Dubai Parks and Resorts PJSC (under incorporation) (“Dubai Parks and Resorts” or “the Company”), a subsidiary of Meraas Holding LLC, has today announced that it has secured AED 4.2 billion (US$1.15bn) of syndicated finance facilities, to support its strategy of creating the Middle East’s first mega leisure and entertainment destination.
Goldman Sachs has structured and led the US$1.15bn financing which is fully underwritten by Goldman Sachs, Abu Dhabi Commercial Bank, Ahli United Bank B.S.C., Commercial Bank International, Emirates NBD Bank PJSC and Noor Bank PJSC (together, “the Financing Banks”). The Financing Banks will be launching a general syndication to international and regional banks.
The finance facilities are between Dubai Parks and Resorts PJSC, Meraas Holdings LLC and Meraas Leisure and Entertainment LLC (the Parent Guarantors), certain subsidiaries of the Company (the Subsidiary Guarantors) and the Financing Banks as Mandated Lead Arrangers and is subject to the completion of the Offering of 40% of the ordinary shares of the Company announced recently and other customary conditions.
This transaction will further support the Dubai Tourism Vision 2020 that seeks to double Dubai’s annual visitor numbers from 10 million in 2012 to 20 million by 2020 and increase the economic contribution of the tourism sector to the UAE’s GDP.
Raed Al Nuaimi, CEO of Dubai Parks and Resorts said: “This is a pivotal transaction for Dubai Parks and Resorts. This financing allows us to deliver on our ambition to create the world’s next great leisure destination and reflects the strength of our strategy, our vision and the quality of our people.”
Dubai Parks and Resorts unveiled the blueprint of the mega leisure and entertainment destination last month. The development will comprise Bollywood ParksTM Dubai, LEGOLAND® Dubai and motiongateTM Dubai. The project will also host Lapita Hotel, a themed family hotel. Strategically located in Jebel Ali between Dubai and Abu Dhabi, the mega project is slated for completion in 2016.