Wednesday, March 21, 2007

$1B Theme Park Coming to Dubai

According to this morning's GlobeSt.com email alert, NY-based Marvel Entertainment will JV with Al Ahli Group to develop a "Super Hero" theme park in Dubai. It is anticipated to open in 2011, and it may be the first of several similar developments in the region.
“We are launching a long-term relationship with the Al Ahli Group to bring the Marvel Universe to Dubai with this exciting new theme park development,” says David Maisel, chairman of Marvel Studios and a member of the Office of the Chief Executive of Marvel Entertainment, in a statement. “Al Ahli Group has both an impressive team of theme park, entertainment and hospitality executives and the financial strength to leverage that expertise into a world-class destination resort experience unparalleled in the region.”

"Family destinations have not evolved in Pan Arabia and thus it’s time that we cater to that demand and make the investment required for global tourism,” says CEO Mohamed Khammas of AAG."

2 comments:

Kristian said...

Dubai is all set to open its new Outsource Free Zone in December, 2006. More than 70 companies, including ABN Amro and AXA Insurance, have registered to operate at the new development, adjacent to the Academic City in South Dubai. Some 55 companies are expected to commence operations before the year is out. The companies at the free zone will provide business process outsourcing (BPO) services, mainly in banking and financial services, information technology, insurance and the healthcare industries.

The park has tie-ups with top recruitment firms in India, Jordan and Turkey and work visas would be approved in 24 hours.

Employees will not be allowed to shift jobs within a year of joining a company.

Mr Mohamed Ali Alabbar, Emaar Chairman and Mr Amr Enany, Jeddah Economic Forum Chairman at the recent signing of Emaar as Partner Sponsor for the 2006 and 2007 Forum.
maar Properties, the Dubai property based real estate properties, and the world's premier property developer in terms of market capitalization, is certain that the real estate market would grow with the completion of King Abdullah City in Saudi Arabia. Emaar has announced its plans to sponsor the Jeddah Economic Forum to be held from 11 to 13 February at the Jeddah Hilton Hotel, Saudi Arabia.
Chairman of Emaar Properties, Mr Mohamed Ali Alabbar and Jeddah Economic Forum Chairman Mr Amr Enany recently signed the agreement. Along with its Saudi partners, Emaar's sponsorship of the high profile Forum will commence at this year's Forum and will continue for the 2007 forum.

"Mr. Mohamed said, we think with that the completion of our project which is at an estimated cost of US$26.6 billion will continue to contribute the growth of real estate market in Saudi Arabia."

Emaar's largest international development - King Abdullah Economic City - is a mixed use development covering 55 million square metres. As the single largest private sector investment in the Kingdom of US$26.6 billion, the City will create six distinct components - a modern world-class Seaport, Industrial District, Financial Island, Education Zone, Resorts and The Residential Area and up to 500,000 employment opportunities.

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