Gulf Finance House (GFH)unveiled the masterplan for its $3,800 million Legends-Dubailand project at the Cityscape exhibition in Dubai on 30 November. The Bahrain-based investment bank also announced that Saudi Arabia's Tanmiyat Groupwill underwrite $120 million of the $302 million investment needed for the basic infrastructure work, with the private placement flotation for the remaining amount being launched by year-end. Tanmiyat will also act as project manager and designer for the site preparation.
The mixed-use entertainment scheme will cover 24.7 million square feet of the overall Dubailand development. It will include three theme parks - Legends of Arabia, Legends of Nature and Legends of the World - comprising six main residential, commercial and entertainment components. The three packages will be offered to investors once site preparation is complete. Work will begin on the first phase, Legends of Arabia, once enabling work is complete. The project includes a leisure complex with three hotels, a golf course and residential and commercial units. Work is expected to take two years. The masterplanner and architect is France's Jean-Michel Ruols Architectes. The designer and project manager is the local Edifice Design & Project Management. Glen Corporation will be the theme park operator. The remaining two phases are to be completed by 2013. The US' Hill International is the Legends-Dubailand project manager (MEED 23:4:04).