IMG Worlds of Legends
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The IMG parking lot today:

I'm pretty sure it will rise in the parking lot

Just look at the image underneath your post. IMG Worlds of Adventure IS a part of IMG Worlds of Legends. Looks to be that the car park is taken up by CN (Cartoon Network)

Where exactly will IMG Worlds of Legends rise? Above or next to the parking lot serving IMG Worlds of Adventure?

Falcon Tree designed the Worlds of Adventure park, any idea which design firm is creating this? I didn't read anything on Falcon Tree House.

Looking at the artwork I think Warner Bros will be even better much a lot of theming and a lot of attractions.

The number of IMG visitors are rising and to me IMG is so far the best in Dubai in term of rides and attractions. Go to Dubai parks and you will know what I mean.

It does make sense. They do this in preparation for an IPO. That's the reason.

It doesn't make sense to me regarding what you mentioned about failure and using the announcement of Legends to hide this. They are not a public company so they don't have to announce their profit and loss.

Why would anyone in their right mind announce a project if they believe their current one is a failure?

Regarding this being a saturated market for theme parks, that's far from the reality. I believe there should be more theme parks created to attract tourists shaping Dubai as a leading leisure destination. Look at the Orlando model, or even the U.K. The rest of the world that have more than 3 theme parks within a 2-3 hour radius, study will show that they compliment each other by attracting more tourists to the area.

If there isn't enough parks then the other way to succeed is creating additional zone and expansions. Look at PortAventura, a once in loss themepark with hardly any foot fall suddenly grow to a 5m per year visitor theme park after adding additional zones, more rides and marketing correctly. By targeting the ideal customers they are today one of the leading theme parks in Europe, same story with Europa park.