• Dubai Parks & Resorts reports no operating revenues for 2014
  • Company on target to open new theme park in October 2016
  • Predicted revenues of AED2.4bn ($653.9m) in first year of operation

Dubai Parks & Resorts is on target to open its new theme park in October 2016, it said in a bourse filing detailing its financial results for 2014.

The company has projected that its under-development multi-themed leisure park will generate AED2.4bn ($653.9m) in revenue in the first year of operation.

Dubai Parks reported no operating revenues for 2014 given that theme park is still being built.

The company increased its total assets to AED6.9bn last year. The company accumulated a loss of AED38m by the end of 2014.

In the second half of last year, the company raised funding to support the development of the theme park.

It secured an AED4.2bn syndicated financing led by US’ Goldman Sachs in November. It also raised AED2.5bn in equity through its initial public offering (IPO) on the Dubai Financial Market (DFM) towards the end of last year.

The leisure and entertainment destination under development includes three separate theme parks, a four-star hotel and a retail, dining and entertainment district to be called Riverpark.

The three parks will be based around different concepts. One will be called Motiongate, and will be themed around Hollywood films. The second park will be the Middle East’s first Legoland. The final park will have a Bollywood theme.

The Dubai-based company has partnered with European firms with a track record in developing theme parks including Spain’s Parques Reunidos Servicios Centrales and Merlin Entertainments group (Luxembourg). The development will be set in approximately 16 million square feet of land.