Dubai
reality kicks in!
“Most of the issues arising from
the current situation will be the focus for developers, investors and senior management of attractions facilities at the forthcoming Middle East Attractions Forum (MEAF) which takes place on April 24 and 25 in Dubai, coinciding with the DEAL (Dubai Entertainment Amusement & Leisure Expo).”
Jean Habre, general manager Amusement Sector, Al Hokair Group
“One of the prime vision’s of Dubai’s government was to create a touristic destination, big traffic and a hub in terms of leisure activity for the whole region, from Africa to the Far East. Major projects were planned with the creation of Dubailand, hosting 40+ mega projects, each one having its own identity. With those projects, everybody was aware that they would not survive on their own as a leisure activity, so each one has to develop a real estate programme around it, with multiple use such as retail, hospitality and the final and most important part of each programme, housing. “With the offer being much higher than the demand,
the repetitiveness of each programme and the international financial situation, where the investors/speculators find themselves with no back up and financing from the specialised houses and banks, most of the projects where forced to stop or be cancelled. “Most of the projects were in the planning and financing stages, so they had to stop, while the few of them that
had already started before the second half of 2008, had to continue to cover their initial investment. But as far as I am concerned, they will do well because of their limited number and the support they will receive from the local authorities.” Habre believes the economic crisis in Dubai has killed
off many projects there permanently, especially ones sponsored and financed by the Dubai government. But he also believes what is happening in Dubai will have a positive knock-on effect on developments in neighbouring Emirates and countries. “Investors will be more conservative and realistic. The
professionals (already in the leisure business) will continue and survive, newcomers/speculators/those looking for new opportunities, will go back to their core business.”
Sanjiv Ahluwalia, CEO, Polo RAK Amusement LLC/WOW RAK theme Park, Ras Al Khaimah, UAE, and Polo Amusement Park Ltd., India.
“As regards the theme park industry in Dubai, our information would be based on our experience as a developer as well as media releases for other projects. The Dubai market in 2007-2008 saw an influx of major theme park operators. At least 10 were planned, including Six Flags, Legoland, Dreamworks Animation park, Paramount Pictures park and one of the most promising,
32
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