Dubai Parks and Resorts Q3 cumulative spend $1.3bn
The cumulative project expenditure including land acquired amounted to $1.3bn (AED4.8bn), an increase from $1bn (AED3.8bn) as at the end of the previous quarter
Dubai Parks and Resorts remains on track for its October 2016 launch with $1.3bn (AED4.3bn) cumulative project expenditure recorded at the end of September 2015.
Raed Al Nuami, chief executive officer, Dubai Parks and Resorts, said: “We have reached a critical milestone in the construction of the region's first integrated theme park resort and are now less than 12 months away from the official opening of Dubai Parks and Resorts.
"With construction of the individual parks progressing rapidly, you can now truly begin to appreciate the size and diversity of offerings at our resort."
Dubai Parks and Resort’s is a global theme park destination with a diverse entertainment offering catering for visitors of all ages and backgrounds.
He added: “Cumulative spend reached $1.3bn (AED4.8bn) at the end of this quarter and we look forward to opening the gates to the public in just under 12 months’ time. We now have over 11,000 workers on site and 34 contractors working to bring the region’s largest theme park destination to life."
“Our project structure works is 73% complete as at the end of third quarter, up from 57% in the second quarter.
"We have neared completion of design and procurement and our ride engineering and manufacturing is progressing as planned with 63% now complete," Nuami mentioned.
The first ride was installed at Legoland Dubai in October 2015.
The Dragon is largest ride, standing at 16m tall and reaching speeds of 60kph.
“Resort-wide roads and underground utilities are 86% complete and our substation and district cooling elements are almost complete," said Nuami.
Roads & Transport Authority (RTA) in the second quarter of 2015 awarded the contract for access roads including the construction of multi-lane bridges delivering visitors effortlessly to the resort from Dubai and Abu Dhabi with completion expected in August next year.
Nuaimi remarked: “We are particularly pleased about the leasing progress at Riverland Dubai as we have now secured 12 lease proposals, accounting for 19% of total available leasing space.
"Over 50 dedicated outlets will feature at Riverland Dubai, which is the gateway to the destination and provides access to all our parks.
“Projected revenue in the first full year of operation is estimated at $653m (AED2.4bn) with over 5,000 jobs generated across the sector.
"Our total assets stood at $2bn (AED7.6bn) as at the end of third quarter," a company statement said.