Dubai – Mubasher: DXB Entertainments announced entering into a management agreement with Meraas to manage a number of leisure and entertainment offerings including Hub Zero, Splash Pad, The Green Planet, Mattel Play Town, and Roxy Cinemas, DXB said in a bourse filing Thursday.
“This is an exciting strategy which will enable DXBE to generate value for its shareholders through the operation of the region’s largest portfolio of leisure and entertainment assets,” CEO Mohamed Almulla stated.
DXB is the owner of Dubai Parks and Resorts, which Almulla says along with the Meraas leisure and entertainment portfolio, DXB “will be able to identify and build significant cross-marketing synergies and additional revenue from the coordinated management of our diversified portfolio of assets”.
DXB is reorganising its business into three units, in line with strategic growth objectives, the CEO revealed, noting that the new structure along with new top management appointments will help drive value across DXB’s portfolio.
The three units are Theme Parks, Family Entertainment Centres, and Retail and Hospitality, the statement showed.
“Dubai is one of the world’s leading tourist destinations…with international tourism reaching more than 8 million visitors for the first six months of 2017 - a 10% increase year-on-year, and a growing resident and regional tourist potential, we are building a business which will generate value for our shareholders over the long-term,” Almulla stated.
On Wednesday, DXB Entertainments reported suffering AED 286.15 million ($77.88 million) in losses in the second quarter of 2017, registering a sharp rise of 593.7% from AED 41.25 million ($11.22 million) in the year-ago period.
Similarly, its losses for the six-month period between January and June deepened by 626% to AED 577.92 million from AED 79.60 million in H1-16.
