Six Flags Dubai Theme Park Put On Hold as Funding Withdrawn

DXB Entertainments PJSC said on Wednesday that the Six Flags theme park in Dubai had been put on hold as the financing for the project was no longer available, Reuters reported. The move is the latest sign that the Gulf’s leading tourism and commerce hotspot is being buffeted by the impact of an economic slowdown in the region triggered by lower oil prices and geopolitical tensions. DXB Entertainments said the decision came after its board in August 2018 mandated a strategic review of its future development plans and capital deployment. That included Six Flags Dubai, once slated to open later this year. “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,” the firm said in a statement. As a result, the syndicated financing intended to help pay for the park is no longer available and the project cannot proceed, it added. Read more