Universal Studios Dubai
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The first phase of Dubai’s Mohammed bin Rashid City will be completed in seven years at the earliest, according to the head of one of the developers involved in the project.

(...) will include the world's biggest shopping mall, more than 100 hotels, a Universal Studios franchise (...)

The first phase of the project will be developed by 50/50 joint-venture of Dubai’s Meydan and Sobha Group.

Menon said that neither Sobha nor Meydan had finalised any tie-ups with third parties for the retail or leisure facilities at the site.

Source:
http://www.arabianbusiness.com/first-phase-of-dubai-s-mbr-city-ready-in-seven-years-500233.html

The old Universal Studios location in Dubailand

Easy to find. Take Dubai Outer Bypass Road coming from Jebel Ali and turn right into a small road about one mile before the Al Ain road interchange

I wonder If they're still going to have the same plan of rides and shows that they were going to put for Dubailand?

They clearly talk about a Universal theme park, not 'entertainment center', in the government newspaper Gulf News:

A rush of entertainment projects was announced at the end of 2012 aimed at attracting leisure tourism to Dubai. Among them is the Mohammad bin Rashid City that will comprise a Universal Studios theme park

http://gulfnews.com/business/retail/theme-park-companies-in-talks-over-mega-entertainment-projects-in-dubai-1.1174293

Universal family entertainment centre? That sounds small.

The first component of the new project will focus on family tourism and will include a giant park capable of receiving 35m visitors, a family entertainment centre set up in collaboration with Universal Studios and hotel facilities.

Source:
http://www.arabianbusiness.com/dubai-s-mbr-city-take-decade-says-nakheel-ceo-496698.html

Screenshots from the video:

Thank you for finding this, Jasiel!

Here's a video clip they shot back in April 2007

Interesting. I believe the license has been issued to defunct Tatweer? Since Mohammed Bin Rashid Gardens is not part of the latter I wonder how that affects the licensing agreement.

The sites license expired and is pending renewal or deletion