Although Dubai Properties Group’s chief has reiterated his company’s commitment in developing the multi-billion dollar Dubailand project, he has called upon developers to fulfill their part of the commitment -- building the entertainment components of their project.
“We are committed to providing infrastructure in accordance to our contract with the developers, but it is very important for the developers to actually deliver on their promises. The projects, agreed between us and them, had components of leisure and entertainment in conjunction with the residential components," company’s Group Chief Executive Officer Khalid Al Malik, told Emirates 24|7.
"It is only those who have actually developed the residential components are demanding infrastructure. We are asking ‘where is our component… where is Dubai’s component?,” he added.
DPG, a subsidiary of Dubai Holding, is managing and promoting Dubailand.
Al Malik believes the value of Dubailand as whole is likely to deteriorate if the theme components of the projects will not be developed.
“Dubailand is a destination to attract millions of visitors to Dubai. It has a bigger objective and that is why the government has come in with the support of the land.”
According to Dubailand website, the venture is estimated at Dh235 billion and covers an area of three billion square feet. It has seven themes: theme parks, culture & art, science & planetariums, sports & sports academies, wellbeing & health, shopping & retail and resorts & hotels.
New projects coming up
The master developer has also commenced talks with a number of international companies to launch new theme-based projects in Dubailand.
“We are negotiation with a lot of customers since last year. It is taking a bit of time since they are big in size and each project will cover an area of five million plus square feet of land. Besides, we want to ensure that our rights and demands are met versus their rights and demands and hence, it is taking time,” he said.
“Each of the projects will have a theme component along with a real estate component. And we are hoping to announce some of them this year.”
Tatweer Parks, another subsidiary of Dubai Holding, is currently reviewing all the theme park projects previously announced, Al Malik said, adding, “The projects were not terminated… they were put under study due to the economic conditions.”
In 2008, Universal Studios, Dreamworks, Six Flags and Merlin Entertainments Group announced plans to launch theme parks in Dubailand.
In January 2011, DPG announced that it had put on hold the Tiger Woods project, citing market conditions.
Asked about the current status of the project, Al Malik said: “We suspended the project as market conditions changed, but we are constantly looking at the market to see the right time to restart the project.”
According to Al Malik, Dubailand is likely to be completed as a tourist destination by 2025.
“Dubailand consists of three billion square feet of land… we should have a beautiful picture of Dubailand with its major components by 2025,” he added.
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