Business | Investment
Hollywood Adventures plans to invest 2.5b euros in two projects
California-based Hollywood Adventures Group on Wednesday announced it plans to invest 2.5 billion euros in two mixed-use projects in the UAE that include Disney-style theme parks.
- By Stanley Carvalho, Staff Reporter
- Published: 00:00 September 21, 2006
- Image Credit: Abdul Rahman/Gulf News
- From left: Mohammad Al Suwaidi, Executive Manager, Italia Group; Massimo Carnicella of Arner Bank, and Gamal Fawazi of Hollywood Adventures, announcing their new project in Abu Dhabi.
Abu Dhabi: California-based Hollywood Adventures Group on Wednesday announced it plans to invest 2.5 billion euros in two mixed-use projects in the UAE that include Disney-style theme parks.
Gamal Fawzi, President of Hollywood Adventures, Abu Dhabi told a news conference that one project will be in Abu Dhabi and the location of the other is yet to be finalised.
"We plan to invest 2.5 billion euros in two huge projects, one of which will be in Abu Dhabi. The project includes apartments, offices, a hotel, a shopping mall and an indoor theme park that would be similar to the Disney theme parks," he said.
"Switzerland-based Arner Bank will be structuring the financing for the project. We have a signed a Letter of Intent with the bank."
The project's master plan will be ready in three months and the design would be ready in a couple of months. "The UAE projects are expected to be ready in 2008 and 2009. This is our first venture in this region," said Fawzi.
"After looking at various places in the region, we found the UAE to be the best place for our proposed venture. At a later stage, we might consider some other places."
However, because of the hot climate in this region, the theme park would be indoors.
Hollywood Adventures, LLC, Abu Dhabi has just been set up.
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