Looks like no more theme parks.
Source:Gulf Finance House has returned to Dubailand five years after its first ill-fated foray into theme park development there ended with huge losses.
The investment bank announced a Dh5.5 billion Arabian Legends entertainment complex at Cityscape in 2004 that was scheduled to be completed last year. Due to the global financial crisis, however, it was forced to withdraw from the project, taking a US$300 million provision against its exposure in 2009.
Now the Bahrain-based investor is back after signing a land sale agreement with Dubai Properties Group.
The 1.2 million square foot development will comprise residential, commercial and retail spaces (...)
http://www.thenational.ae/business/property/gulf-finance-house-returns-to-dubailand