Dubai's Tatweer eyes 2009 overseas expansion drive

DUBAI, Aug 25 (Reuters) - Tatweer, a Dubai leisure developer with assets of $175 billion, is looking to join forces with some of the world's biggest theme park developers including Dreamworks Animation SKG Inc DWA.N to expand outside the region.

"In 2008, it is the year of evaluation and by the end of it we will decide where to go," Tatweer Chief Executive Khalid Malik said, adding that areas of interest included India, Morocco and Egypt.

Tatweer, owned by the ruler of Dubai, is building seven theme parks in the wealthy Gulf Arab emirate as part of plans to bring 15 million tourists to the city by 2015.

Malik, who was speaking after the launch of a 4 billion dirham golf project four times the size of London's Hyde Park, said Tatweer was initially aiming to expand by taking its ventures into new countries.

Six Flags SIX.N, the United States' second-largest amusement park operator said in March it would build theme parks and hotels with Tatweer across the Arab world.

The Dubai developer has also signed a $2.2 billion project with General Electric Co's (GE.N: Quote, Profile, Research) Universal Studios and teamed up with Blackstone Group LP's England-based Merlin Entertainment Group to build the Middle East's first Legoland theme park.

Malik, who said Tatweer now had assets of $175 billion, ruled out buying shares in the theme park firms in the immediate future, although a new international investment arm would have the mandate to "buy assets".

Founded in 2005, Tatweer is a unit of Dubai Holding and is developing an area three times the size of Manhattan with theme parks including a $1 billion Marvel Entertainment Inc (MVL.N: Quote, Profile, Research) park to showcase fictional superheroes such as Spiderman.

It is also building a $54 billion hotel district, including what it claims will be the world's largest hotel Asia-Asia.

The developer funds its projects from land and real estate sales, Malik said. (Reporting by John Irish; editing by Elaine Hardcastle)