{"id":10416,"date":"2016-04-11T22:43:13","date_gmt":"2016-04-11T15:43:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=10416"},"modified":"2016-04-11T21:12:05","modified_gmt":"2016-04-11T14:12:05","slug":"dubai-parks-resorts-raises-funds-for-six-flags-theme-park","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-resorts-raises-funds-for-six-flags-theme-park\/","title":{"rendered":"Dubai Parks & Resorts raises funds for Six Flags theme park"},"content":{"rendered":"


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\nDubai Parks & Resorts has raised almost Dh1 billion in debt financing to fund its planned Six Flags theme park.The Dubai-listed theme park operator said it secured Dh993 million from Abu Dhabi Commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank.The cash will fund part of its proposed Six Flags-branded theme park next to the three parks it plans to open off the Sheikh Zayed Road on the outskirts of the city.
\nDubai Parks said it was seeking to raise a total of Dh2.67bn to build the 27-ride theme park, based on the Six Flags franchise in the US, which it said was expected to open by the end of 2019.The theme park company said that the loan accounted for about 37 per cent of the total financing being raised.The developer is building three theme parks next to the Abu Dhabi-Dubai motorway – Legoland Dubai, Motiongate Dubai and Bollywood Parks Dubai – all of them slated to open in October 2016.
\nBut the company has always said that they form only the first phase of even more ambitious plans which are a key part of Dubai’s target of attracting 20 million tourists annually by the year 2020.Meraas struck a deal two years ago with Texas-based Six Flags Entertainment to build a theme park at its 25 million square feet Jebel Ali complex.The original plans for a Dh10bn park announced in November 2012 included five linked theme parks on the site.
\nLast month the company said it had approved plans for a share issue to help fund the remaining Dh1.68bn it needed to build the Six Flags park.Dubai Parks said that company shareholders would be asked to vote on a special resolution to approve the proposed rights issue on Monday.They will be asked to vote on the proposal to increase the share capital by 1.67 billion shares at an issue price of Dh1 per share. If passed, the board will then have a year to decide on the timing of the move.
\n“Dubai Parks and Resorts has a clear strategy to be the largest leisure and entertainment destination in the Middle East,” said its 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.”lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Dubai Parks & Resorts raises funds for Six Flags theme park<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai Parks & Resorts has raised almost Dh1 billion in debt financing to fund...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-10416","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2I0","jetpack-related-posts":[{"id":17952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-to-support-potential-six-flags-theme-park-in-saudi-arabia\/","url_meta":{"origin":10416,"position":0},"title":"Dubai to support potential Six Flags theme park in Saudi Arabia","date":"June 29, 2016","format":false,"excerpt":"\r US theme parks operator Six Flags could still build a theme park in Saudi Arabia, after a directive issued by Dubai's Ruler said Dubai Parks and Resorts would support any proposals to open a theme park in the kingdom.The directive from Sheikh Mohammed bin Rashid, Vice President and Ruler\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18422,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/building-begins-at-six-flags-theme-park-in-dubai\/","url_meta":{"origin":10416,"position":1},"title":"Building begins at Six Flags theme park in Dubai","date":"July 3, 2016","format":false,"excerpt":"\r Dubai Parks and Resorts on Sunday started work on the \u00adconstruction of its Six Flags theme park. The company said a ground-\u00adbreaking ceremony was held to mark the second phase of the development of Dubai Parks and Resorts and what will be the fourth theme park on the site.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17362,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/six-flags-denies-reports-over-plans-for-saudi-arabia-theme-park\/","url_meta":{"origin":10416,"position":2},"title":"Six Flags denies reports over plans for Saudi Arabia theme park","date":"June 22, 2016","format":false,"excerpt":"\r US theme parks operator Six Flags has denied reports that it is planning to open a resort in Saudi Arabia. The company had been reported to be investigating a potential partnership in the kingdom after a meeting between senior executives and Prince Mohamed bin Salman, Saudi Arabia's deputy crown\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4920,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/emaar-to-open-a-rove-hotel-next-to-dubai-parks-and-resorts\/","url_meta":{"origin":10416,"position":3},"title":"Emaar to open a Rove hotel next to Dubai Parks and Resorts","date":"February 17, 2016","format":false,"excerpt":"\r \r Developer Emaar expects to open its first Rove hotel near the massive theme park under construction on the outskirts of Dubai. The 458-room, mid-market Rove At The Park will open adjacent to Dubai Parks and Resorts in Jebel Ali. The company did not announce an opening date. Rove\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22606,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-reduces-revenue-forecast-as-financial-loss-widens\/","url_meta":{"origin":10416,"position":4},"title":"Dubai Parks and Resorts reduces revenue forecast as financial loss widens","date":"August 11, 2016","format":false,"excerpt":"\r Dubai Parks and Resorts reduced this year's revenue forecast as its second-quarter loss widened due to expenditure rising in the run-up to the park's partial opening on October 31, the theme park operator said.The company said it expects to generate about Dh297 million in income this year, when it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22628,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dubai-parks-and-resorts-financial-loss-widens\/","url_meta":{"origin":10416,"position":5},"title":"Dubai Parks and Resorts financial loss widens","date":"August 11, 2016","format":false,"excerpt":"\r Dubai Parks and Resorts loss widened owing to expenditure rising in the run-up to the park's partial opening on October 31, the theme park operator said.The company said it expects to generate about Dh297 million in income this year, when it anticipates 900,000 visitors within the two months it\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10416"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=10416"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/10416\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=10416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=10416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=10416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}