Dubai’s Aquaventure and Wild Wadi have both been ranked among the world’s top water parks.

Both made it into a list of the top 20 worldwide, compiled by AECOM and the Themed Entertainment Association.

Aquaventure, which is part of the Atlantis resort on the Palm Jumeirah, came in at ninth position, with just over 1 million visitors last year, beating out many large waterparks in the US.

Wild Wadi, which is part of Jumeirah Group, was in 17th place with 690,000 visitors.

Water parks are “a natural leisure solution for a region with baking hot weather”, said David Camp, the director of AECOM’s economics practice in Europe, Africa and the Middle East.

“Dubai benefits from being a year-round business operation. The two Dubai parks are both [connected to] hotels, so a large proportion of their visitors are actually hotel guests.”

But it has nonetheless been a challenging period. “As you know, 2009 was a difficult year for the whole world and it was for us as well,” said Scott Deisley, the vice president of Aquaventure at Atlantis, The Palm.

This year, business is looking better for Aquaventure, with Dubai enjoying an increase in tourism from markets such as China and India, he said, and with visitor numbers at the park up by about 17 per cent this year so far compared with the same period last year.

In Abu Dhabi, a water park with 40 rides and attractions is scheduled to open on Yas Island in the first quarter of 2013.

The findings were part of an annual report on attendance at theme parks globally.

The industry, which suffered during the downturn, is recovering in terms of visitor numbers in the US and Europe, the report reveals.

Asia, in particular China, is continuing to show the most growth and potential for the industry, it stated.

Several theme parks that were planned as part of the sprawling Dubailand development, including Universal Studios and Six Flags, have been put on hold or scrapped.

There were also plans for what was scheduled to become the world’s largest water park, Aqua Dunya, to be built in Dubailand, and which was to have included the world’s largest cruise ship.

“The Middle East has lost its industry boom status but there are some bright spots,” the report stated, adding that the Ferrari World theme park was one example.

“But aside from that, theme park development in the Middle East is largely dormant,” Mr Camp said.

Ferrari World has attracted hundreds of thousands of visitors since it opened last November, according to its management.

The attraction, estimated to be worth Dh4 billion (US$1.08bn), is the world’s largest indoor theme park and boasts the fastest roller coaster in the world.

“Ferrari World bears watching as a new kind of corporate branding venture,” according to the report.

“This ambitious undertaking was one of the few Mideast themed entertainment projects to actually reach opening day.”

More than 5,000 new homes are about to come on the market at bargain prices in Dubailand, the Dh235 billion (US$63.98bn) master-planned development off Emirates Road.

Sale and rental prices in Dubailand are already 20 to 40 per cent less than in comparable Dubai neighbourhoods, agents say.

Many owners in projects under construction bought off-plan at the height of the building boom and are now trying to sell their units.

But there are few takers outside the already established communities.

“The only demand is for completed property,” said Hannah Bakshani, a Better Homes consultant who specialises in the Dubailand market.

Dubailand is billed on its website as “the world’s most ambitious tourism, leisure and entertainment project”.

Plans for the 3 billion-square-foot development include integrated Universal Studios and Six Flags theme parks, shopping malls, golf courses, offices and housing on a huge scale, creating a new international attraction.

But most of the development’s entertainment components – including the theme parks; the Mall of Arabia, the world’s largest shopping mall; and a Tiger Woods golf course – were put on hold in 2009, leaving the disjointed housing projects to battle for buyers with developments around the city.

The entertainment element “was the value added” for the Dubailand housing projects, said Matthew Green, the head of research for the property adviser CB Richard Ellis. “Otherwise it was just a development in the middle of the desert.”

Many of the original buyers walked away from their purchases and forfeited their deposits during the economic downturn, leaving developments with hundreds of empty units.

More than 40 per cent of the buyers in Indigo Towers, a residential project built by H&H Investment & Development, defaulted, said Shahab Lutfi, the company’s chief executive. Prices in many projects in Dubailand are already among the lowest in Dubai. In Falcon City, the development that was planned to include replicas of the Taj Mahal and the Eiffel Tower, a five-bedroom, five-bathroom villa is advertised for Dh3 million, or about Dh570 per sq ft. An 8,600 sq ft villa in The Villa, a Mediterranean-style development with more than 1,800 homes, is listed at Dh4.2m, or Dh492 per sq ft.

The average asking price for a villa in Dubai is closer to Dh860 per sq ft, according to the latest report on the market by Jones Lang LaSalle.

Hundreds of apartments are available for rent in the area as units at both the Remraam and Skycourts developments are handed over this summer.

A one-bedroom apartment in Skycourts, the 2,800-unit project, is advertised at Dh30,000 a year.

“The only place we’re seeing property leasing is in the Villa project,” said Michael Michael, the director of sales for Landmark Properties. “Everything else is a non-issue.”

Established communities with completed shopping centres, parks and community amenities, such as Arabian Ranches and the Green Community, are enjoying sales activity, local agents say.

But the newer developments are often surrounded by desert, with supermarkets and parks still nothing more than designs in future plans.

“The lack of these facilities contributes to the desirability and demand of such stock, which in turn cause values to drop further and puts additional pressure on the demand of some more known areas,” the property consultancy Cluttons said in a recent report. Dubai Properties Group (DPG), which is developing Dubailand, is still committed to building the infrastructure and entertainment elements of the project, said Khalid Al Malik, the chief executive. He said contracts were being renegotiated and a new master plan would be announced by the end of the year.

“The good news is that DPG is going ahead with Dubailand,” said Mohanad Al Wadiya, the managing director of Harbor Real Estate, which is marketing the Skycourts project. “The reality is that people should be happy the project will still be done.” But in the short term property executives believe it could take years for the market to absorb the new homes coming on to the market

“A lot will be occupied and a lot will stay empty,” said Thomas Bunker, an investment sales consultant for Better Homes.

US entertainment giant Walt Disney Company said it has no plans to open a resort in the Middle East, but said Dubai was an “attractive” market for development.

The company was mooted as a potential partner for stalled entertainment resort Dubailand, which last week said it was in talks to agree four deals with leisure firms by end-2011.

“We continually look for opportunities to grow our business and as a part of that process, we have conversations with many different entities,” a Walt Disney Company spokesperson said.

“While Dubai is an attractive market, we currently have no plans for the region.”

The UAE plans to attract 15 million tourists by 2020 under efforts to diversify its petrodollar-driven economy. Abu Dhabi is spending billions on visitor attractions such as the Yas and Saadiyat island developments, while Dubai has favoured malls and leisure resorts.

Originally designed to be twice the size of Walt Disney World Resort, Dubailand boasted tie-ups with Universal Studios, US theme park giant Six Flags and Legoland.

The $91bn project was put on hold in late 2008 after the onset of the financial crisis, and is now expected to be scaled down in design to meet new economic realities.

State-backed Dubai Properties Group (DPG), the developer behind Dubailand, is “negotiating a couple of [major new deals] this year… So we want at least two to four to be announced this year, as much as we can,” CEO Khalid Al Malik told Arabian Business last week.

The president of UAE conglomerate BinHendi Enterprises last week said Dubai needed an entertainment resort on the size and scale of Disneyland if it is to establish itself as a global tourism destination.

“We need an entertainment anchor for the family, something like Disney but not Disney. If we have a project like this in Dubai, we have an anchor for the whole of the world,” Mohi-Din BinHendi said. “There is a big gap between Euro Disney and Tokyo Disney. There is a craving for an entertainment anchor [in this region].”

Research firm Business Monitor International on Saturday called for a massive downsizing of Dubailand to fit in with the “harsh realities” of Dubai’s battered real estate sector.

“Serious thought (and downsizing) will be needed if the project is to fit in with the harsh realities of Dubai’s subdued property market in 2011,” said the report.

If you are looking for a good rental deal this summer, try Dubailand. Market experts estimate supply in the new community to reach around 4,200 units of which 60 per cent will come into the lease market.

Studio rents currently start from Dh20,000 per annum, while one- and two-bed units are available from Dh30,000 and Dh40,000, respectively, compared to Discovery Gardens studio rent of Dh23,000 with one- and two-bed units being leased from Dh31,000 and Dh51,000, respectively.

Parvees Gafur, Chief Executive Officer, PropSquare Real Estate, says: “As per our estimate, approximately 3,400 apartment units and 800 villas have completed. Most of the units are in handover phase though as we stand now. And about 60 per cent is being witnessed coming back to the lease market.”

Landmark Advisory believes the total supply of Dubailand, which consists of Arabian Ranches, Motor City, Layan Community, Al Barari, The Villa, Sports City and Falcon City, is 11,000 units.

“However, it is difficult to estimate of how many are currently for lease in the market,” a company spokesperson added.

According to PropSquare, studio are being rented at as low as Dh20,000, one beds start from Dh30,000, while two beds are available from Dh40,000.

“Again this depends on the number of cheque/payment option that has been taken,” Gafur adds.

Landmark says Sports City offers the cheapest in terms of apartment rents with studio available for Dh22,000, one bed for Dh40,000 and two-bed for Dh52,000 per annum.”

Cluttons, a global real estate consultancy, in a recent report said apartment rents in Dubai’s lower end of the market fell eight to10 per cent in the first quarter compared to the last quarter of 2010.

Asked if more people were moving from other affordable housing communities to Dubailand, Gafur mentions: “We don’t witness this transition from affordable communities such as Discovery Gardens to the new Dubailand. They are established communities with the infrastructure and services and doesn’t motivate these tenants. More of the migration is from other emirates.”

According to Landmark, villas in the new community are attracting a number of tenants.

“Tenants moving to the Villa project as this area now offers good value for money. Although the development is still suffering from infrastructure problems, tenants seem to overlook due the relatively low rents within. Four bedroom villas start at Dh130,000 per annum while 5 bedroom around AED 200,000 per annum,” the spokesperson adds.

Asked if rents will fall further this year in Dubailand, Gafur says that as new stock enters the community, it could trigger a slight drop, but nothing that could be substantial as the rents already fall in the affordable category.

Landmark believes certain communities such as Sports City will witness a rental decline as the residential supply coming online in surrounding developments will compete directly with this area.

Dubai Properties is planning new projects in Dubailand, the mega development to the southeast of the main city that has seen uneven progress in its many sub-projects since the economic crisis.

Khalid Al Malik, CEO, said the company is evaluating the new ideas and is “in negotiation with three clients to do big projects.”

He added that the company is negotiating with existing investors across the sprawling portfolio to retain funding and allow projects to be completed on occasionally adjusted timeframes.

The previous projects we’ve announced… some of them are finished, such as Dubai Outlet Mall … and the others we are renegotiating with terms of the contract to make it easier for funding.”

The mega development was created in the boom years in the second biggest emirate to contain many large commercial, residential and retail projects, including Dubai Sports City, City of Arabia, Dubai Outlet City and Dubai Lifestyle City.

Funding, he added, had stopped from these projects “and investors were suffering because of the crisis, most pulled out”. He added that discussions also included reviewing the size of some of the projects, and insuring that they reach agreement with companies in the short term so “that there is agreement enough for a longer period of time”, he said, at the 4th Arabian Business conference in Dubai on Monday.

The company is restructuring terms to allow investors to go on with  the existing projects, and he said the company hopes to announce the new projects later this year.

Dubai cannot sustain any more mega-malls in an already glutted retail market, the head of one of the UAE’s largest retail conglomerates said Monday.

“[Dubai has] more than enough malls,” Mohi-Din BinHendi, president of BinHendi Enterprises, told the 4th Arabian Business Forum in Dubai.

“If anyone wants to add another mall, they need to visit a psychiatrist.”

The UAE’s trade and tourism hub, Dubai is the shopping capital of the Middle East. A report by consultancy CB Richard Ellis last year found the emirate ranks second only to Hong Kong for its percentage of luxury fashion brands.

Much of these sales are driven by Dubai’s tourism trade, said BinHendi, particularly a rise in visitors from the increasingly wealthy emerging markets.

“The Chinese have started coming here – they come in big groups, and the Russians are still very prominent shoppers, as are the Indians,” he said.

While Dubai may not have room for another mega mall, BinHendi said the city could support smaller, niche malls, such as those dedicated to furniture or hardware.

BurJuman shopping centre, one of Dubai’s oldest malls, announced plans earlier this month for a major renovation aimed at increasing retail space by more than a fifth. The overhaul will free up space for a string of high fashion brands, the mall said, and the inclusion of a cinema complex, grocery store and extended food court.

Dubai is also set to play host to the world’s largest shopping centre should plans to build the Mall of Arabia, part of the delayed Dubailand complex, come to fruition.

The mall, part of the $5bn City of Arabia Project within Dubailand, was scheduled to open in the last quarter of 2010 but work has stalled in the wake of the emirate’s real estate crash.

Original plans show the mall featuring four million sq ft of gross leasable retail space, more than 1,000 retail outlets and access to the dinosaur-themed Restless Planet park.

Dubailand, the multibillion-dollar real estate project backed by Dubai Properties Group, is in talks with developers to review their contracts under a wider restructuring plan that aims to get the project back on track by the year-end.

The mega-project was one of the most ambitious entertainment resorts planned for Dubai but was placed on hold in 2008 after the credit crunch saw the emirate’s real estate market collapse.

The development, which was originally slated to be twice the size of Walt Disney World Resort and boasted tie-ups with Universal Studios and Legoland, may be scaled back to bring the project in line with new economic realities.

“Dubailand is currently in the process of evaluating new projects,” said Khalid Al Malik, CEO of Dubai Properties Group, at the 4th Arabian Business Forum on Monday.

“We are renegotiating the terms of the contracts and the other issue is the size of these projects – so we’re reviewing the contracts to make it easier for investors.”

Dubai had the world’s fastest- growing property market from 2006 to mid-2008 because of rising demand from a growing expatriate workforce and speculation fuelled by borrowing.

Prices quadrupled in the six years following the 2002 decision to allow foreign ownership of property in designated areas.

The global financial crisis sparked the collapse of the emirate’s property sector, wiping more than 60 percent off house prices and sending speculators fleeing from the market.

About 50 percent of Dubai real-estate projects were cancelled or suspended after the collapse.

Launched at the height of Dubai’s real estate bubble, Dubailand was reported to be AED335bn at its peak. The project involved dozens of developers and sub-developers and was to feature seven themed areas, residential developments and what was planned to be the world’s largest shopping centre in Mall of Arabia.

Al Malik said DPG planned to unveil a revised masterplan for the mega-project later this year.

“You will hear good news [soon],” he said. “We will have something to announce [in terms of the revised masterplan] this year.”

Dubai developer Diamond said in April it planned to build 2,500 townhouses in the entertainment complex by 2016.

A Jordan-based investor is planning a Dh3.67 billion Disneyland-type themed entertainment resort in Jordan’s southern port city of Aqaba featuring attractions inspired by the Hollywood hit movie Star Trek.

Rubicon Group Holding (RGH), an entertainment organisation, yesterday said it will design and produce The Red Sea Astrarium (TRSA), a 184-acre themed entertainment resort located in Aqaba which, through a licence from CBS Consumer Products, will feature attractions inspired by the 2009 international hit motion picture Star Trek.

The Star Trek attraction is being developed by Paramount Recreation.

The announcement was made by Randa S. Ayoubi, CEO of Rubicon Group Holding, at the Jordanian-American Business Forum in a signing ceremony attended by business leaders from Jordan and the United States.

The Red Sea Astrarium is expected to become a family destination attracting visitors from the 350 million residents of the Middle East as well as thrillseekers from all over the world.

World-class attraction

Architectural firm Callison has been engaged to work with RGH, including Paramount Recreation and CBS, to master-plan the project.

“RGH has joined with CBS Consumer Products and Paramount Recreation to create a Star Trek-themed centre that will deliver a variety of multi-sensory 23rd-century experiences, culminating with a state-of-the-art space-flight adventure that takes real-time immersive entertainment experiences to bold new heights,” a company spokesperson said.

The move comes eight years after Dubai launched Dubailand — a large collection of theme parks and resorts.

Abu Dhabi has already created Ferrari World, one of the finest theme parks in the region.

“This exciting, world-class attraction will serve as the cornerstone of the TRSA sector’s world of tomorrow. This will mark the iconic property’s first themed entertainment venue outside the United States.

The company is targeting major investors to build attractions in accordance with TRSA concepts, including a carefully chosen group of investors from the Gulf.

“We have started talks with a group of GCC investors,” Gassan Ayoubi, Executive Director of RGH Gulf, told Gulf News in a phone interview.

“Some of them have expressed strong interest in the project. We are currently in close negotiations with one of them for a possible deal.”

He said the company could replicate the same in other markets, including the Gulf, if it finds the ‘right partners’.

Employment offer

The project will generate employment for more than 500 skilled workers in the local community.

The project will help attract investment to Aqaba, where Abu Dhabi developer Al Maabar is pumping Dh36 billion in Marsa Zayed, a mixed-use development that will expand Aqaba’s skyline with tens of towers and a number of resorts.

“TRSA will be a destin-ation showcase in an extraordinary part of Jordan,” said Ayoubi.

“The opportunity to lead the design on such a remarkable project and to work with such world class partners as CBS and Paramount is a dream come true for the entire RGH family. We are honoured, elated, and proud to have our themed entertainment team in charge of moving this project forward.”

“At its core, Star Trek is about bringing worlds together and about a profound hope for the future,” said Liz Kalodner, executive vice-president and general manager of CBS Consumer Products.

“We are proud to bring such a unique, interactive Star Trek property to this part of the world to be a part of Jordan’s future.”

Led by Randa S. Ayoubi, Chief Executive Officer, Rubicon employs over 300 staff members in four locations — Amman, Los Angeles, Manila and Dubai.

It has established itself as a leading creative force for the design, production and distribution of compelling entertainment and instructive media across multiple delivery platforms.

Tatweer Parks, a subsidiary of Dubai Holding, is currently in talks with Universal Studios and Merlin Entertainments Group for theme parks in Dubailand and not actively pursuing any other venture, Emirates 24/7 can reveal.

“Tatweer Parks continue to work with Universal to develop a world class theme park in Dubai on line with market demand. Specific dates will be announced nearer to the time of opening and when agreed with Universal,” the company said in an emailed statement.

“Similarly Legoland forms an important part of this strategy and we continue to work with them.”

The company mentioned it was not actively pursuing other parks at the moment given the market conditions, asserting, “theme parks remained an integral vision for the future development of Dubailand and Dubai’s continued growth as a tourism hub.”

This means major theme park projects announced by Dreamworks, Six Flags, Marvel and Tatweer’s Freej Dubailand would not go forward.

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.

In 2007, Tatweer, a member of Dubai Holding, and Universal Studios announced plans for Dh8-billion theme park project in Dubailand. The first phase of which was expected to be completed by 2010.

In 2008, Merlin Entertainments Group, the world’s second largest visitor attraction operator, announced plans to create Dh912 million Legoland Dubailand. The three million square-foot project was due for completion at the end of 2011.

Earlier this month, Dubai Properties Group Chief Executive Officer Khalid Al Malik told this website that it was committed to the Dubailand
project and was providing infrastructure in accordance to the contract with the developers. He had called upon the developers to fulfill their part of the commitment and build the entertainment components of their projects.

With handover set to commence in the second quarter of this year, final touches are underway at the Remraan residential development in Dubailand.

“The construction of roads and related infrastructure is substantially complete,” said Dubai Properties Group (DPG) CEO Khalid Al Malik.

DPG, a member of Dubai Holding, has also announced it has received certification from Dubai Civil Defence (DCD) for the first set of buildings at Remraan.

“The achievement of DCD certification is a significant milestone, and confirms our commitment to the delivery of this highly anticipated new community.

“We will continue to work closely with our contractors and the authorities as more buildings are readied for handover,” said Al Malik.

The key neighbourhood names at Remraan have been revealed as ‘Al Thamam’ and ‘Al Ramth’, reminiscent of the desert flora.

Remraan is situated in the heart of Dubailand, amidst the rapidly-expanding ‘New Dubai’ district between the Jebel Ali Free Zone and Arabian Ranches.

Located off Dubai Bypass Road, it offers easy access to Sheikh Zayed and Emirates Roads, placing it in proximity to the city’s prime commercial and residential districts. In addition, the community is within ten minutes from the new Al Maktoum International Airport.

DPG’s development and management of key destinations include Dubailand and The Walk at JBR in Dubai.