DUBAI: Mounting losses at DXB Entertainments (DXBE) have led the theme park operator to reorganize its business less than a year after opening its doors.
The Dubai-listed operator of four theme parks, located in the Jebel Ali district of the city, said it lost 286.2 million dirhams ($77.9 million) in the second quarter, compared with 41.3 million dirhams a year earlier. The stock was trading about 2.5 percent lower Wednesday afternoon.
The company offered rent “relief” to tenants at the park during the peak summer months as the hot weather kept visitors away.
Under plans announced on Wednesday, the business will be reorganized in three main segments: Theme parks, family entertainment centers, and retail and hospitality.
DXBE said it had also entered into a management agreement with Meraas to manage entertainment assets including Hub Zero, Splash Pad, The Green Planet, Mattel Play Town and Roxy Cinemas.
“We are reorganizing the business into three operating business units, which aligns DXBE with our strategic growth objectives,” said CEO Mohamed Almulla.
Dubai attracted 8.06 million overnight tourists in the first half of the year, up more than 10 percent on the same period a year earlier, according to figures from the emirate’s Department of Tourism and Commerce Marketing.
India was the source of the largest number of visitors in the first half, crossing the 1-million mark for the first time — an increase of more than 21 percent on a year earlier. Visitors from Saudi Arabia were in second place, followed by the UK.
Dubai’s tourism economy has come under pressure from the strong dollar, to which the dirham is pegged, which makes it more expensive for many tourists visiting the emirate. That has had an impact on theme parks, hotels and shopping centers.
DXBE also announced a management shakeup, bringing in Ahmad Hussain bin Essa as its general manager of theme parks. He was previously CEO of Global Village, a seasonal themed attraction located in Dubailand.
DXBE has also hired Hani Soubra as its vice president of marketing as it seeks to boost its profile and attract more visitors. He previously worked for the BBC in commercial development in the region.
The company also revealed the departure of senior executives, including Klaus Assman, Stanford Pinto, Matt Priddy and Paul La France.
Dubai Parks and Resorts attracted more than 1 million visits during the first six months of the year, with about 414,400 visits during the second quarter.
DXBE said it was progressing well toward achieving a 20 percent operational cost reduction compared with initial projections.
“For the remainder of 2017 and into 2018, our primary strategy for Dubai Parks and Resorts is to drive visitor volumes, focusing on repeat visitation from the resident and regional markets,” said Almulla.
“We are in the process of simplifying our pricing structure and revising our annual pass offering to include competitive pricing, special offers and an attractive package of additional discounts and benefits.”
Dubai theme park operator reviews strategy as losses pile up
Dubai theme park operator reviews strategy as losses pile up
Saudi residential sales rise in Q3 as Riyadh leads quarterly rebound
RIYADH: Residential sales transactions in Riyadh reached 13,000 in the third quarter of 2025, marking a 19 percent increase compared to the previous three months, a new analysis showed.
In its latest report, the real estate advisory firm Cavendish Maxwell said residential sales values in the capital rose to SR17.6 billion ($4.69 billion) during the July–September period, as Riyadh prepares to deliver 57,000 new housing units in 2026 and 2027.
Strengthening the property sector is a key pillar of Saudi Arabia’s Vision 2030 agenda, as the Kingdom seeks to position itself as a global tourism and business destination by the end of the decade.
Despite the quarterly growth, sales volumes in Riyadh were down 44 percent compared to the third quarter of 2024, largely due to affordability pressures, the report said.
The Kingdom’s Real Estate General Authority expects the property market to reach $101.62 billion by 2029, with an anticipated compound annual growth rate of 8 percent from 2024.
Sean Heckford, director of Built Asset Consulting at Cavendish Maxwell, said: “Riyadh’s rapid price appreciation in 2024 led to sharp increases in both sales and rental prices, prompting the Government to introduce a five-year rent freeze to address affordability concerns.”
According to the report, residential sales in Dammam reached their highest levels for several years, with 3,000 transactions recorded in the third quarter, up nearly 60 percent year on year and 37 percent compared to the previous quarter. Sales values in the city reached SR3.2 billion.
Jeddah also saw a pickup in quarterly activity, with transactions rising 10 percent to 7,500, while sales values climbed 9 percent quarter on quarter to SR8.7 billion. However, transactions in Jeddah declined 19 percent compared to the same period in 2024.
“In Jeddah, price conditions have stabilized, and affordability pressures have eased slightly. Meanwhile, Dammam, where property is more affordable, is emerging as a new hot spot for property investment, with a year-on-year surge in buying activity from both end-users and investors,” added Heckford.
Sales prices and rental rates
The largest increases in sales prices were recorded in Riyadh, where apartment prices rose 7.5 percent year on year in the third quarter to an average of SR6,160 per sq. meter. Villa prices in the capital climbed 10.1 percent to SR5,500 per sq. meter.
In Jeddah, apartment prices increased 1.6 percent year on year to SR4,360 per sq. meter, while villa prices rose 3.1 percent to SR5,140 per sq. meter. In Dammam, apartment prices climbed 5.8 percent year on year, while villa prices rose 3.2 percent.
Riyadh also recorded the steepest rental increases, with apartment rents up 11.8 percent year on year and villa rents rising 10.7 percent. In Jeddah, apartment rents increased 5.6 percent, while villa rents edged down 2.1 percent. In Dammam, apartment rents rose 4.8 percent and villa rents increased 2.2 percent.
New deliveries
Riyadh, Jeddah and Dammam collectively delivered 13,500 new homes in the first nine months of 2025, with total deliveries expected to reach 22,800 units by the end of the year.
By the end of 2025, Riyadh is expected to have added 16,000 new homes, compared to 5,000 in Jeddah and 1,800 in Dammam. Looking ahead, Riyadh has 57,000 new units in the pipeline for 2026 and 2027, while Jeddah is set to deliver 36,000 units and Dammam 12,000.
Impact of new laws and tax reforms
Cavendish Maxwell said new laws and tax reforms are likely to support real estate demand and development from 2026 onward.
“The new foreign ownership law, which comes into effect in January 2026, is a major step forward for Saudi Arabia’s real estate sector that should further accelerate buyer activity, while the recently introduced White Land Tax incentivises land owners to either sell or develop their plots,” said the report.
The analysis added that Riyadh’s five-year rent freeze, announced in September, is expected to improve affordability but could also reduce landlords’ incentives to invest in maintenance and future supply, potentially creating short-term pressure on new developments.
According to Heckford, Saudi Arabia’s residential market performance in the third quarter reflects a transitional phase marked by strong macroeconomic fundamentals and evolving regulatory measures.
“Despite affordability challenges in Riyadh, demand remains resilient, supported by the new laws and tax systems,” said Heckford.
He added: “Jeddah demonstrates stability with balanced supply and demand dynamics, and Dammam stands out as a growth hotspot driven by affordability and investor interest. Vision 2030 initiatives and infrastructure investments will be pivotal in sustaining momentum and unlocking new investment opportunities across all major cities in Saudi Arabia.”
