Firm behind Dubai’s IMG World of Adventures has Dh1.2bn loan arranged by ADIB
Abu Dhabi Islamic Bank (Adib), the biggest Sharia-compliant lender in the Emirate, said it has arranged a Dh1.2 billion syndicated loan for IMG Theme Park, the company building what will be the largest indoor entertainment park in the world at a cost of more than US$1bn.
The loan will include refinancing of IMG Theme Park’s existing corporate debt and money for the expansion of IMG World of Adventures, Adib said. The bank acted as mandated lead arranger, investment agent, security agent and account bank for the facility, it said. World of Adventures, which will feature hair-raising rides and animatronic dinosaurs, is being built on 1.5 million square feet and has the capacity to accommodate 20,000 visitors a day.
“This is a one billion-plus US dollar project which is set to be an epic entertainment destination bringing together major global brands such as Marvel and Cartoon Network under one roof,” said Ilyas Galadari and Mustafa Galadari, the co-founders of IMG Theme Park. “It is one of the most anticipated developments in the region offering a number of world firsts which will further position Dubai and the UAE as a global entertainment capital.”
An Adib spokesperson contacted by The National said the bank doesn’t typically give out the details of syndicated loans, including tenors and profit rates.
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Updated: April 13, 2014 04:00 AM