On Yas Island in Abu Dhabi, United Arab Emirates, is a theme park known as Ferrari World Abu Dhabi (Arabic: ‘lm fyrry ‘bwZby). It is the first Ferrari-themed park in the world and has Formula Rossa, the fastest roller coaster in existence.
On November 3rd, 2007, the park’s foundation stone was placed. The park was created by Aldar Properties and built by the BESIX Group subsidiary Six Construct over the course of three years until it was formally opened to the public on November 4, 2010.
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Mohammed Al Zaabi outlines the business of enjoyment in an interview with the CEO.
The best in leisure travel in Abu Dhabi is still to come, according to Miral Asset Management CEO Mohammed Al Zaabi, who also notes that new initiatives are expected to draw tourists to the UAE as a whole.
At Mamma Rossella, the Italian restaurant located in the center of Ferrari World Abu Dhabi, you can frequently find Mohammed Al Zaabi—the CEO of Abu Dhabi theme park developer Miral Asset Management—enjoying a meal on Tuesdays at 12.30 PM.
Al Zaabi claims that Ferrari World is without a doubt Yas Island’s crowning achievement, and there are currently plans to offer even more rides there. When Ferrari World first opened, there were 24 rides. Now there are 37 rides, and two more will be added the next year, says Al Zaabi.
The thrill-seeking CEO is nothing if not meticulous; for instance, he takes the time to personally check restrooms and is the first to ride new coasters.
Al Zaabi claims that he rides a new rollercoaster for the first time when it opens. He declares, “I want to be the one to test it for my consumers.
The growth strategy includes a number of planned additional attractions, such as the first SeaWorld aquatic park in the Middle East and the Warner Bros. World theme park. According to schedule, the parks will open in 2018 and 2022, respectively.
Al Zaabi expresses his “great excitement” for the upcoming Warner Bros. World theme park, stating that it will have six different worlds contained within its 1.56 million square feet of indoor space, making it the largest indoor park in the area.
You “walk into a different realm and are detached from reality as you enter Warner Bros. World Abu Dhabi.” Adds Al Zaabi. Visitors will be able to visit Cartoon Junction, Gotham City, or Bedrock to view Fred Flintstone.
The pipeline for hotel rooms has also increased as a result of plans to virtually treble Yas Island visitors to 48 million over the course of six years.
The US$3.3 billion (AED12 billion) Miral development on the southern end of Yas Island will include the construction of the 641-room Hilton Abu Dhabi Yas Island resort. The new resort complex will be situated on a three-kilometer length of Yas Bay and is scheduled to open in 2019. A multipurpose meeting center, seven dining options, and an urban beach concept with an infinity pool suspended above the Arabian Gulf are just a few of the resort’s amenities.
“To reach our goal of 48 million visits by 2022, you must have a complete strategy and plans. Theme parks, dining establishments, and hotels must provide a seamless experience for visitors. Therefore, I think there will always be a need for more rooms on the island “When questioned if he believed there would be an excess of hotel rooms on the island, Al Zaabi responds.
Additionally, he has intentions to shortly promote MICE business on the island. “Amazing MICE facilities will be available at the new Hilton. By 2022, we want 100,000 MICE-only tourists to the island “He says.
Al Zaabi asserts that he is unconcerned in the least by the changes taking place in neighboring Dubai, which is developing new Dubai Parks and Resorts theme parks.
“UAE as a whole is growing more appealing as a travel destination. More tourists would travel to the UAE as a result of its increased offerings, “he observed
Ferrari World attractions and Yas Bay upgrades are announced by the Miral CEO.
The chief executive officer of Yas Island developer Miral, Mohamed Al Zaabi, has announced the creation of new Ferrari World Abu Dhabi (FWAD) attractions that are slated to debut in 2020. These attractions will include an indoor rollercoaster, zipline adventures, a Family Zone, as well as the chance to walk on the roof.
The Family Zone, which will feature a variety of family-friendly rides and activities, is scheduled to debut in March 2020.
The newest coaster at FWAD, Mission Ferrari, is scheduled to open this year and will include elements of a dark ride, a high-speed launch coaster, and a looping coaster.
Additionally, visitors will be able to walk on the roof of Ferrari World Abu Dhabi (FWAD), which already boasts the Formula Rossa, the fastest rollercoaster in the world, and access a 400-meter-long zipline that will take them from and to the central FWAD building and over the Flying Aces Rollercoaster.
At its Yas Village development, which is being built by the UAE-based Al Rakha Group, Miral has also erected worker housing.
Al Zaabi added, “I look forward to seeing my colleagues enjoying their time at home and traveling less than five minutes to work.”
The highly awaited SkyTran magnetic levitation cable car is still undergoing testing in the US, according to the CEO of Miral, but if it passes that stage, it will be taken into account from a business standpoint in the megadevelopment of the UAE capital.
Selling Ferrari World to the government
According to this story, the government will purchase the new Ferrari World theme park from its owners:
Less than three months after it opened, Aldar Properties will sell Ferrari World, its auto-themed amusement park, to the government in an effort to pay off debt.
The amusement park on Yas Island, together with the associated roads, bridges, and marine infrastructure, will be sold by the commercial and residential real estate company for about AED 10.9 billion, coupled with roughly AED 5.5 billion in residential units. According to the announcement that was first made last week, the company will sell an AED 2.8 billion convertible bond to Mubadala Development Company, a state-owned investment firm.
Due to a decline in property values in the UAE capital and elsewhere, the amount of Aldar’s obligations is an increasing concern for creditors and equity investors. The corporation would require about AED 10 billion, according to a study by Bank of America Merrill Lynch, just to “survive” the year.
The largest developer in Abu Dhabi reported a financial loss of AED 731.2 million between July and September, compared to a net profit of AED 270 million during the same period previous year. In comparison to last year’s AED1.4 billion gain, the losses are a portion of the AED1.52 billion loss for the first nine months of 2010. From AED1.412 billion in 2009 to AED932.4 million in 2010, nine-month sales decreased by 45%.
According to a statement to the Abu Dhabi stock exchange, the steps “are focused on addressing current market conditions and on boosting the company’s capital structure.”
“The financial framework approved by the board today, including the convertible bond issue, will strengthen our capital structure and give us a stable and sustainable platform from which we can continue to seize business opportunities to deliver value to shareholders,” said Ahmed Al Sayegh, chairman of Aldar.
Although a crucial step in enabling Aldar to pursue long-term sustainable growth, the impairment recognition “reflects the unfavorable conditions that have afflicted the real estate market.”
The business said that the transaction adhered to the customary practice of transferring important assets to the government after development is complete. The stock of the corporation decreased 3% on Thursday, closing at AED 2.27 per share.
Construction
One of the major investor firms in Abu Dhabi, Aldar Properties PJSC, is the owner of the theme park. Construction was overseen by Benoy Architects. The company Jack Rouse Associates took on the design and building of the attractions.
It is also the first Ferrari theme park in the world to be constructed fully indoors. It spans an 86,000m2 surface area that is open to guests.
What we do
In November 2010, Ferrari World Abu Dhabi, the first theme park in the world with the Ferrari brand, opened its doors to visitors. At the center of Yas Island, the premier destination for leisure and entertainment in the UAE, is The Park, a popular tourist destination and iconic symbol.
Ferrari World Abu Dhabi honors the iconic brand’s spirit. Numerous exhilarating rides, family-friendly attractions, cutting-edge simulations, exciting live shows, and well-liked seasonal celebrations that bring together remarkable performers from all over the world are all located there. The Park’s 86,000 square meter famous red roof is home to Flying Aces, a brand-new triple record-breaking coaster ride, as well as Formula Rossa, the fastest roller coaster in the world. Additionally, it provides visitors with a variety of family-friendly activities inspired by Ferrari, such as Benno’s Great Race, the Karting Academy, Junior Training Camp, Driving Experience, the Fiorano GT Challenge, the Scuderia Challenge, and much more.
Visitors of all ages can enjoy the unique experience offered at the theme park year-round in a climate-controlled setting. The largest Ferrari Store in the world and the “Past and Present Store,” a reproduction of Enzo Ferrari’s first garage, can be seen at Ferrari World Abu Dhabi. Visitors can purchase special Ferrari relics and racing memorabilia from the shops to take home.
The only location outside of Maranello to witness the real Ferrari narrative is the Park, which offers five restaurants, including the award-winning Mamma Rossella, where visitors can also appreciate authentic Italian culinary traditions.
Farah Experiences LLC, which was founded in 2008 to offer top-notch entertainment experiences on Yas Island, is in charge of managing and running The Park.
Ferrari World was started when?
Adults can enter Ferrari World for a day of unrestricted access for the price of AED 295 per person. The cost of a child’s ticket is still AED 230. With the admission ticket, the majority of the attractions and amenities inside are accessible.
Who owns Ferrari theme park?
The park was created over a three-year period by Aldar Properties and Six Construct, a BESIX Group affiliate, before it was formally opened to the public on 4 November 2010.
What makes Ferrari World so well-liked?
Currently, Ferrari World offers 23 rides. These have been divided into three categories: “For Little Champions,” which is for children, “Fast Fun,” which are essentially more exhilarating rides, and “Family Fun,” which are rides that both children and adults may enjoy.
How many Ferrari universes exist?
The theme park, according to the automaker, will have more than 20 attractions, including the fastest rollercoaster in the world and kid-friendly rides, “each meant to bring to life a distinct section of the Ferrari story.” Aldar Properties PJSC, a real estate development business, owns The Park.
Does Dubai have a Ferrari World?
The Formula Rossa Ride is not included in the AED 235 (about US$ 64 without tax) entry charge for Ferrari World. The cost of the Formula Rossa ticket is included in the AED 385 ($104) Premium Pass, which also grants preferential access to all of the attractions at Ferrari World.
Ferrari World or Motiongate, which is superior?
It entails investing $500 billion on development and infrastructure. Located on a 40 billion dollar plot of land that belongs to the Yas Island development, Ferrari World is covered by a massive red triangle roof.
Is Ferrari owned by Abu Dhabi?
Yes, visiting this amusement park is absolutely worthwhile since it offers cutting-edge, exhilarating rides. If you want to make the most of your visit to Ferrari World, prepare a note of all the fascinating rides and incredibly enjoyable activities in addition to riding a Ferrari.
How much did Ferrari World cost to construct?
Twenty rides and attractions, as well as restaurants and retail establishments, will be featured in the park, which will depict the design, history, and facts of the Ferrari brand. The Formula Rossa, the fastest roller coaster in the world, is one of the reasons that Ferrari World is regarded as the most exciting theme park in Abu Dhabi.