Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, has arranged and successfully closed an Dhs1.2bn Syndicated Islamic Facility for IMG Theme Park LLC, the company behind IMG Worlds of Adventure, Dubai’s first mega-themed entertainment destination. The park will be a world-class tourist attraction for the 10 million tourists who come to the UAE every year – a number which is expected to exceed 20 million over the next 5 years.
ADIB acted as the Mandated Lead Arranger, Investment Agent, Security Agent and Account Bank for the facility. The deal was structured by ADIB to meet IMG Theme Park’s specific financing needs, including refinancing of its existing corporate facility and providing finance for the expansion of the Worlds of Adventure project.
Commenting on the transaction, Arif Usmani, Global Head of Wholesale Banking for ADIB, said: “This deal demonstrates ADIB’s capabilities to deliver against the financing needs for a project of this complexity in record time. 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 caliber.”
The IMG Worlds of Adventure will offer fans the opportunity to live out their fantasies through a number of state-of-the-art attractions, thrilling mega coasters, immersive rides, a vast selection of retail stores and original dining outlets. These will all be themed around popular cartoon characters, iconic superheroes and an original entertainment concept – Lost Valley-Dinosaur Adventure, which will see the pre-historic world roar back to life through animatronic dinosaurs and hair-raising rides. This will be the largest indoor entertainment destination in the world, with a total area in excess of 1.5 million sqft 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: “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.”
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.
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