New shares be­gin trad­ing for Dubai theme park

7 Days in Dubai - - BUSINESS - Busi­

Trad­ing has started on new shares in Dubai Parks and Re­sorts, an in­te­grated theme park that in­cludes Le­goLand and Bol­ly­wood Parks.

The Dhs10.5 bil­lion de­vel­op­ment is spread across 25 mil­lion square feet of land on Sheikh Zayed Road in Dubai. As well as the Lego and Bol­ly­wood at­trac­tions, it will fea­ture Mo­tion­gate, a Hol­ly­wood-movie in­spired theme park. Set to open in Oc­to­ber, 6.7 mil­lion tick­eted vis­its are pro­jected for 2017, the first full year of op­er­a­tion.

Dubai Fi­nan­cial Mar­ket said a Dhs1.68 bil­lion rights is­sue is trad­able on the ex­change from now un­til May 18.

Dubai Parks and Re­sorts said the rights is­sue was to pri­mar­ily fi­nance the de­vel­op­ment of its fourth theme park, Six Flags Dubai.

Trad­ing of the rights is­sue en­ables ex­ist­ing share­hold­ers of the com­pany who do not wish to sub­scribe to the new shares, which the com­pany plans to is­sue as part of its cap­i­tal in­crease, to sell all or part of their rights to other in­vestors.

Raed Ka­joor Al Nuaimi, Chief Ex­ec­u­tive Of­fi­cer of Dubai Parks and Re­sorts, said: “Since its in­cep­tion, we have set out a clear strat­egy to en­hance the growth po­ten­tial of Dubai Parks and Re­sorts.

“In ad­di­tion to our ex­ist­ing parks, which are on track and on bud­get to open in Oc­to­ber, the Six Flags branded theme park - the first in the re­gion - will fur­ther es­tab­lish Dubai Parks and Re­sorts’ posi- tion as the Mid­dle East’s largest leisure and en­ter­tain­ment des­ti­na­tion.

“The Rights Is­sue of­fers our share­hold­ers an op­por­tu­nity to have an ac­tive part in cre­at­ing an even big­ger re­sort and be a part of our future growth.”

The Rights Is­sue was ap­proved by share­hold­ers at the Gen­eral Assem­bly Meet­ing on April 18 in Dubai.

Through a com­bi­na­tion of debt and eq­uity fund­ing, Dubai Parks and Re­sorts is seek­ing to raise a to­tal of Dhs2.67 bil­lion to fi­nance Six Flags Dubai. It said Dhs1.68 bil­lion of the fund­ing is be­ing raised via the rights is­sue, and the re­main­ing Dhs993 mil­lion is be­ing sup­plied through debt fi­nanc­ing from Abu Dhabi Com­mer­cial Bank, Dubai Is­lamic Bank and Shar­jah Is­lamic Bank.

Six Flags Dubai is ex­pected to in­clude around 27 rides and at­trac­tions for all ages and is planned to open in the last quar­ter of 2019.

ON TRACK: Work on Mo­tion­gate ear­lier this year

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