Dubai-based entertainment venue IMG Theme Park has successfully closed a 1.2 billion dirham ($327 million) syndicated Islamic facility, as the company prepares for an increase in the influx of tourists into the emirate.
Proceeds will go towards refinancing an existing corporate facility and to provide expansion for a Worlds of Adventure theme park, a $1 billion project that is expected to become the biggest indoor entertainment centre in the world, according to the firm.
The investment comes at a time when the number of tourists visiting the UAE is expected to increase from 10 million to 20 million in five years’ time.
The note will carry a tenor of seven years.
Abu Dhabi Islamic Bank, Al Hilal Bank and Commercial Bank were mandated lead arrangers for the facility, while Noor Islamic Bank was lead arranger and Sharjah Islamic Bank was arranger.
Of the arrangers, ADIB committed the most to the facility at 550 million dirhams, followed by Al Hilal and Commercial Bank with 214 million dirhams each, Noor Islamic Bank with 145 million dirhams and Sharjah Islamic Bank at 77 million dirhams, according to Reuters LPC data.-Reuters