New IMG theme park in Dubai wins financial support
A new theme park in the City of Arabia in Dubai, developed by Ilyas and Mustafa Galadari Group (IMG), has won financial support of two major banks.
Both Al Hilal Bank and Mashreq, are acting as Mandated Lead Arragers (MLAs), and have finalized a club facility, based on Shariah principles, for construction of theme park.
The project is wholly developed and owned by IMG, with Mashreq acting as documentation bank, and investment agent for the transaction. The Head of Corporate and Investment Banking at Mashreq, Julio de Quesada, mentioned that the state-of-the-art theme park will help in further improving Dubai's position as a tourist hub.
The CEO of Al Hilal Bank, Mohamed Jamil Berro, said that the park will be an excellent family entertainment of highest quality on par with other internationally renowned theme parks. This park is hoped to further strengthen Dubai's position as a preferred leisure and lifestyle destination.
Located in the City of Arabia, along Emirates Road in Dubai, the IMG Theme Park has already signed deals with renowned licensors to use their characters and concept. The theme park will serve as a catalyst to boost the City of Arabia development too. The facility, with a total built-up area of 1.2mn sq. ft., will feature innovative rides, and one of the largest roller coasters in the region. It will also offer retail outlets, food and beverages, and licensed merchandising.
Further, being a fully indoor facility it ensures that the park is open to visitors all-year round. The rides offered are so chosen that they are good enough for visitors of all age groups.
The park, on completion, is hoped to generate considerable demand for hotels, hotel apartments and other retail and leisure components around it. Construction works on the project has already begun, and is hoped to be completed by end of 2013.
Posted on 23/5/2012
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