DXB Entertainments PJSC (DFM:DXBE), the Dubai-based provider of leisure and entertainment experiences and owner of Dubai Parks and Resorts, today announced that it has reached an agreement with its majority shareholder, Meraas, for a subordinated loan.
The AED 245 million loan will take the form of an interest bearing unsecured subordinated shareholder loan with no fixed maturity. The loan will be used to fund operational expenses and debt repayments and will be drawn down immediately. DXBE is currently reviewing its ongoing financing requirements.
Mohamed Almulla, CEO, DXB Entertainments PJSC, said, “Our strategy is to enhance DXB Entertainments’ position as the region’s largest manager of leisure and entertainment offerings, enabling the business to build revenue across a range of assets.”
Almulla added, “Meraas has been a great supporter of our business, and remains a valuable partner and committed to the long-term success of DXB Entertainments. This loan will enable the business to execute on its strategy which will generate value for its shareholders over the long-term.”
