Dubai Parks project spend tops $1bn

The overall expenditure on the massive Dubai Parks and Resorts master development has crossed Dh3.8 billion ($1.034 billion) as at June-end, a report said. The figure includes spending on the land acquisition, said the Gulf News report quoting the latest filings by the public-listed company. The company spent Dh800 million during the second quarter alone on the theme park project, it said. The report said 80 per cent of the procurement requirements were complete as of second quarter, while the project infrastructure is 57 per cent complete. The park, located off the Jebel Ali highway, is scheduled to open in October 2016.