ADIB closes $326m loan for Dubai theme park
Abu Dhabi, April 13, 2014
Abu Dhabi Islamic Bank (ADIB) has closed a Dh1.2 billion ($326.6 million) syndicated Islamic facility for IMG Theme Park, the company behind IMG Worlds of Adventure, a mega-themed entertainment destination in Dubai.
The park is expected to attract the 10 million tourists who come to the UAE every year, a number which is expected to exceed 20 million over the next five years, said a statement.
The ADIB acted as the mandated lead arrange, investment agent, security agent and account bank for the facility.
The deal was structured by ADIB to meet IMG Theme Park’s financing needs, including refinancing of its existing corporate facility and providing finance for the expansion of the World of Adventure project.
Arif Usmani, global head of wholesale banking for ADIB, said: “This deal demonstrates ADIB’s capabilities to deliver against the financing needs for a project of this complexity in record time. We are very excited to be part of this ground breaking project and to be contributing to the UAE’s position not only as the region’s hub for tourism, but one of international caliber.”
The IMG Worlds of Adventure will offer fans the opportunity to live out their fantasies through a number of attractions, mega coasters, rides, a vast selection of retail stores and dining outlets, said the statement.
The attractions will be themed around popular cartoon characters, superheroes and an original entertainment concept – Lost Valley-Dinosaur Adventure, which will see the pre-historic world roar back to life through animatronic dinosaurs and rides, it said.
The park will be the largest indoor entertainment destination with a total area in excess of 1.5 million sq ft and the capacity to accommodate more than 20,000 visitors every day.
Ilyas Galadari and Mustafa Galadari, the co-founders of IMG Theme Park, said: “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.”
Other banks that participated in the deal included Al Hilal Bank, Commercial Bank International as mandated lead arrangers, Noor Islamic Bank as a lead arranger and Sharjah Islamic Bank as an arranger. - TradeArabia News Service