MANAMA, 1 December 2004 — A Bahrain-based investment bank yesterday announced plans for a $3.8 billion project to create a vast entertainment park in Dubai that it hopes will attract millions of tourists a year.
The Gulf Finance House said the Legends-Dubailand park, comprising an area of 24.7 million feet (2.3 million square meters), would include three theme parks, a leisure complex, a golf course, residential homes and offices.
Work is set to begin on the complex in March 2005 and should be completed by 2007, when the first of the theme parks, Legends of Arabia, is due to open.
The scheme is part of Dubailand, a multi-billion-dollar project in the emirate covering two billion square feet (185 million square meter) that is open to foreign investors.
“Legends-Dubailand ... will be an incredibly unique entertainment project that blends technical ingenuity with the thrills of fantasy and fables from times of yore,” said Esam Janahi, chief executive of Gulf Finance House.
The backers are touting Legends-Dubailand as the single largest destination for leisure tourism in the Middle East, claiming it will blend cutting-edge technology with fantasy and ancient Arabian fables.
The Gulf Finance House, founded five years ago, operates under Islamic Shariah law, meaning loans are not subject to interest rates.
