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16 June 2009
The bankruptcy filing by US-based Six Flags will have no impact on Dubailand's theme park plans or their openings with the Tatweer entity confirming that all projects will be "developed and delivered to completion", said a senior company executive."We can reaffirm that all our projects will be developed and delivered to completion and there is no change in the vision," Dubailand Chief Executive Mohammed Al Habbai said in an e-mailed statement to Emirates Business.
"We have nothing to add and will not make any announcement regarding our development plans in the context of Six Flag's financial restructuring. We can, however, confirm that we remain committed to creating a world-class leisure and entertainment destination in Dubailand with the brands associated with Tatweer," he added.
Dubailand is a phased development to be built over a number of years due to the sheer size and scale of the plans. The development will have more than 45 mega projects when it gets fully operational by 2020.
"Phase one is already open and operational and we project eight million visits to our attractions this year," said Al Habbai.
In March 2008, Tatweer had announced a strategic alliance with Six Flags to develop thrill-driven theme parks across the Middle East. The groundbreaking was expected in 2009. Six Flags, the operator of 20 theme parks in the US, Mexico and Canada, said on Saturday that the filing in a federal bankruptcy court is part of its plan to reorganise and shed $1.8 billion (Dh6.61bn) worth of debt.
By Parag Deulgaonkar
© Emirates Business 24/7 2009