailand project has a strategic significance," Mr. Al Gergawi said.

The concept of Arabian Legends is themed into five unique segments - Tales of the City, Tales of the Sea, Tales of the Desert, Tales of Adventure and Travel and Tales of the Future - offering a wide range and variety of rides and entertainment to visitors.

"We are absolutely confident that Arabian Legends will boost the positioning of Dubai and will be one of our leading attractions for tourists to come to Dubailand. Tourism is a major focus area for Dubai and it is expected that the emirate will attract some 15 million or more tourists by 2010. It is certain that Dubailand will accelerate the growth of both tourism and the hospitality industry in turn catalyzing the local economy," Mr. Al Gergawi added.