Six Flags Dubai put on hold over finance

The Texas Giant roller coaster ride (L) is seen at the Six Flags Over Texas amusement park in Arlington, Texas. (photo credit: REUTERS)
Updated 06 February 2019

Six Flags Dubai put on hold over finance

  • DXB Entertainment said the decision came after its board mandated a strategic review of its future development plans

LONDON: A Six Flags theme park project set to be built in Dubai has been put on hold, according to the proposed developer. 

DXB Entertainments, which is listed on the Dubai Financial Market, said on Wednesday that the project cannot proceed as a syndicated finance facility is no longer available.

It said the decision came after its board mandated a strategic review of its future development plans and capital deployment.

“In the intervening period, actions, including formal notification by Six Flags, resulted in funders’ concerns being raised specifically in relation to the revised projections for the Six Flags Dubai project,” it said in the statement. 

“As a result, the syndicated finance facility intended for utilization as part of the development of the Six Flags branded theme park is no longer available, and the Six Flags Dubai project cannot proceed at this time.

“Consequently, the scope of the strategic review will be adjusted and an update will be provided in due course.”

DXB Entertainments’ biggest existing operation is its multi-themed leisure destination, which includes three separate theme parks including Legoland Dubai. 

It said the destination had seen a 22 percent rise in visits last year, with the region’s largest integrated theme park destination attracting almost 2.8 million visits during 2018.


World Bank urges China to open technology industries

Updated 17 September 2019

World Bank urges China to open technology industries

  • It urges Beijing to open markets and reduce subsidies and government involvement in technology industries
  • The report makes no mention of the trade war between China and the US

BEIJING: The World Bank and a Chinese Cabinet agency have urged Beijing to roll back plans for government-led technology development that are fueling a tariff war with Washington.
The appeal Tuesday comes in a report on technology industries as “new drivers” for China’s economy that was commissioned three years ago, before the trade war erupted.
It urges Beijing to open markets and reduce subsidies and government involvement in technology industries that it says might hamper development instead of promoting it.
The report makes no mention of the trade war, but Washington, Europe, Japan and other trading partners cite the same policies as violations of Beijing’s free-trade commitments.