ENTERTAINMENT CITY

500mn theme park to come up in Lusail

Published: Monday, 27 November, 2006, 10:36 AM Doha Time

ABU Dhabi Investment House (ADIH) will set up a $500mn ‘Entertainment City' at Lusail. Announcing the ADIH plans to set up the mixed-use theme park in Doha yesterday, CEO Rashad Janahi said, "We are delighted to confirm that this development, which we have been conceptualising for some time, is set to go ahead. I can also say that investor interest in this project has been buoyant before we even start."

Janahi, however, said investment opportunities still existed within the initial private placement of some 50,000 shares.

He said: "With an expected investment return of 60% it is no surprise there has already been a great deal of pre-launch interest in this project."

The Entertainment City will cover 1mn sq mts of land, running alongside a 1km long beachfront at Lusail.

The Entertainment City is set to become the "anchor development" for the entire Lusail project. The Doha Golf Course and Energy City Qatar will be located very near the Entertainment City.

The Entertainment City is designed to be a mix of hospitality, leisure and recreational facilities, with complementary commercial and residential components.

The destination will offer spectacular theme parks, themed hotels, speciality shopping, fine dining restaurants, cinemas, a theatre and alternative entertainment components.

"It will be a fusion of traditional Arabic hospitality and contemporary leisure lifestyles. Sub-themes will revive legends surrounding the area's famous traders and seafarers, ancient Arabic castles, forts, cities and forgotten kingdoms," he explained.

Various attractions within the Entertainment City ‘communities' will include a family entertainment centre, water theme park, family natural attractions, a cineplex, theatre and a bowling alley.

All segments of Entertainment City are open to investors: "In accordance with local legislation, GCC citizens can own property outright, with 99-year leases available for foreigners," Janahi said.

He acknowledged that Doha's fledgling entertainment sector had made some rapid growth in recent years, already attracting over 2mn visitors to the country, annually.

He said: "Entertainment City will add momentum to Qatar's tourism boom and will significantly increase the country's attraction to visitors, in addition to significantly increasing the hotel room stock.

"A year ago, Qatar offered some 2,600 bedrooms, whereas by 2007-end there will be 11,000 rooms. Entertainment City is set to increase this to almost 15,000 rooms in 2009," Janahi said.