Wonderland – Dubai’s first theme park which closed its doors in 2013 – will be resurrected after developers revealed plans for a AED1.8bn (US$490m, €460m, £402m) redevelopment of the abandoned attraction.

To be executed in three phases, Ento Capital Management is in charge of the redevelopment, which is scheduled to start in Q1 2017, with work taking three years to complete.

As part of the redevelopment masterplan by Forrec, the existing park will be redeveloped to include amusement parks, apartments, retail, restaurants and a cultural centre. According to Ento, the company will team up with a number of real estate firms and popular brands to increase interest.

“The project will be one of the most attractive entertainment destinations in the region, attracting visitors from all over the world and enhancing the status of the emirate on the world’s map of leading entertainment centres,” said Hayssam El Masri, CEO of Ento Capital. “The location of the project is a prime factor in appealing to visitors with a wide array of amusement options.”

With hotel occupancy currently booming and Dubai on target to attract 20 million tourists annually by 2020, the Dubai Tourism Authority sees its under-development or recently-opened theme parks including Dubai Parks & Resorts, IMG Worlds of Adventure, Fox World Dubai and Worlds of Legends as crucial in maintaining visitor numbers after the 2020 World Expo.

Wonderland is the latest to be added to that list, as well as the likes of Warner Bros World, F1-X and a fifth addition to Dubai Parks & Resorts.