By Staff writer
Two main backers reportedly say no plan to push ahead with project stalled during 2009 financial crash
The plan to build a Universal Studios Dubailand development has been officially been scrapped, it was reported on Thursday.
The theme park’s two main backers, Dubai Holding and Universal Studios Theme Parks & Resorts, both confirmed that there are no plans to push ahead with the long-delayed project, reported Construction Week Online.
It cited a report published by Zawya saying the construction of the development started in 2008, but the project stalled following the 2008/09 financial crisis.
In a statement issued on Wednesday, Dubai Holding said that it was no longer in talks with the US-based theme park operator.
Universal Studios also confirmed: “While we are always open to opportunities in the region, we’ve stepped away from this specific project.”
Photographs captured earlier this month revealed that Universal Studios’ branding had been removed from the gate at the abandoned theme park’s entrance.
Universal Studios Dubailand was originally slated to complete before the end of 2010.
I love the quote from Universal Studios â€œWhile we are always open to opportunities in the region, weâ€™ve stepped away from this specific project.â€..... I'm no expert in these matters but if you're not interested in opportunities in Dubai then I would suggest you are NOT 'open to opportunities in the region'
Being interested in opportunities in the region does not mean they are interested in "any" opportunity.
Nowhere in the article can I see any reference to not being interested because it is Dubai, better terms and conditions could have turned into an agreement.
I am assuming that the projected eventual visitor footfall, simply does not justify the initial cost. Undoubtedly the real costs will rise above the original budget, these leisure and entertainment projects are complex to deliver.
Health & Safety is a big issue for the developer, given a spate of accidents at other sites around the world and represents an increasing percentage of the overall costs when compared with other mixed-use developments.
The growth in entertainment projects across the emirate also means that like hospitality the sector will be subject to fierce competition.