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 Dubai Parks and Resorts remains on track for October 2016 launch with 42 per cent of the project infrastructure work completed, the company said in a statement.

“It is clear there is an untapped market with no existing multi-themed park destination on offer in the Middle East. Dubai is not only attracting a growing population but is expected to attract 20 million visitors per year by 2020,” said Raed Al Nuami, CEO, Dubai Parks and Resorts.
 
“We have made considerable progress in the first three months of the year as we build the Middle East’s first premier year-round leisure and entertainment destination.
 
"Our cumulative project expenditure was Dh3 billion as at the end of first quarter. Our project infrastructure is 42 per cent complete as at the end of first quarter, ride engineering and manufacturing is progressing as planned with 40 per cent completed and our procurement is 67 per cent completed.“ The company signed three agreements in the first quarter of 2015: Hollywood studio, Lionsgate, will bring Hunger Games attractions as well as  a Step Up-inspired live stage show to motiongate Dubai attracting the teen/youth demographic; Wizcraft International to bring Broadway-style Bollywood show to Bollywood Parks Dubai and corporate marketing partnership with Norman JT Elder & Associates for a multi-dimensional branding platform to give partner companies an opportunity to reach out to a global target audience.
 
“Post-period, we announced an exclusive deal with Picsolve International to create one of the world’s largest photography integrations and allow guests to enjoy a seamless photo record of their visit. This is our first revenue-producing agreement and is expected to generate over Dh20 million annually over a five year period,” Al Nuami said.

The company recently revealed Legoland Water Park, bringing the number of components of Dubai Parks and Resorts to six with over 100 rides and attractions in total.
 
Projected revenue in the first full year of operation is estimated at Dh2.4 billion with over 5,000 jobs generated across the sector.

The first quarter 2015 financial results are in line with our plans with total assets at Dh6.9 billion as at the end of first quarter.

The cumulative project expenditure including land acquired amounted to Dh3 billion, an increase from Dh2.6 billion.

“There were no operating revenues and the loss was Dh13 million during the first quarter 2015.  The first revenues are expected towards the end of 2016 following the opening of the parks to the public,” Al Nuami said.