Tabreed nets $52m financing for Dubai Parks Resortby Yamurai Zendera on Jan 10, 2016
Tabreed has secured $52.4m (AED192.5m) financing - with the help of law firm Dentons - to build a district cooling plant for Dubai Parks and Resorts.
The company will consturct the facility at the client's Jebel Ali-based theme park development - which will be home to Motiongate Dubai, Bollywood Parks Dubai, Legoland Dubai and Legoland Water Park.
There will also be Riverland Dubai, a themed retail, dining, and entertainment experience, along with the Lapita Hotel, a Polynesian-themed family resort.
Dentons assisted Tabreed in securing the finance from Emirates NBD.
Jon Nash, partner at Dentons, said: "It's always a pleasure to support Tabreed in its development activities in the region especially on such a high profile project which is so important to Dubai and the wider UAE.
"Tabreed is a key player in the promotion of energy efficiency in the region which is a trend we are seeing across our entire client base. We are privileged to have been involved and look forward to working with our clients on new initiatives in this growing sector."
Three of Dubai Parks and Resorts' theme parks and two hotels - covering an area of 25,000,000ft2 - are expected to be handed over as scheduled during 2016.
Despite the slow progress of mechanical, electrical and plumbing work, the resort will have a soft opening of its three theme parks in September 2016, a senior company official revealed in December.
- UAE: ALEC signs enterprise agreement with Aconex
- Bahrain: Alba hands power station deal to Siemens
- RTA to reopen Marina roads along Dubai Tram
- Dubai: IMG Worlds of Adventure's launch delayed
- KBW confirms two infrastructure projects in Jordan
- Sohar Industrial's $51m Phase 7 works 30% complete
- Abu Dhabi approves projects worth $148m in emirate
- Dubai Ruler oversees DEWA-Masdar solar park MOU
- Emaar awards Dubai Hills PM contract to EllisDon
- Company formed to manage UAE Barakah nuclear units