Emaar Properties, the real estate development company based in the UAE, is planning to further expand its entertainment business.
Emaar Entertainment has a number of leisure attractions already, but the business is a minor part of the huge multi-faceted entity. That is about to change.
Keeping most of the details quiet for the moment, Emaar Entertainment’s new CEO Damien Latham (pictured) - former CEOof operator Majid Al Futtaim Leisure and Entertainment - told InterGame that his brief was to expand the division.
Under Latham, MAF’s entertainment organisation grew several-fold in five years, noted primarily for its Magic Planet chain of high-grade FECs. Will he take the same principles over to Emaar? “It is early days, but it is true to say that I am now working on a long-term plan to drive forward Emaar Entertainment."
The strategy, he said, would remain confidential for the moment, but in principle he was keen to utilise the “prime real estate and stellar locations” in Emaar’s portfolio as the vehicle for that expansion.
Currently Emaar Entertainment’s leisure attractions include KidZania, Dubai Aquarium and Underwater Zoo and Dubai Ice Rink - all in The Dubai Mall.
Redefining the cinema experience, Emaar Entertainment also has Reel Cinemas in The Dubai Mall and Dubai Marina Mall. Three more cineplexes will be added by the end of the year, he said, all under the Reel Cinemas brand. Emaar also has its big FEC in The Dubai Mall, where a new virtual reality destination is being developed.
“It is obvious that there is a great deal of scope for expansion in the movie theatre business in the region. And the strategy with the virtual reality location is progressing well. I have studied VR carefully for some time and it is clear to me that the technology and presentation of the product is a genuine commercial proposition.”
Of the FEC business in the Middle East in general, Latham said that his focus will be to ensure that Emaar Entertainment achieves strong returns on investment from its various attractions.
He also confirmed that while all of Emaar’s current entertainment interests are in Dubai, he has a clear mandate to expand the business outside of Dubai and if there are opportunities then outside of the UAE too.
