Mashreq, Al Hilal close theme park financing
Dubai, May 20, 2012
Top financial institutions, Al Hilal Bank and Mashreq, acting as the mandated lead arrangers (MLAs) have closed a club facility, structured on Shari’ah principles to finance the construction of a theme park in Dubai.
The project is developed by the Ilyas and Mustafa Galadari Group (IMG), wholly owned by Ilyas Galadari and Mustafa Galadari, which is developing City of Arabia. Mashreq also acted as the documentation bank and is the investment agent for the transaction.
Julio de Quesada, head of Corporate and Investment Banking at Mashreq said: “Mashreq enjoys a long standing relationship with the IMG Group, and we are pleased that we have been able to play a pivotal role in supporting IMG Group’s vision in coming up with a landmark project.”
“I am confident that a state of art theme park, such as this, will further enhance Dubai’s touristic position in the Region. At Mashreq, we continue to support similar initiatives that demonstrate our commitment to our partners and the industry.”
Mohamed Jamil Berro, CEO of Al Hilal Bank said “Our involvement in this theme park development reflects our vision as a progressive Islamic bank to extend the reach of our Shari’ah-compliant financial services to various growth areas, such as financing the Middle East's first fully integrated Entertainment Destination.”
“This park will provide family entertainment of the highest quality at par with other internationally renowned theme parks, not only to the population of UAE but also to the neighboring countries in the region as well. We are confident of IMG Group’s ability to bring world-class projects to completion and expect this park in particular to strengthen Dubai’s claim as a preferred leisure and lifestyle destination. This transaction also exhibits AHB's experience in structuring Islamic Finance facilities through its dedicated and experienced team,” he added.
Located in City Of Arabia, on Emirates Road, in Dubai, IMG Theme Park has entered into agreements with world renowned licensors, to use their concepts and characters.
IMG Theme Park will be the catalyst to boost the entire City of Arabia development. The facility is planned to have a total built up area of approximately 1.2 million sq ft, fully indoors.
The park will feature innovative rides and one of the region’s largest roller coasters. It will also comprise retail outlets including food and beverage and licensed merchandising.
Galadari said: “Dubai is a vibrant economy that attracts millions of visitors a year and a quality theme park will add to the options available to these visitors. The theme park will be a strategic landmark in Dubai, adding to HH Sheikh Mohamed’s views of making the UAE a destination of choice. Strategically located on Emirates road, this facility is easily accessible from all Emirates of the UAE.'
'We’re proud of the licensing arrangements we have been able to sign for our park. The theme park will be built to the highest standards with the best vendors being selected to build the rides.”
“A fully indoor facility ensures that the park is open all year round to visitors. The ride mix has been carefully chosen to ensure there is enough to do for all ages,” he added.
“The ticket pricing will be kept competitive and there will be strategic tie-ups with Hotels and Airlines to drive visitors through our Park. Considering Dubai’s strategic location, not only are we expecting visitors from the GCC region but also from other parts of the world.
“The completion of our park will ensure that the residents of Dubai and neighboring countries need not travel about seven hours to get to a quality theme park. The park will also generate a significant demand around it for hotels, hotel apartments along with other retail and leisure components,” he concluded.
Construction works on the project have already commenced and are expected to be completed by end of 2013. – TradeArabia News Service