Despite the recent downturn suffered by certain key Middle Eastern financial and property markets, Polo Rak Amusement is preparing to open the first phase of Wow Rak family resort.

The Ras al-Khaimah-based group said its Iceland waterpark will open in mid-April. It will be the largest such venue in the GCC area, covering more than 20 acres with a range of zones, including a waterfall, over 35 slides, a children’s play area and several eateries.

Iceland waterpark represents the first phase of the Wow Rak family destination, a 120-acre project that will also feature an 85-unit shopping mall with 85 Kiosks (scheduled to open in 2011), a 180-room hotel (2011) and a theme park (2012).

The project is the result of a joint-venture between Polo Group, RAKIA and RAK properties.