Tatweer targets Dh200bn by 2013 |
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Dubai-based leisure and entertainment developer, TatweerTatweer
- a member of Dubai HoldingDubai Holding - will quadruple investments in its projects on the ground in the next five years, reaching Dh200 billion by 2013, said a top official of the company yesterday."So far we have invested Dh50bn in projects in Dubai and we estimate that figure to touch Dh200bn in the next five years," said Khalid Al Malik, Chief Executive of TatweerTatweer
.Speaking exclusively to Emirates Business, Al Malik said the developer would invest Dh40bn towards infrastructure funding in its projects over the coming years. Al Malik said a large portion of the projects will be self-funded, which will include proceeds from land sales. Approximately 20 to 30 per cent will come from the holding company, he said. TatweerTatweer
currently has a land bank of 3.5 billion square feet in Dubai alone across its key market entities such as The Tiger Woods Dubai, DreamWorks, Dubai Healthcare City, Dubai Energy, Dubailand, Universal Studios, Bawadi, Global Village, Dubai Industrial City, Mizin, Tatweer Lammtara joint venture and The Dubai Mercantile Exchange.TatweerTatweer
is targeting a return on investment of 15 per cent, Al Malik said. "As a rule, revenue starts flowing in three years after construction begins," he said.
However, the seven theme parks planned - Universal Studios, Dreamworks, Legoland, Six Flags, Global Village, Hit Entertainment and Marvel - will start generating revenues collectively from 2009.
Al Malik said he was concerned about rising inflation, but TatweerTatweer
has factored in the expected cost overrun, he added."We estimate rising inflation to be around one to two per cent monthly. We don't think this will continue over the years and eventually we will see annual inflation going up by around four to five per cent. This is what we have budgeted within our company operations," Al Malik said.
By Anjana Kumar
© Emirates Business 24/7 2008
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