Dubai theme park shares thrill investors
Theme park firm raises Dhs1.7bn through shares
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