Renderings of the Bollywood Parks theme park in Dubai. The project is scheduled to open in October of 2016. Courtesy Dubai Parks and Resorts
Renderings of the Bollywood Parks theme park in Dubai. The project is scheduled to open in October of 2016. Courtesy Dubai Parks and Resorts

Travel and Tourism

Dubai Parks and Resorts in Bollywood shows project with Wizcraft

The Rajmahal Theatre will feature daily live performances similar to Wizcraft’s Kingdom of Dreams in Delhi.

LeAnne Graves

March 25, 2015

Dubai Parks and Resorts has signed a deal with Mumbai-based Wizcraft International Entertainment to create a show for the upcoming Bollywood Parks – one of three theme parks that will open in Jebel Ali in 2016.

No financial details were provided, but the Dubai Parks and Resorts chief executive Raed Al Nuaimi said this month that the company would sign about Dh2.5 billion in projects this year.

The shows will be held in the Broadway-style Rajmahal Theatre coming up within the theme park. The 60,000 square foot stage will feature VIP boxes and exclusive lounges.

The Rajmahal Theatre will feature daily live performances similar to Wizcraft’s Kingdom of Dreams in Delhi.

The company said it would source local talent as well as Bollywood celebrities to perform in the shows.

The Wizcraft director Viraf Sarkari said the company was looking forward to the creation of the “largest Bollywood musical ever produced”.

Wizcraft will also plan galas and film premières.

The Bollywood area will be a “celebration of Mumbai’s famous film industry”, according to the Dubai Parks and Resorts website.

Similar to Disney World’s It’s a Small World area, Bollywood will have an Indian theme featuring classic Mumbai cinematic rides, retail outlets stocked with items from India and native cuisine.

“We are committed to providing an unforgettable experience for our guests, and we have partnered with the most creative minds in the industry,” Mr Al Nuaimi said.

Major contracts have been signed with big-name companies for the other parks.

The European attractions operator Merlin Entertainments signed on to operate Legoland, and DreamWorks Animation will help to introduce the Hollywood-themed Motiongate.

In addition to the theme parks, Lapita, a Polynesian-themed family resort, will also open, helping the overall concept to attract an estimated 6.7 million visitors during its first operational year in 2017.

Shares of Dubai Parks and Resorts yesterday fell 2.57 per cent to Dh0.834 along with the broader decline on the Dubai bourse.

lgraves@thenational.ae

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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