Developer Secures Funds For Dubai Theme Park

Al Hilal Bank and Mashreq said on Saturday they had closed a shari’ah fund facility to help finance a new indoor theme park in Dubai.

Acting as the mandated lead arrangers, they said the funds had been raised for the Ilyas and Mustafa Galadari Group (IMG) but did not say how big the financing package was.

IMG, which is developing the much-delayed City of Arabia project, said construction of the entertainment project was expected to be completed by the end of 2013.

It said in a statement that IMG Theme Park has entered into agreements with world renowned licensors to use their concepts and characters.

(Arabian busines)