Al Hilal Bank and Mashreq have closed a fund facility to help finance the construction of a new indoor theme park in Dubai, UAE.
Mashreq also acted as the documentation bank and is the investment agent for the transaction.
The theme park is intended to act as catalyst for the development of the $5bn City of Arabia urban community, which includes business and administrative offices, schools and clinics, apartments, shops, galleries, restaurants and attractions.
The park is expected to have a total built up area of about 1.2 million square feet and is being developed by Ilyas and Mustafa Galadari Group (IMG), which is developing the City of Arabia project.
The theme park will incorporate rides that will include one of the region’s largest rollercoasters, as well as retail outlets, including food and beverage and licensed merchandising.
Al Hilal Bank CEO Mohamed Jamil Berro said: "This park will provide family entertainment of the highest quality on a par with other internationally renowned theme parks, not only to the population of UAE but also to the neighbouring countries in the region as well."
IMG co-owner Mustafa Galadari said that a fully indoor facility ensures that the park is open all year round to visitors.
"The ride mix has been carefully chosen to ensure there is enough to do for all ages," Galadari added. "The park will also generate a significant demand around it for hotels and hotel apartments, along with other retail and leisure components."
Construction on the project is anticipated to be completed by the end of 2013.
Image: Al Hilal Bank and Mashreq acted as the mandated lead arrangers for the transaction. Photo: Ilyas and Mustafa Galadari Group.