Raed Kajoor Al Nuaimi, CEO of Dubai Parks and Resorts, is to be replaced as he has been named to lead the group’s ventures into fresh projects.

DXB

Al Nuaimi is chief executive of 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 at the end of 2016, has declared an unexpectedly large loss for the first quarter of 2017 at Dhs292m (€71m), compared with Dhs38m (€9.2m) in the first quarter of 2016. The company declared that the loss was the “normal trajectory of a business in the early phase of development.”

Dubai Parks and Resorts runs three theme parks in the UAE, Hollywood-themed Motiongate, Legoland and Bollywood. Also included is a Legoland Water Park, a retail/dining segment named Riverland and a Polynesian-themed hotel named Lapita.  Work has now begun on the fourth theme park, Six Flags Dubai.  In its first quarter, the resort area attracted 586,355 visits.