Banks back Dubai Parks and Resorts' Six Flags bid with AED1bn loan
by Tom Anstey | 11 Apr 2016
If approved, the Six Flags development would operate under a licensing model with an opening date of Q4 2019 / Shutterstock.com
Dubai Parks and Resorts (DPR) has secured a AED1bn (US$272m, €239m, £193m) loan to add a fourth theme park to its portfolio, with the proposed addition flying the Six Flags banner.
The operator, which is launching this first stage of its new multi-billion dollar theme park and resort project later this year, says it has secured the debt financing to fund part of the proposed Six Flags-branded theme park. The debt portion has been provided by Abu Dhabi commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank.
DPR will need to raise a total of AED2.67bn (US$727m, €639m, £515m) to fully finance the development, with the remainder being sought through a proposed rights issue, which will be put to shareholders at a general assembly meeting on 18 April.
If approved, the Six Flags development would operate under a licensing model with an opening date of Q4 2019. DPR signed a deal with Six Flags for the park in 2014.
"Dubai Parks and Resorts has a clear strategy to be the largest leisure and entertainment destination in the Middle East,” said DPR CEO Raed Kajoor Al Nuaimi. “The proposed Six Flags branded theme park will strengthen the appeal of our destination for thrill seekers of all ages, complementing Motiongate Dubai, Legoland Dubai and Bollywood Parks Dubai, which are on schedule and on budget to open in October this year. We are pleased to have the support of the banking community as we expand our entertainment offering."
The US-based Six Flags continues to develop its international opportunities under a licensing model, commencing construction on a branded theme park in Haiyan, China, early this year, while in March the company announced plans to open two parks in Vietnam. Rumours of Six Flags sites heading to both Malaysia and Singapore have also been touted.
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Dubai Parks and Resorts (DPR) has secured a AED1bn (US$272m, €239m, £193m) loan to add a fourth theme park to its portfolio, with the proposed addition flying the Six Flags banner. The operator, which is launching this first stage of its new multi-billion dollar theme park and resort project later this year, says it has secured the debt financing to fund part of the proposed Six Flags-branded theme park. The
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