LEGENDS DEVELOPMENT COMPANY L.L.C
PRESS RELEASES & ARTICLES
11
October, 2005
LEGENDS BEGINS WORK ON DH14B DUBAILAND PROJECT
From -
Gulf News
Legends
Development Co, the company created to develop three theme parks in Dubailand,
has begun work on the Dh14 billion Legends project. The company has opened a
new on-site headquarters and started the earthwork for the first of the three
theme parks within the development called Legends of Arabia.
Mohammad Al Gergawi, chief executive of Dubai
Holding, promoters of Dubailand, a big tourism, leisure and entertainment
complex, inaugurated the Legends site office and headquarters on Sunday.
Saudi investment group Tanmiyat, which snapped up
properties worth Dh7.3 billion ($2 billion) in Living Legends and Trade
Legends, has begun selling 7,000 residential, commercial and hotel units in the
project and its master plan is expected to be completed by November 1.
The residential and commercial project will cost more than half of the $3.8
billion Legends integrated theme park project.
Sulaiman Abdul Aziz Al Majid, chairman of Tanmiyat, told
Gulf News, “In addition to opening the project’s headquarters, the basis works
at the site have already begun, and also the final designs for the project will
be ready in days.”
The Legends headquarters, spread over 87,000 square feet, will house a customer
relations centre, auditorium, mock-up area and permanent exhibition venue for
projects conceived by Gulf Finance House, an investment bank in
Essam Janahi, the bank’s
chief executive, said the three world-class, climate-controlled theme parks
were central to the Legends project spread across 24.7 million square feet.
“Legends of
Legends components include two more theme parks - Legends of Nature and Legends
of World - which are inspired by magic and magnificent places on the planet of
mythology and natural wonders.
Other parts of the project include a residential component, Living Legends,
themed hotels, including a 50-storey Legends Tower Hotel, office towers and
conference centre, a nine-hole golf course, a golf hotel and the Legends
Leisure Complex comprising a promenade, entertainment, shopping and dining
areas and a business location, Trade Legends.
Dubai-based Legends Development Co is mandated by Gulf Finance House to oversee
the development of Legends, which is scheduled to be completed by 2013.
Tanmiyat has underwritten 40 per cent of the $302
million private placement for the first phase launched last year by Gulf Finance
House.
From – Khaleej Times
The Dh14
billion integrated theme park project, Legends in Dubailand, yesterday
announced the opening of a new on-site headquarters and commencement of the
earthwork for Legends of Arabia, the first of the three theme parks within the
development.
The Legends headquarters was officially inaugurated by Mohammed Al Gergawi, Chief Executive Officer of Dubai Holding,
promoters of the Dubailand, on Sunday.
Unveiling details of the development plan for Legends, senior officials of
Dubailand, Gulf Finance House B.S.C. (GFH), the Bahrain-based Islamic
investment bank behind the project and the project"s
holding company, Legends Development Company (LDC), termed the opening of the
new headquarters as a step in developing the mixed-use integrated project which
is conceived as one of the largest destinations for leisure and entertainment
tourism in the Middle East.
Recently, the Saudi Arabia-based business entity, Tanmiyat
Group had announced acquiring the residential and commercial components of the
Legends at an investment of $2 billion (Dh7.35 billion). Tanmiyat
is also part of the Legends platform through a 40 per cent subscription of a
$302 million (Dh1.1 billion) private placement floated to fund the first phase
of the project.
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