Dubai theme parks operator DXB Entertainments to appoint new CEO

Dubai theme parks operator DXB Entertainments has announced plans to appoint a new CEO.

In a bourse statement, the listed company – which runs Dubai Parks and Resorts – said that existing CEO Raed Kajoor Al Nuaimi has been appointed as chief executive to lead a new entity.

The new entity will “lead a development group that will manage multi-billion dollar development projects across Dubai Holding and Meraas Holding”, the statement said.

Al Nuaimi was appointed to the new role by Abdulla Al Habbai, chairman of DXB Entertainments, Dubai Holding and Meraas Holding.

Until a new CEO is appointed for DXB Entertainments, Al Nuaimi will continue in the role, the statement said.

He will then remain a senior executive with the company, in the role of managing director and executive member of the board of directors.

“The appointment of a new CEO will be announced by the company in due course,” the statement added, without providing a timeline.

DXB Entertainments, which opened Dubai Parks and Resorts late last year, announced a wider-than-expected loss in the first quarter of the year at Dhs292m, compared with a loss of Dhs38m in Q1 2016.

The loss “reflects the normal trajectory of a business in its early phase of development, as well as Dhs71m in pre-operating expenses,” Al Nuaimi said during the announcement.

“We are also well advanced in our sales and marketing plans and are actively generating demand for Dubai Parks and Resorts internationally and domestically,” he added.

The company also confirmed plans to cut operational costs by 20 per cent this year, compared with initial projections.

Set across 30.6 million sq ft, the Dhs13.2bn Dubai Parks and Resorts features three main theme parks – Hollywood themed Motiongate, Legoland Dubai and Bollywood Parks. The complex also includes a Legoland Water Park, a retail-dining district called Riverland and a Polynesian themed four-star hotel part of the Marriott Autograph Collection called Lapita. Work has also begun on building the fourth theme park within the complex – Six Flags Dubai.

The complex reported 586,355 visits during the first quarter of this year.

Also read: Dubai Parks aims to be among the world’s top 5 most visited theme parks