Dubai's Bollywood theme park delayed by two years
Dubai Infinity Holdings says market conditions cause of delay
Plans to build a Bollywood theme park in Dubai have been delayed by at least two years, it was reported on Tuesday.
Dubai Infinity Holdings, the development’s local partner, said the first phase of Yash Raj entertainment district, initially slated for completion in 2012, would be postponed by a “minimum 24 months”, UAE daily The National reported.
DIH said the delay was due to present market conditions.
“At Dubai Infinity Holdings, timing, responding and adapting to the market environment have as big an influence on our organisation success as sound and innovative investment ideas," Samira Abdulrazzak, the company’s CEO, told the paper.
“Therefore, for the moment, the project is on hold as both the parties are further getting the strategic sequence right so that we reach beyond existing demands.”
Yash Raj Films, India’s leading studio, entered into a multimillion-dollar joint venture with DIH to create the Bollywood entertainment district in June 2008.
Yash Raj Films confirmed the delays, but insisted the park would open eventually.
“A decision to postpone the project was taken last year in light of the prevailing market conditions,” said Akshaye Widhani, the vice president of YRF Studios, told the paper.
Dubai has frequently attracted Bollywood stars, with several owning luxury homes here. Shahrukh Khan owns a villa in Palm Jumeirah.