The Dubai-based Al Sharq Group has signed a Dh750 million deal to develop the Aqua Dubai Water Park, a 2.7 million square foot resort, as part of the Dh18 billion Dubailand venture which is expected to become a major regional attraction.
The proposed commitments for the Aqua Dubai Water Park is one of the biggest to date committed for the Dubailand flagship project, which is conceived as a mixed-use development featuring retail, entertainment and commercial components.
To spread over one million square feet, the resort will have over 60 water-themed leisure activities. Another core element will be a 500-room resort.
The deal to this effect was signed by the Al Sharq Group with the Dubai Tourism Development Co. (DTDC), the holding entity for Dubailand, which is to be completed in stages extending up to 2010.
After the announcement of the Dubailand concept last October, a good deal of interest has been generated from potential investors, both locally and from overseas.
Dubailand is being seen as the next big venture - even a possible rival to the Disney empire - as the emirate pushes itself to develop into an international leisure and entertainment destination. Dubai forecasts bringing in up to 15 million visitors by 2015. In 2002, the numbers were 4.7 million.
A major initiative until now was the creation of Dubai Sports City (DSC) by a group of UAE-based investors, which would see the creation of world class sporting facilities for a host of games and past times. The DSC element was seen as filling a requirement that was still under-developed as being part of Dubai's attractions.
The Dubai Autodrome from Union Properties is already taking shape.
"The signing of this agreement (with Al Sharq) is in line with the quick pace of developments in the Dubailand project. Dubai Development and Investment Authority (DDIA), which is supervising the execution of the project through DTDC, has conducted intensive negotiations with investors and groups from within and outside," said Saeed Al Muntafiq, director-general of DDIA.
Apart from the themed rides and resort, the Aqua Dubai will also have dedicated areas for a luxury spa, water shows and aquarium. Also on display will be old boats and equipment that were used in these waters for pearl diving.
Another feature will be a submarine ride, accompanied by a virtual reality show that will take visitors through the ocean beneath the waves.
"We are pleased to invest in Dubailand, this being one of the biggest investments by the company in Dubai worth Dh750 million. The agreement has been reached after a lot of deliberation by representatives of DDIA and Al Sharq Group," said Sheikh Ali Salman Al Shahri.
With the pieces falling in place for Dubailand, market sources are looking with keen interest on the retail component. At Dubailand's launch announcement, it was declared that the world's biggest mall would be a part of it. It is believed that some of the leading business groups in the UAE are looking at how they can be a part of the retail element.
Gulf News
