Dubai

The Storm-G bobsled track simulator at SEGA Republic (Image courtesy of Emaar Hospitality Group).

reality kicks in!

“The global economic crisis has hit everyone, just not

necessarily in equal measure. Dubai appears to have been impacted by the economic crisis more than most but it is also striving to achieve more than most. “The global economic crisis has made everyone more cautious, not to mention borrowing money much more difficult. The recent press coverage of Dubai’s financial challenges has simply reinforced this. The result is that countries that were following or about to follow Dubai’s example are naturally all taking stock and deciding when and how best to proceed. “Again,

it would

appear that it is the timing of leisure projects that is being impacted more than the ambition. Abu Dhabi, for example, continues to press ahead with its Saadiyat and Yas Island developments but to a revised timetable. The Ferrari Theme Park is due to open on Yas Island this year but design of the waterpark and Warner Studios Theme Park has yet to commence. There will be some leisure projects, however, that will eventually be cancelled.”

Alan Fleming, Zarf Worldwide, Dubai

“It’s impossible to say what’s going on with all the projects and it’s true Dubai has ‘proposed’ some ambitious plans which aren’t talked about any more. But as far as I know Mall of Arabia is still going ahead. They’ve broken ground too and are building as well as still attending major exhibitions around the world and promoting their mall and brand which includes the dinosaur theme park. MAF, who are behind the City Centre and Mall of Emirates malls and encompass the brand Magic Planet, are building a new mall in Mirdif (near the airport) which will have a Vegas-esque indoor skydiving and, of course, a Magic Planet. “As far as Dubailand goes, I’ve not heard anything on it,

although driving past it shows the ground is laid aside and there is a big sign with Spiderman on it, but otherwise it’s desert. Anyone, though, who has worked on a big project and particularly in the Middle East will know that wheels move slowly at times. My advice is not to count on it, but be ready for it if it does go ahead. “The economic crisis worldwide has certainly had an effect on Dubai projects, but people talk about an economic

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crisis in Dubai – there isn’t one as such. The Dubai Holdings company invested the country’s money abroad (wisely spreading the risk of investment outwith the region); they bought shares in hotels in New York and London as well as P&O, the London Eye and several other major brands in Europe. “The economic crisis affected the whole world and

naturally people stopped spending in those hotels and on those cruise lines which meant the investments didn’t give the return they should have. This, however, hasn’t impacted consumer spending in Dubai which according to a report in January was up three per cent. “The worst impact the economic crisis had was worrying

the ex-pats in Dubai, who took to a mass exodus, in many (but not all) cases leaving the country with debt which didn’t help things.” And what effects does Fleming see the Dubai situation

having on other Emirates and neighbouring countries? “I don’t think Saudi Arabia, which is one of the biggest

markets in the region, cares about the financial crisis. They continue to come to the UAE and spend money and the same could possibly be said for neighbouring countries. Lebanon passed through the crisis without concern as the government strictly regulated investments. Major developers from Dubai are now stepping into markets such as Kuwait and MAF are opening a mall with an indoor waterpark in Bahrain. It’s always going to be difficult to do a theme park in the Middle East because of the weather, but it’s that same reason that drives traffic into the air-conditioned malls and created a culture around going to a mall. “Having said that, Abu Dhabi is on track for the

opening of the world’s first Ferrari theme park which will get a lot of tourists from the region, including Dubai, and in-transit passengers who stop in Dubai for a couple of days. Between that and the Burj Khalifa (the world’s tallest tower) most visitors to the region, given the time, will surely stop by those marvels for the sheer tenacity of them alone. Whether they will come back again though remains to be seen.”

Prakash Vivekand, Managing Director, Amusement Services International LLC, Dubai

“The situation is very unclear. There is a skewed understanding of how these theme park projects were proposed. It was real estate development that was driving these and the parks were the icing on the cake. With the real estate development slowing the theme park projects have been pushed to the back burner. Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52