du hockey
When Sheikh Maktoum announced his ‘Vision of Dubai,’ many years ago, he stated that the finite nature of the emirates natural resources meant a long term change in strategic direction was required if Dubai was capitalise on its true potential. What Sheikh Maktoum outlined was a new age of Dubai, one based around increasing tourism revenues, as tourists from all over the world came to sample the sights and splendours of modern day Dubai.
It would certainly seem as though Dubai is capitalising on this increasing market for tourism. Annual tourism revenues in the emirate have now surpassed 6bn AED, and revenues from inbound tourism are expected to grow by 7.2% annually until 2015. Recent reports from the World Travel and Tourism Market, have stated that a large proportion of this sustained growth will be through the development of numerous ‘mega-projects’ which are being built in the emirate. In particular the development at Dubailand, the three billion square feet of land alongside the busy Emirates Road which is set to become the world’s largest tourism and entertainment project.
So what is Dubailand, and is it set to play such a large role in the future growth of this dynamic emirate?
Dubailand, which is set to open its doors in December 2010, is without the most ambitious leisure and tourism project ever undertaken. Over 3 billion square feet of world class theme parks, state of the art sporting facilities and cultural and entertainment venues. Costing an incredible $65 billion, Dubailand will incorporate 45 ‘mega projects’ which fit within seven core themes. Key attractions within the Dubailand development include Aqua Dunya, one of the world’s largest water theme parks and Dreamworks, a 5 million square feet theme park developed by the Dreamworks studios.
As well as the amusement parks, Dubailand will also include Dubai Sports City, a venue which is destined to become one of the world’s premier sporting facilities. Within Dubai Sports City will be situated four giant sized sports stadiums, which will host top level football, cricket, hockey and rugby matches featuring the cream of the sporting elite.
Current estimates suggest that over 40,000 visitors per day will visit Dubailand, attracting over 15 million visitors per year to the emirate. The population of Dubailand, when completed will be an incredible 2.5 million including tourists, residents and workers. Throughout the development, a wide range of property is available, ranging from compact studios up to the spacious and luxurious villas which can be found amongst the developments championship golf courses.
Whilst the figures make impressive reading, what is truly astounding is that the concepts of Dubailand and Dubai Sports City are yet to reach the wider global consciousness. When this occurs, as it undoubtedly will as projects come online, the volumes of tourists to the region are set to increase considerably. More importantly, this growth would be sustainable.
Dubai currently offers an incredible potential for investment growth, and a key factor within this will be the Dubailand development. It would be difficult to see the Dubailand development not emulating and potentially surpassing the huge impact of the Disneyland and Disney World projects on the US tourism market in the 70’s and 80’s.
Mark Burns is a Partner at http://www.property-dubai.tv, a Dubai real estate specialist selling Dubai property including the flagship new development at Emirates City.
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