Dubai Parks & Resorts has secured a AED 933mn ($254mn) loan to fund its planned Six Flags theme park.
Abu Dhabi Commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank will provide the cash to part fund the project off the Sheikh Zayed Road.
The loan accounts for 37% of the financing that Dubai Parks & Reports is seeking to fund construction of the 27-ride theme park which is expected to open by the end of 2019. The remaining $1.68bn will be raised via a proposed new share issue.
“Dubai Parks and Resorts has a clear strategy to be the largest leisure and entertainment destination in the Middle East,” said Dubai Parks & Resorts chief executive Raed Kajoor Al Nuaimi.
“The proposed Six Flags-branded theme park will strengthen the appeal of our destination for thrill-seekers of all ages.”