Construction on the mixed-use Wonder Land project is expected to start in the first quarter of 2017 following its restructuring by Ento Capital, an investment company based in Dubai International Financial Centre (DIFC).
In a statement issued on Tuesday, Ento Capital said the reconstruction cost would be between 1.6 and 1.8 billion dirhams ($440 and $490 million).
The process of obtaining preliminary approvals from Dubai Municipality and other concerned authorities has started, it added.
In August 2008, online UAE English language daily Emirates 24/7 reported that Wonderland, a joint UAE-Kuwaiti investment that opened in 1996, would be redeveloped as smaller scale version of America's Disneyland and Universal Studios theme parks at a cost of 615 million dirhams ($167.55 million). The report said the project involved rides, water attractions, hotels, restaurants, shops and spas along with covered areas and a canal.
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