DUBAI, 22 October 2003 — Dubai said yesterday it plans to build a $5 billion tourism and leisure project in the Gulf Arab emirate in participation with the private sector as part of its drive to become an international tourist destination.
Dubai Crown Prince Sheikh Mohammed ibn Rashid Al-Maktoum told reporters the project, named Dubailand, would be built on an area of two billion square feet (186 million sq metres) and include 45 major projects and 200 smaller ones.
He said overall investments are estimated to be more than 18 billion dirhams ($4.9 billion) excluding the cost of the infrastructure which would be built by the government. The first phase of infrastructure will cost more than 2.6 billion dirhams.
Dubailand — to include an adventure park, a sports park, an eco tourism park as well as shopping malls and hotels — is expected to be completed in the last quarter of 2006. “Investing in the project is open to all investors inside and outside the region,” said Sheikh Mohammed, who is also the defense minister of the United Arab Emirates (UAE).
“The project is expected to attract more than 200,000 visitors daily. This will give the tourism sector in the country a thrust and will increase its contribution to GDP (gross domestic product) to 20 percent from 12 percent,” he added.
One of seven emirates in the UAE, Dubai has big ambitions to develop its reputation as a trade and tourism centre for the region to help make up for falling revenues from its dwindling oil reserves.
It has already launched a $3 billion Palm resort, under construction on man-made islands off Dubai’s coast. The emirate also plans to build 200 artificial islands in the shape of the world map, and, along with a German investor, what it promises to be the world’s first luxury underwater hotel.
Dubai hopes to attract 15 million tourists by 2010.
“Over the past decade we have executed several massive projects which have confirmed our ability for making our dreams come true — on time and on budget — even when many people doubted the potential success of these projects because they viewed them individually,” Sheikh Mohammed said.
Meanwhile, the Gulf emirate of Sharjah, part of the UAE, will launch its own airline next week, billing it as the first low-cost carrier in the Middle East, its marketing chief told AFP Tuesday.
“This is the first no frills, low-cost airline in the Middle East,” said Ali Fairuz, sales and marketing director for Air Arabia, which will inaugurate its first flight on Oct. 28 to neighboring Bahrain.
