Local firms keen to invest in Zabeel Park

Dubai Municipality has received offers from several local firms interested in setting up sports and recreation facilities at the proposed Zabeel Park.

The civic body wants to construct the new park at the existing Zabeel Square at an estimated cost of Dh180 million.

Eng. Abdul Rahman Al Sharid, Director of the General Projects Department, said that a meeting was held recently at the municipality to brief potential investors on areas of investment in the technology-themed park.

The municipality is seeking private investments in the park's facilities, such as an Imax Theatre with a seating capacity of 450 people, retail food and beverage facilities, sports area, a 45-metre high Panoramic Tower, a Technology Zone that comprises technological interactive displays, an electronic maze called 'Space Maze', an artificial lake, Alternative Energy Zone featuring interactive displays, and an interior train service.

Private firms could also invest in utilising the wall of the park for advertisements.

"The prime objective of the meeting was to introduce the project to potential investors. It has been very fruitful and we got a lot of inquiries and offers from several companies. We will hold separate meetings with the interested firms to discuss the offers in detail before finalising the deals," said Al Sharid.

The most important among the investment options is the BOT (Build, Operate, Transfer) system, under which the investor will set up the project at a plot of land provided by the municipality and operate it for 25 years against an annual rent before handing over the project to the municipality.

The investor will also get a grace period, which will be agreed upon mutually, and he will be given priority in renewing the contract.

Zabeel Park, which will have a total area of 51 hectares distributed over three plots connected by means of bridges, is currently in the tendering process and is expected to be ready by August 2003.

Apart from those offered for private investment, other features of the park include Barcode Garden, which includes hi-tech displays and water features, a Mega Bowl amphitheatre with a seating capacity of 2,000, BMX trail, adventure play area, adventure golf, function plaza for special occasions, water gardens and water features, retail, food and beverage outlets, an exhibition building, a coffee shop and other amenity buildings.