Tanmiyat signs a deal to clinch 30 percent stakes in Dh250 m Stargate Project:

Tanmiyat a leading Dubai property developer has bought 30 percent stakes in Dh 250 million stargate project. This project is based on a spaceship- style children’s theme park and is presently developed by Osus in Zabeel Park.
Tanmiyat issued a company statement highlighting the partnership agreement between Osus, Tanmiyat and Saudi First Company, which is a key partner of Osus. Tanmiyat will have a 30 percent share in this project.
The Dubai municipality earlier authorized Osus to develop and manage upon a 30-year old build, operate and transfer concession. Hence, through this agreement the Dubai municipality would be transferred the ownership of this project after the agreement matures.
Stargate project is a mid-sized high tech family themed entertainment centre covering an area of 260,000 sq. feet and situated in 52 hectare Zabeel Park. This location is strategically placed near Dubai international convention centre in Bur Dubai and Karama, which are some of Dubai’s largest neighborhoods. At present 65 percent construction work has been completed and the entire project is scheduled to complete by 2007.
Faisal Abdullah Al Khaldi the chief executive of Osus exclaimed that this spaceship like project will not compete with any other family entertainment centre as this project is unique.
Stargate is the first of its kind high-tech project in Middle East with a family and recreational theme. Abdullah also added that this project would add stars to the growing portfolio of activities for Dubai.