Dubailand
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I live close by. Here are some pictures of the proposed site for these five theme parks, taken yesterday. I can confirm with confidence that there is absolutely nothing happening on the ground:

The fifth park is Legoland. My guess is DreamWorks top left and Legoland top right.

Took a look at all the artwork in this thread. These are my preliminary conclusion, but I think I need help:



One of them must be DreamWorks, but what's the fifth park?

And now let's draw conclusions, let's start with the large overview:

Now let's get a little bit closer:

Wow. This is indeed an amazing find. I've been looking for this for years. Let's re-upload the pictures here, in case they will be removed from the source site:




Source:
http://www.edgcompany.com/edg_projects/tpmena.php

At this very second I wonder which one of the theme parks is Universal, Legoland, Dreamworks, Freej and Marvel?

Freej Park master plan drawing:


Source:
http://www.edgcompany.com

Never built.

This is a very interesting post! Do you have picture proof of the construction progress you describe? What makes you sure that it's not just one of the long-delayed residential properties moving ahead?

The Marvel Project is progressing. The owners have already arranged financing from local banks. If you drive past the area at night you can see (and hear) contruction noises, which had been absent from the site for the longest time.

They are working on the project phases in parallel. All the theme rides and attractions are being developed off shore (US and China) and only the building construction is taking place in Dubai. Once the main structure is complete (expected to be finished by June 2013) they will move in the entertainment rides and attractions and have them assembled on site.

The whole theme park (Marvel Adventureland) is expected to be indoor and air conditioned so expect to have an all year around attendance. There are also the ususal Dubai-esque claims e.g. the entire interior of the "dome" covering the themes park is supposed to be lined with LCD screens which can display the pictures of the outside enviroment or display other spectacular things.

The remaining projects are on a wait and watch position mostly waiting to watch how this Marvel Theme Park performs. The reason this project got off the ground before the others is because the project is owned by one of the rich Dubai families which are still doing better than most and had the financial clout to continue with the project.

The Marvel Park will launch it is not a question of "If" but "When". And if the sucess factor is high you can surely expect to see the remaining projects (Universal Studios, Legoland etc) kick into high gear.