Investment in Mideast theme parks to top $3tn

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MEGA ATTRACTIONS: Analysts predict a massive $3 trillion will be spent on on leisure and tourism in the Middle East over the next two decades. (Getty Images)

More than $3 trillion is to be spent on leisure and tourism projects in the Middle East over the next 20 years, the head of an international body for theme parks said on Tuesday.

Charlie Bray, president and CEO of the International Association of Amusement Parks and Attractions (IAAPA), said current estimates put the region's attractions, entertainment, and leisure segment at $10 billion in annual revenues already, with yearly growth at 20-25%.

"Globally consumer spending on theme parks is slated to rise by nearly five percent annually, resulting in a $28.5 billion industry by 2011 fuelled by vibrant expansion in nations throughout the world," said Bray, speaking at the inaugural Tourism Development Project and Investment Market in Dubai.

"This increase will be led by the Middle East and Asia, the two fastest-growing attractions and amusements parks markets today."

According to PricewaterhouseCoopers, the annual growth rate for the amusement sector in Middle East, Europe and Africa region is slated to be over 5% to 2011, raising yearly attendance to 154 million in just four years, with much of that growth predicted to come from the Middle East.

Upcoming attractions in the region include Dubailand, Restless Planet and Universal Studios Dubailand, Ferrari World in Abu Dhabi, Entertainment City in Qatar, Aquaventure Waterpark at Atlantis on the Palm Jumeirah in Dubai, the Warner Bros-themed park in Abu Dhabi, the Marvel Entertainment Theme Park in Dubai, the WOW RAK theme park complex in Ras Al Khaimah and the Paramount Pictures-branded theme park in Dubai.

Dubailand, a $64 billion tourism, leisure and entertainment project being built in the emirate, this week announced that it would be the location at new DreamWorks Animation theme park, part of a strategic alliance with the US studio behind the hit box-office animated movie Shrek.

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