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Dubai Parks & Resorts to weigh in with Dh7b worth of construction projects

Dubai Parks & Resorts will be signing off on project contracts totalling a substantial Dh7.5 billion this year to add to the around Dh5 billion it did in 2014, according to the CEO, Raeed Al Nuaimi. The company confirmed it has reached key project-related milestones in its 2014 financial summary released on Monday.

Nakheel also recently confirmed that its contracts? outlay for this year would be around Dh7 billion, a pattern in which Dubai Government owned developers will set the dynamics for the construction sector between now and 2020.

?Dubai Parks & Resorts is a fully funded company,? said Al Nuaimi. ?While basically anything of a revenue stream before the opening [of the theme park cluster] would be very good ? and there are some plans ? we are looking to start seeing it generated from the day of opening onwards [in October 2016].

The company is 60 per cent owned by Meraas and the rest held by the public following the IPO late last year. The cumulative project expenditure for this year is forecast to be Dh5.9 billion.