UAE: Shareholders of DXB Entertainments Approve Expansion of Motiongate Dubai & Bollywood Parks Dubai with New Rides & Attractions
During the Annual Shareholder Meeting of DXB Entertainments PJSC, which was held this month, shareholders of the company approved expansion plans for the related theme park assets MotiongateTM Dubai and Bollywood ParksTM Dubai, both part of Dubai Parks & Resorts. The park’s respective visitor offers will be upgraded by adding new attractions, including record-breaking rides, financed through the reutilization of rights issue proceeds and assets from the 2016 rights issue, which were originally foreseen for the realization of Six Flags Dubai. The thrill park project was put on hold earlier this year (cf. EAP News f. Feb 8th, 2019).
“In Dubai Parks & Resorts we have a market leading asset. With the addition of the new rides, including world record rides, we will further cement our position as the leading integrated theme park destination in the region. […] The expansion complements our hotel strategy designed to grow international visitation by positioning Dubai Parks and Resorts as a world class holiday destination with over 1,300 hotel rooms expected to be delivered by 2020, with the third party owned and operated Rove Hotel opening later this year and the LEGOLAND Hotel opening in 2020,” explains Mohamed Almulla, CEO and Managing Director of DXB Entertainments.
In 2018, Dubai Parks & Resorts recorded a total attendance of just under 2.8 million visitors (an increase of 22 percent compared to 2017, cf. EAP News f. Feb 5th, 2018) but with slightly declining total revenues compared to 2017 (cf. EAP News f. Feb 26th, 2019). (eap)
