Dubai Holdings moves theme parks and media into new unit

Dubai Holding, one of the emirate’s three big conglomerates, has reorganised its theme parks and media holdings into a new unit that will manage projects worth Dh10 billion. Global Village and the Arab Media Group, two Dubai Holding assets, will be placed under the company’s new Family Entertainment and New Media division, which will be […]

Dubai Holding, one of the emirate’s three big conglomerates, has reorganised its theme parks and media holdings into a new unit that will manage projects worth Dh10 billion.

Global Village and the Arab Media Group, two Dubai Holding assets, will be placed under the company’s new Family Entertainment and New Media division, which will be headed by the current AMG chief executive, Mohamed Almulla.

AMG operates Done Events, an event management company, and the Arabian Radio Network. It will also manage a number of new family destinations, Dubai Holding said in a statement.

Dubai Holding also announced board changes and leadership appointments at Tecom Group, which operates business parks across the emirate such as Dubai Media City.

Amina Al Rustamani was promoted to chairwoman of Tecom to “strategically lead a new phase of development in 10 business communities dedicated to information technology, design, media, education, industrial sector, transport and logistics, trade and life sciences within Dubai Holding”, it said.

Ayesha Sultan was appointed group chief executive of Tecom to implement the new strategy.

Dubai has embarked on a series of theme park construction projects as it aims to add to the 14.2 million tourists who visited the emirate last year, according to data from the Dubai Department of Tourism and Commerce Marketing.

The emirate aims to attract 20 million tourists annually ahead of Expo 2020.

Dubai Parks and Resorts, owned by Meraas Holding, another Dubai government asset-management company, plans to open three new theme parks, Legoland Dubai, Bollywood Parks Dubai and Motiongate Dubai, which will be based on the intellectual property of the US studio Lionsgate Films.

Dubai Holding cancelled an offer to buyback up to US$359 million of short-term notes this month, after investors sought higher returns on the paper than the company was willing to pay.

Dubai Holding’s commercial arm also owns the Jumeirah Hotels Group, Dubai Properties Group and Emirates International Telecommunications, which owns du.

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Source: Business

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