Work Commences on $1.3B Universal Studios Project in Dubai

Ground has just broken on Universal Studios Dubailand, a 7 million-square-foot theme park in the sprawling mixed-use Dubailand development in the U.A.E. Tatweer is behind the project, as well as the entire $64 billion, 3 billion-square-foot Dubailand endeavor, which is being designed to be the largest tourism, leisure and entertainment destination in the world.Universal Studios will consist of five segments, two of which will center on renowned U.S. destinations Hollywood and New York City. Work is on schedule to reach completion in 2010. The Universal Studios project, which carries a development price tag of $1.3 billion, is one of six theme parks that have been announced for Dubailand–so far. Among the group will be Six Flags Inc.’s Six Flags Dubailand. Plans for the 5 million-square-foot project were announced in March. Universal Studios and Six Flags are not the only U.S. companies getting in on the ground floor of Dubailand. DreamWorks Animation SKG agreed to develop its first ever theme park, DreamWorks Animation Park, which will span 5 million square feet and debut in 2012. Additionally, golf’s Tiger Woods has agreed to design an 18-hole championship golf course at the Tiger Woods Dubai lifestyle community. Tatweer, a three-year-old entity, is a division of Dubai Holding and is capitalized to the tune of $170 billion.