DXB Entertainments, a major provider of leisure and entertainment experiences and owner of Dubai Parks and Resorts, said it has reached an agreement with its majority shareholder, Meraas,  a leading UAE developer, for a subordinated loan of Dh245 million ($67 million).

The amount will be used to fund operational expenses and debt repayments and drawn down immediately said the company in a statement to the Dubai Finacial Market (DFM).

DXBE is currently reviewing its ongoing financing requirements.

The loan will take the form of an interest bearing unsecured subordinated shareholder loan with no fixed maturity, said the statement.

Mohamed Almulla, the chief executive of DXB Entertainments, said: "Our strategy is to enhance
DXB Entertainments’ position as the region’s largest manager of leisure and entertainment offerings, enabling the business to build revenue across a range of assets."

“Meraas has been a great supporter of our business, and remains a valuable partner and committed to the long-term success of DXB Entertainments. This loan will enable the business to execute on its strategy which will generate value for its shareholders over the long-term,” he added.-TradeArabia News Service