Abu Dhabi Islamic Bank (ADIB) said on Sunday it has arranged and successfully closed an AED1.2 billion ($326 million) syndicated Islamic facility for IMG Theme Park, the company behind the IMG Worlds of Adventure theme park being built in Dubai.
ADIB said it acted as the mandated lead arranger, investment agent, security agent and account bank for the facility, which included a refinancing of its existing corporate facility and finance for the expansion of the project.
IMG Worlds of Adventure will include four zones themed around various attractions. In June 2012, it was announced Marvel Entertainment, the creator of popular comic book heroes X-Men and The Avengers, was to lend its name to one of the zones, which will feature retail outlets, dining facilities and interactive entertainment.
An additional zone will be themed around the Cartoon Network, which owns intellectual property to children’s series Ben10, and The Lost Valley, which will be the first of its kind in the theme park industry and will include animatronic dinosaurs and rollercoaster rides.
Arif Usmani, global head of Wholesale Banking for ADIB, said: "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 calibre.
The theme park will be the largest indoor entertainment destination in the world, 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: 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."
Other banks that participated in the deal included Al Hilal Bank, Commercial Bank International as mandated lead arrangers, Noor Islamic Bank as lead arranger and Sharjah Islamic Bank as arranger.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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