Miral Asset Management, IMG Group, Landmark Group, Majid Al Futtaim Ventures, Al Hokair Group, DXB Entertainment in UAE Theme Park Market
Responsible for the development and maintenance of Yas Island, Miral owns and operates Ferrari World and Yas Waterworld theme parks. The above average admission fee coupled with the high brand recognition and popularity of Ferrari brand has helped the company achieve the top spot in the theme park market in the UAE. IMG’s World of Adventure is considered to be the largest indoor theme park in the world. As a result of its temperature controlled setting and unique rides, there has been a constant increase in international and domestic visitors, even during peak summer, assisting IMG group attain second position in the market. The company opened its first Fun City outlet in 1999 and has expanded to around ~ outlets in the UAE alone. Competitively priced rides with low capital investment across all outlets have helped the group garnered a commendable share in the theme park market The revenue generated by amusement parks has driven the overall revenues of the theme park market during the review period. The growing potential for technical advancement of mechanical rides and attractions had incentivized theme park operators to continuously upgrade them to effectively cater the changing preferences of customers. The High initial capital investment in theme parks force operators to charge higher admission fee compared to water parks, which has also resulted in leading position of the segment. In addition, theme park operators have also introduced attractive all inclusive packages, which has stimulated higher revenue generation from this segment Water parks had only accounted for ~% of overall theme park market revenues during 2016. Lesser number coupled with lower admission fee for water parks had adversely impacted higher revenue generation from this segment. It has been observed that most of the water parks in the UAE are situated in premises of luxury hotels and resorts and therefore, are mostly preferred by the guests living in these hotels and resorts.
Ankur Gupta, Head Marketing & Communications