Gulf Finance House unveils master-plan of its mega, USD3.8 billion Legends - Dubailand project

GFH further announced that the leading Saudi Arabia based real-estate and investment group, Tanmiyat Group, has joined the project as a strategic investor underwriting 40 per cent of the upcoming US$302 million private placement floatation for the first phase of the project. It said that this significant step will accelerate the development of this, the first integrated resort project in the region.

"We welcome Bahrain's Gulf Finance House and Saudi Arabia's Tanmiyat Group to Dubailand. Their interest shows how truly regional a project Dubailand is," said Mr. Mohammed Al Gergawi, Chief Executive Officer of Dubai Holding. Dubailand is part of Dubai Holding.

"Legends-Dubailand is one of a kind project. It shows others the way as to how cross-border entities can join together for the good of all. We call upon other leading institutions to look at similar opportunities, which ultimately will result in fulfilling the dream of economic integration as it cherished in the GCC's Unified Economic Agreement of 1981, said Mr. Al Gergawi in a special message to the local, regional and international media corps at the launch press conference organised on the sidelines of the Cityscape exhibition in Dubai today.

Addressing the press conference, Mr. Esam Janahi, Chief Executive Officer (CEO), GFH said: "Legends-Dubailand, spread over 24.7 million square feet in Dubailand, will be an incredibly unique entertainment project that blends technical ingenuity with the thrills of fantasy and fables from times of yore."

"The project further allows GFH to be a proud participant in the development of Dubailand, which is expected to attract almost 15 million tourists a year when completed," Mr. Janahi further said, while adding, "Legends-Dubailand represents an important diversification for GFH and we are confident that the project will mark a significant milestone within the tourism sector in the region, which is in the throes of an unprecedented boom."

Conceived as the single largest destination for family-oriented, leisure and entertainment tourism in the Middle East, Legends-Dubailand will expertly blend technical ingenuity with the thrills of fantasy and ancient fables.

Mr. Janahi further said that even prior to its launch the project had received substantial interest from the regional investor community. "The first phase of the project, which primarily entails the creation of the basic infrastructure for the entire development, will cost US$302 million, which will be raised through a private placement initiative to be launched shortly. However prior to the formal floatation, we have already received commitments in respect of 40 per cent (US$ 120 million) from the leading Saudi-based Tanmiyat Group."

Mr. Sulayman A. Al-Majed, General Manager, Tanmiyat Group, said: "As a group that is in the forefront of identifying unique real-estate investment opportunities across the region, we are proud to be associated with a project of this magnitude and stature. As strategic investment and development partners for the first phase of Legends-Dubailand, we will endeavour to create a solid infrastructure environment for the development of the entire project."

The Group will also be responsible for the project management and design for the first phase of the project.

At the core of the project, which comprises of six main components - are three world-class theme parks, which together will constitute the largest indoor theme park in the world. The three theme parks at Legends-Dubailand are Legends of Arabia, Legends of Nature and Legends of the World - all of which are inspired by the magic of mythology, natural wonders, and sensational places on the planet.

The Legends Leisure Complex is envisaged as a vibrant mixed destination for family entertainment complete with innovative retail concepts within a themed environment. Further the development will also feature four themed hotels, three of which will be based on Arabian, Carribean and Medivial concepts respectively. Apartment complexes will envelope this destination.

Legends-Dubailand will also feature a golf course which will split this energy-bustling atmosphere from the tranquil residential component of the project - Living Legends -comprising of independent and semi-detached villas.

The final component of the project - Trade Legends - will further offer offices, while featuring a covered arcade that envelopes all the various elements.

The first phase of Legends-Dubailand is set to begin in March 2005 and will be completed by 2007, when the first of the theme parks - Legends of Arabia - is scheduled to be operational.

Mr. A. Rahman Mohammed Al Jasmi, Chief Placement Officer at GFH said that a consortium comprising of three leading international consultants - Jean Michel Ruols Architectes, Edifice and Glen Corporation - had been brought onto the Legends-Dubailand platform.

"GFH is proud to collaborate with these world's leading players in the leisure industry. These alliances, while ensuring the successful execution of the Legends-Dubailand project, will also serve to add a new dimension to integrated resort themed project development in the region," he concluded.

While Edifice will provide design and project management consultancy to Legends-Dubailand, Jean-Michel Ruols Architectes will be the architects for the project. Glen Corporation has been selected as the theme park operator of the project.

Mr. Shahram Foroughi, Managing Director, Edifice, described Legends-Dubailand as a bold and new concept that would set a benchmark for integrated resort developments in the Middle East.

"At the core of the Legends-Dubailand project are its three theme parks, the success of which will be driven by a combination of innovation and creativity. We have been closely associated with the evolution of this project for the past several months and are confident that the blend of ingenuity and imagination that it represents will prove to be an unqualified success," added Mr. Shahram Foroughi.

He said the Legends of Arabia theme park will bring to life Arabian legends and create landscapes that capture the essence of Arabian history and tradition. "Legends- Dubailand adds a new dimension to our activities and we are looking forward to working in cooperation with GFH and our other partners," Mr. Shahram Foroughi added.