Dubai theme park shares thrill in­vestors

Theme park firm raises Dhs1.7bn through shares

7 Days in Dubai - - FRONT PAGE -

Dubai Parks and Re­sorts has raised al­most Dhs1.7 bil­lion from its in­vestors that will be used to fund the new Six Flags theme park.

The at­trac­tion yes­ter­day con­firmed that it has suc­cess­fully raised Dhs1.68 bil­lion from a 1.6 times over­sub­scribed rights is­sue.

This is a process dur­ing which ex­ist­ing share­hold­ers and other in­vestors are of­fered the chance to buy ad­di­tional shares, to raise cash for the firm.

Six Flags will join three other theme parks in the huge site, lo­cated in Jebel Ali.

All of the funds will be used for Six Flags, which is al­ready among the most pop­u­lar theme park chains in the United States.

The main Dubai Parks re­sort is sched­uled to open in Oc­to­ber.

Raed Ka­joor Al Nuaimi, Chief Ex­ec­u­tive Of­fi­cer of Dubai Parks and Re­sorts stated: “We have been work­ing re­lent­lessly to cre­ate an un­for­get­table theme park des­ti­na­tion.

“Thanks to the sup­port of our share­hold­ers, we have suc­cess­fully raised Dhs1.68 bil­lion in an over­sub­scribed rights is­sue to fund our growth strat­egy by adding a fourth theme park to our des­ti­na­tion.

“The ad­di­tion of Six Flags Dubai will en­hance our al­ready ex­ten­sive of­fer­ing and fur­ther es­tab­lish our po­si­tion as the Mid­dle East’s largest leisure and en­ter­tain­ment des­ti­na­tion.

“We thank our share­hold­ers for be­ing a part of our growth, and we are very ex­cited to be­gin the next phase of our strat­egy.”

Through a com­bi­na­tion of debt and eq­uity fund­ing, Dubai Parks and Re­sorts sought to raise a to­tal of Dhs2.67 bil­lion for the project.

Six Flags Dubai will be the fourth theme park at the Dubai Parks and Re­sorts des­ti­na­tion and is ex­pected to in­clude 27 rides and at­trac­tions for all ages.

The ad­di­tion of Six Flags Dubai will fur­ther es­tab­lish our po­si­tion as the Mid­dle East’s leisure des­ti­na­tion – CEO Raed Ka­joor Al Nuaimi

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