Local company Dubai Parks & Resorts (DPR), a subsidiary of developer Meraas Holding, has completed 45 per cent of network utilities construction at its $2.9bn theme park development near Jebel Ali Free Zone.

The project is on budget and ahead of schedule to be completed in late 2016, with the theme park opening shortly after.

Work on the power substation is 40 per cent complete, and the scheme is expected to be finished in July 2015, while excavation works for the district cooling facilities are progressing. Once these infrastructural works are complete, expected in early 2015, work can begin on leisure facilities and attractions.

DPR has awarded 55 per cent of packages. Bids have been submitted for the remaining packages on the Bollywood section, the Lapita hotel and the Riverpark entertainment district at the centre of the park.

DPR has placed orders for 80 per cent of the 42 rides planned and 10 per cent of the entertainment offerings.

The project will comprise three themeparks; Motiongate based on Hollywood films, Bollywood Park and Legoland, aimed at children, integrated by a 503-key hotel and Riverpark food and beverage area. It covers 25 million square feet, includes 73 rides and attractions.

The development covers about half the available land, providing space for expansion after 2016 should demand reach expectations.

Meraas is also developing the Bluewaters leisure development near Dubai Marina.

DPR launched an initial public offering (IPO) with 40 per cent of its shares on 17 November, which raised AED4.2bn ($1.15bn).

The project manager is Korean Samsung C&G. The main contractors include, local ARCO General Contracting, Abu Dhabi’s ETTS, UK firm Kier and local/Belgian Bel Hasa Six Construct. The consultants include US firms Gensler and Hill International and Cumming, Canadian Forrec, UK company Laing O’Rourke.