11 Feb 2007
Dubai: The Middle East will gain a stronger foothold in the international leisure and entertainment market with real estate projects worth an estimated Dh300 billion coming up in the next 10 years, industry sources said.
The amount covers the cost of multi-million dollar mixed-use developments that integrate amusement, recreation and leisure as important components - all designed to promote the region as a major tourist hub.
GCC countries are diversifying their economies by shifting their focus from oil revenues and focusing on mega projects to draw in more visitors, organisers of the Dubai Entertainment and Leisure (DEAL) show said.
They said Dubai is undoubtedly topping the list with mammoth projects like The Palm, Hydropolis, Dubai Marina, Burj Dubai, Dubailand, Dubai Festival City, Dubai Maritime City and Dubai Waterfront.
The man-made islands comprising The Palm are expected to feature over 60 luxury hotels, 5,000 exclusive residential beachside villas, 5,000 shoreline apartments, marinas, water theme parks, shopping malls, sports facilities and health spas.
The $500 million Hydro-polis project, which is envisioned near The Palm resort, promises to offer the world's first underwater hotel whose shape resembles a giant jellyfish. It will entertain guests with underwater views, as well as a half-submerged concert hall.
The $900 million Burj Dubai, the world's tallest tower on Shaikh Zayed Road, will have residential, commercial, hotel, entertainment and leisure outlets offering open green spaces, an "old town," and one of the world's largest shopping malls.
Another project to watch out for is Dubailand, one of the biggest ventures that is billed as the Middle East's answer to Disneyland in Florida. Work on the project is estimated to be finished in 10 to 15 years, with the first phase due for completion this year.
It will be twice the size of Disneyland, featuring around 55 hotels and resorts offering up to 50,000 rooms.
Dubai Waterfront is an 81-million-square-metre beachfront mixed-use destination that covers over 250 master planned communities. It is part of a larger project, the 75-kilometre development called Arabian Canal.
Bordering Abu Dhabi on the last remaining coastal waterfront of Dubai and adjoining the Palm Jebel Ali, the project will have direct access to Shaikh Zayed Road, the Jebel Ali Free Zone, the upcoming Jebel Ali Airport and the Metro.
Outside Dubai, Saudi Arabia has planned Durrat Al Arus, the third largest recreational city in the world, while Bahrain will have the $175 million Iceberg Towers, besides other recreational projects in Oman, Qatar, Jordan, Kuwait and Lebanon.
"Most of these projects already underway offer immense opportunities for entertainment, recreation and the leisure industry," said Abdul Rehman Falaknaz, president of International Expo Consults.
By Cleofe Maceda
Gulf News 2007. All rights reserved.
