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Ruwaad Identifies Locations for new Theme Park

Dubai-based developer Ruwaad Holdings has shortlisted three locations for its themed destinations in the UAE, 11 months after announcing a tie up with California-based film studio Paramount Pictures.

"We are considering three locations in the UAE. We will take our decision when we find the right site at the right price, and are comfortable that the infrastructure can be developed there," Ruwaad Destinations Chief Executive Officer Darrell Metzger told Emirates Business.

"We will require at least 5,000 acres of land for developing the park. Moreover, Paramount officials will be here shortly as they have completed the conceptual design for the entertainment component," he added.

The film studio had signed a long-term licencing agreement with Ruwaad Holdings in June 2007, which allowed the latter to use its movie titles and characters for its theme parks. Although Paramount will not be funding the parks, it will instead provide access to the vast its intellectual property library and intellectual capital through the oversight of planning and design aspects. Paramount Pictures' catalogue includes films such as Titanic, Braveheart and Forrest Gump, The Godfather trilogy, Breakfast at Tiffany's, Grease, Saturday Night Fever, Top Gun, Mission: Impossible, Charlotte's Web and Nacho Libre.

The park in the UAE will be the hub of the $2.5 billion, (Dh9.1bn) family-oriented development, which is expected to include resorts, boutique hotels, shopping centres and lifestyle properties. It will also blend Hollywood, Bollywood and Arabian movies to create family entertainment.

"We will wait for another seven months if we have to, but we will not be forced into a deal that may not be financially acceptable," Metzger said. He added the location will decide the final cost of the project.

"If we decide to build it on a reclaimed area it will cost more. However, we will be the base managers for project. We will generate our revenues by owning some of the hotels there, and running and managing the entertainment component. We will also be selling commercial and residential space."

Dubai is already investing billions of dollars in building an entertainment destination called Dubailand, which will have more than 45 mega projects when it gets fully operational by 2020.

Meanwhile, Abu Dhabi-based real estate developers such as Aldar Properties and Sorouh Real Estate are investing heavily in building entertainment parks.

Ruwaad, meanwhile, is actively working on finding locations in other countries.

"The long-term agreement with Paramount allows us to evaluate the feasibility and economics of various countries and then take the decision. We are looking at other regions as our concept calls for destinations across countries such as South Africa, India, Malaysia and the Middle East," Metzger said.

Ruwaad is a wholly owned subsidiary of Dubai 9 Group.

Courtesy of Emirate Business 24/7
Related Content: www.business24-7.ae