IEC: High GCC investment in theme parks to lead global industry

International Expo Consults (IEC), organizers of “DEAL 2018” show, stated that footfalls at indoor theme parks and family entertainment centers at the malls are set to increase. According to the Global Industry Analysts, Inc. report, the global market for amusement and theme parks is forecast to reach $44.3 billion by 2020, driven by the recovery in leisure spending, rise in international tourism, and growth of the middle class population in emerging countries. Mall of Arabia, with a gross leasable area (GLA) of 167,000-square meter is due to open next year. Just the first phase of Mall of Saudi, due to open in 2022, will have a GLA of 300,000-square meter, including indoor ski facilities.
“Indoor theme parks allow the operations to take place 365 days of the year irrespective of the weather conditions. They tone down the seasonality aspect which helps to achieve a peak output at maximum levels throughout the year. Outdoor parks have the disadvantage that they cannot control the climate. Theme parks in other parts of the world don’t have this issue but if one focuses on outdoor theme parks in this region, they tend to be positioned in locales that cannot survive the regional climatic conditions. This is one of the major reasons that indoor parks have the extra benefit in this region,” said Abdul Rahman Falaknaz, chairman of IEC.
The Gulf Cooperation Council (GCC) region is experiencing a boost in entertainment and amusement opportunities due to amusement operators and their contribution to boost tourism efforts in the GCC.
Sharif Rahman, chief executive of IEC, said: “Several billion-dollar theme parks were launched in 2016 and a series of amusement destinations are slated to open their doors for theme park enthusiasts by 2018. Furthermore, there is an exponential growth experienced by indoor theme parks and FECs in the region due to the expansion plans of large malls in the MENA region.”
He added: “The region attracts visitors from across the globe as it is a promising destination with new innovations and developments related to theme parks and FECs being promoted on a grand scale. Riding on its success from the previous years, the DEAL show will continue to be one of the most effective ‘launchpads’ in the Middle East for all stakeholders within the amusement and related industries.”

Source: Arab News