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DXB Entertainments and GII announce agreement to deliver smart parking services.

DXB Entertainments PJSC and Gulf Islamic Investments (GII) today announced that they have signed a new exclusive agreement to develop and invest in a state-of-the art parking management system for Dubai Parks and Resorts, the region's largest integrated theme park destination, set to open on 31 October this year.

More than 10,000 parking spaces will be developed by GII across two parking facilities at the theme park destination. The parking facilities will include additional services including VIP and valet parking services, to further enhance the overall visitor experience. In addition, one of the parking areas will be serviced by a tram system that transports guests to Riverland™ Dubai, the gateway to the destination.

The five year profit-share agreement will generate revenue through parking tariffs and other related services. Parking fees will range from AED 50-80 for a full day of parking and AED 120-150 for VIP and valet parking services.

Mohammed Alhassan, Co-Founder and Chief Executive Officer of GII (GCC), commented on this partnership saying, "This collaboration with DXB Entertainments is a remarkable opportunity for our investors to be part of the region's largest multi-themed entertainment destination, and contribute to the city's Tourism Vision 2020."

Pankaj Gupta, Co-Founder and Chief Executive Officer of GII (UAE) added, "GII is aligned with Dubai's long-term tourism strategy, and we are delighted to be part of this iconic development. This collaboration makes perfect strategic and business sense."

Sandesh Pandhare, Chief Financial & Investment Officer at DXB Entertainments PJSC, the owner of Dubai Parks and Resorts said, "Convenient parking is an essential part of the visitor experience at Dubai Parks and Resorts. The parking facilities that will be developed under this agreement will help ensure a smooth and pleasant experience for our guests as well as generate long-term shareholder value."

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Publication:CPI Financial
Geographic Code:7UNIT
Date:Oct 12, 2016
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