Dubai Parks and Resorts Operator Appoints New CEO

Press release
Published May 31st, 2017 - 09:58 GMT
Mohamed Almulla, DXB Entertainments new CEO
Mohamed Almulla, DXB Entertainments new CEO

Dubai-based theme parks operator DXB Entertainments has appointed Mohamed Almulla as its new CEO, it announced on Wednesday.

Almulla replaces Raed Kajoor Al Nuaimi, who was recently named CEO of a new entity to handle Dubai Holding and Meraas Holding developments.

The appointment was made by chairman of DXB Entertainments Abdulla Al Habbai in a bourse statement and is effective immediately.

Mohamed Almulla was previously CEO of Arab Media Group (AMG) – a unit of Dubai Holding – overseeing all its three major business units including Arabian Radio Network, Done Events and Global Village.

He also earlier served as executive director of Dubai Media City.

“His solid expertise in this sector will further cement DXB Entertainments position as a leading provider of leisure and entertainment offerings in the region,” the statement said.

On Monday, DXB Entertainments – which runs Dubai Parks and Resorts – said that Raed Kajoor Al Nuaimi will “lead a development group that will manage multi-billion dollar development projects across Dubai Holding and Meraas Holding”.

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.

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.

Source: (Gulf Business)

Background Information

DXB Entertainments

DXB Entertainments PJSC (DFM:DXBE) previously Dubai Parks and Resorts PJSC) is a Dubai-based manager of leisure and entertainment destinations and experiences. The Company is traded on the Dubai Financial Market (DFM) under the trading symbol DXBE.

We bring together a diverse portfolio of world-class brands to offer entertainment in the areas of theme parks, family entertainment centres, and retail and hospitality.

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