Dubai: A Dubai firm will pay $7.5 million or above Dh27.5 million to Six Flags after abandoning plans to build a version of the U.S. amusement park in the United Arab Emirates.
DXB Entertainments, which runs Dubai Parks & Resorts, said Tuesday it agreed with Texas-based Six Flags Entertainment Corp. to pay the amount as "a right of first refusal."
The UAE is home to many renowned amusement parks and theme parks including Ferrari World in Abu Dhabi, the Dubai Parks and Resorts which include Bollywood Parks Dubai, Legoland Dubai etc., IMG Worlds of Adventure which is the world's largest indoor theme park, Global Village - a seasonal multicultural festival park, among others. The world's largest snow play park is set to open in Abu Dhabi in 2020.
DXB Entertainments PJSC (previously Dubai Parks and Resorts PJSC) is traded on the Dubai Financial Market (DFM), since it was listed in 2014. The company, which runs other theme parks in Dubai such as Hollywood-inspired Motiongate and a Lego-themed water park, posted a first quarter net loss of $59 million and visits were down 11 per cent over the same period.
In February, DXB Entertainments announced it was cancelling plans to build the $454 million Six Flags, citing financing constraints.
- With inputs from AP