Dubai Parks and Resorts secures Dh993m loan for Six Flags theme park

The Six Flags park in California / Image Credit: SuppliedThe Six Flags park in California / Image Credit: Supplied

Dubai Parks and Resorts said on Monday it has secured Dh993 million of debt financing to fund part of the proposed Six Flags branded theme park that is expected to open in the fourth quarter of 2019, comprising 27 rides and attractions.

The company said in a statement that it is seeking to raise Dh2.67 billion primarily to finance the development of Six Flags Dubai, through a combination of debt and equity funding as announced on March 28.

The debt portion accounts for approximately 37 per cent of the total financing being raised, the company stated.

It added that shareholders will vote on a special resolution to approve an increase in the Company’s capital through a proposed rights issue to raise the remaining Dh1.68 billion at the General Assembly meeting to be held on April 18.

According to the company, the Dh993 million debt funding is being provided by Abu Dhabi Commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank.

“The proposed Six Flags branded theme park will strengthen the appeal of our destination for thrill seekers of all ages,” Raed Kajoor Al Nuaimi, Chief Executive Officer, Dubai Parks and Resorts, said in a statement.



Source: Fareed Rahman, Senior Reporter; Staff Report, GN



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