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MARKET REPORT: MIDDLE EAST


based attractions, was completed in October 2018 but given that plans to revive the project were announced at the end of 2016 this is hardly a significant amount of progress.


The big announcement in November


2018, however, is that Majid Al Futtaim and Omran have formed a joint venture for Phase 1 of the 490 hectares, US$ 12 billion City of the Future project (Madinat Al Irfan). The project is a mixed–use development to include residential, commercial, educational, healthcare, leisure and hospitality facilities. Phase 1 is for the development of 25 hectares over five years.


SUMMARY The list of ongoing leisure and entertainment


projects is the region is incredible. In the UAE, specifically in Dubai, we are seeing a


bit of a pause for breath, however, as the market struggles to absorb the five new theme parks that have opened in the last three years. This is a natural process, however, and, in the meantime, the focus in Dubai is very much on delivering an amazing Expo 2020. In Qatar, where we also saw no new project announcements in 2018, it’s about delivering all of the infrastructure required for FIFA 2022, which Qatar is well on track to do. Economic conditions in the region are


also tight, making it tougher than its previously been for many of the existing operators in the market, but the number of new mega-projects in the region that are only just being started and the new opportunities these will create for the leisure and entertainment industry are huge. One of the biggest trends highlighted over


the last 12 months are the announcements PARK WORLD Handbook & Buyers Guide 2019


by Saudi Arabia, Kuwait and Oman that they are each going to develop new, mega- cities of the future, of which leisure will clearly be a key component. There’s no doubt, therefore, based on all the new project announcements across the region as a whole in 2018, that the leisure and entertainment industry in the region is one of the fastest growing in the world and promises to be for many years to come.


Phil Taylor is the managing director of Team Leisure (www.team-leisure.com), a specialist leisure-consulting firm based in the United Arab Emirates. Team Leisure’s services include market analyses and feasibility studies, project development services and operational consulting services to the owners,


developers and operators of leisure businesses worldwide.


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