Dubai theme park secures $326mn funding from ADIB
Bank closed a syndicated Islamic facility for IMG Theme Park
Abu Dhabi Islamic Bank (ADIB) has arranged and successfully closed a $326mn (AED1.2 bn) syndicated Islamic facility for IMG Theme Park, the company behind the IMG Worlds of Adventure (WOA) theme park that is being built in Dubai.
ADIB acted as the mandated lead arranger, investment agent, security agent and account bank for the facility. The deal included refinancing of its existing corporate facility and providing finance for the expansion of the WOA project.
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.
"It is one of the most anticipated developments in the region offering a number of world firsts which will further position Dubai and the UAE as a global entertainment capital. ADIB has demonstrated to us through the professional and innovative manner in which it has structured the debt financing for this project the reason why it is an award-winning operator."
The IMG Worlds of Adventure will include mega coasters, rides, retail stores and dining outlets.
Other banks that participated in the deal included Al Hilal Bank PJSC, Commercial Bank International PJSC as mandated lead arrangers, Noor Islamic Bank as lead arranger and Sharjah Islamic Bank PJSC as arranger.