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MARKET REPORT: MIDDLE EAST


increase in visitors from 2.3 million visitors in 2017 to 2.8 million in 2018 across its 3 parks. DP&R also reported an 11% reduction in the loss it made, from AED 1.12 billion (US$ 305 million) in 2017 to AED 1.00 billion (US$ 272 million) in 2018. Unfortunately, this was not enough to stop the Six Flags park that DP&R was working on being put on hold. In a similar vein, IMG World’s of


Adventure is in talks with banks to restructure a Dhs1.2bn ($326.7m) syndicated loan and extend its maturity, with rumours circulating that the park might even be sold. Clearly this doesn’t bode well for IMG’s proposed second indoor theme park, World of Legends, which seems not to have progressed beyond the early stages of design but was originally announced to open in 2020. Of note is that Global Village Dubai


reported over 6 million visitors during its 2017 / 2018 season compared to DP&R’s 2.8 million in 2018 across 3 theme parks. So why is Global Village working so well and the new theme parks struggling? Perhaps one of the lessons that’s being


learned here, that can be added to those suggested in last year’s report, is that the opening of five world-class theme parks in less than two years is just too much for a market to absorb, even a dynamic and


Dubai Frame – Future Area


rapidly expanding market like the UAE. Interestingly, Al Ahli Holding Group recently cited “an over supply of theme parks in the market” as the reason its planned development of a Fox Studios theme park has been put on hold. Another reason could be that Global


Village has evolved over time to develop a unique mix of retail, F&B, entertainment and attractions that strikes a cultural chord with the resident market. In many ways, Global Village is more like a giant outdoor mall than it is a theme park. Dubai Miracle Garden and Dubai Garden Glow are also working well. All three are seasonal and are re-


imagined each year with new displays and offers. Their relatively low entry price, flexibility to respond to market demand and ability to create new reasons to revisit are all clearly major strengths in this market. The formula is expected to continue to


work when the much anticipated Cityland Mall, located on the Global Village site, opens in 2019. The landscaping contract for the 18,600 sqm Central Park botanical garden at the heart of the mall has been awarded to Miracle Garden Landscaping, the company behind both Dubai Miracle Garden and Dubai Butterfly Garden. Another much anticipated opening


scheduled for 2019 is the 17,000-seat Dubai Arena in Citywalk, which from the outside at least, already looks finished. Good news too for safari lovers as Dubai Safari, which closed in May 2018 for further works only 6 months after it first opened, is also expected to re-open at the end of 2019. In Abu Dhabi, work on Yas Bay on Yas Island, a lifestyle waterfront development, is also now well underway with the skeleton steelwork for the 18,000-seat


IMG World’s of Adventure


PARK WORLD Handbook & Buyers Guide 2019


Yas Arena well advanced. Similarly, road diversions and site preparation have


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