“Some parks were announced as part of Dubailand, a 2.2

billion sq ft development in an area called New Dubai which is to be a mixed use development of residential, commercial and leisure. Everyone jumped on the bandwagon but a lot of proposed developments couldn’t make the cut and follow through so these, by private developers, are definitely cancelled or pushed back a long way. “Some, like Universal Studios, with government backing,

have not been called off but have been delayed until the market improves and funds can be found. I think the funds will be found eventually, but the banks suddenly got extra careful and tightened their grip so it has become difficult to find the funds for these projects. “With the Union Properties F1 Theme Park, they have

invested more that 60 per cent in the park and much of the commercial element around the property but can’t take it to completion because they can’t find an investor to complete the last element. “The Dubai muddle is because of not being able to find

investors. The real estate element is crucial to drive the rest of the development because then you will get the tourist numbers coming in which so much depends on. But Dubai has also been hit by the international economic situation and people stopping travelling as much as they did. “Dubai is the ‘face’ of the area as far as real estate is

concerned so yes, what happens there has an effect on other areas and countries around it. But the region is not totally dry of projects – some have recently been announced in Saudi Arabia, for example. We have seen a dip in visitor numbers in some places in comparison to what venues were generating in 2008. Some are flat, some are down 5 per cent, but that’s still not bad. Tourism is down 30 to 35 per cent so spend by consumers is still happening which should encourage investors. There is a huge remodelling taking place at Hilli Fun City too, so a lot of projects are still on.”

Yasser Goneid, general manager, Zamperla Middle East, Dubai

“The big projects are ‘on hold’ without a specific time frame. The real estate boom in Dubai was the engine behind all the new amusement and entertainment projects. It is estimated that the real estate sector will take about three to four years to recover. It is not known now if at that time these projects will still be feasible. In my opinion these projects might find alternative investment opportunities but will probably be quite different from the original plans, in the sense that they will be smaller, scaled down or completely different concepts.

“On the other hand there are lots of smaller

projects, especially indoor, that are going on with success. A clear example is MAF, which after lots of successful projects is going to open a new indoor project in Mirdif with lots of our rides. “The economic crisis has for sure affected

almost all projects, but whether any will be completely cancelled it is not clear at this time. I believe that some projects, which relied completely on real estate demand, could be cancelled, but the ones which have enough potential to succeed independently will eventually regain their potential, although they might endure major changes as mentioned.” And is there a knock-on effect into other,

surrounding areas and countries? “The economic suffering is everywhere, including

neighbouring Emirates and countries. But the crisis is felt differently from one place to another. There are some areas in the Middle East where there is potential for growth in the amusement sector and the demand still exists, even during the crisis, in Emirates like Abu Dhabi and countries like Egypt. Jordan, Iraq and Iran are for sure interesting, growing markets. In some countries projects have slowed but are still going on, such as in Saudi Arabia.”

Gerry Robinson, director, Trade Shows International, UK

“The realism about business in Dubai is that, while the property market has collapsed and finances are tight, shopping malls are still doing good trade and the FEC markets are still doing well. Dubailand, the major scheme for the creation of a series of theme parks, is still stalled but, to those who were involved from the very beginning, it was always going to be a project that would be unlikely to meet the timescale originally envisaged. If anything, the economic crisis has enabled developers of various projects to re-assess and to set out a more realistic plan for their completion. “It is difficult to ascertain whether any projects will not

be constructed at all because there is still optimism and a strong desire to ensure that they will get built, even if it takes longer than first planned. “In the remainder of the MENA region projects are being completed, especially within the FEC sector.

It is also

very evident that there are emerging markets in Africa, with new amusement parks being opened recently in Morocco and others planned for Nigeria.

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The SpinGear coaster at SEGA Rebublic in the Dubai Mall

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