Dubai Parks & Resorts (DPR), a subsidiary of Meraas Holding, has secured a AED993m ($270m) financing deal with UAE banks.

The lenders are Abu Dhabi Commercial Bank, Dubai Islamic Bank and Sharjah Islamic Bank.

DPR is seeking to raise a total of AED2.67bn to fund the second-phase expansion of its Jebel Ali theme park, Six Flags Dubai.

DPR plans to raise the remaining AED1.68bn through a rights increase on the Dubai Financial Market (DFM). Shareholders are being asked to vote on the plans to issue 1,678 million shares at AED1 a share.

Six Flags Dubai will include 27 rides and is scheduled to open in late 2019.

DPR previously told MEED it has set aside half its 2-million-square-metre site for second- and third-phase expansions.

The AED10.5bn first phase is set to open in October 2016. It includes three themed areas – Motiongate, Bollywood and Legoland – as well as a five-star hotel and retail area.

Structural works are 70 per cent complete and rides are 89 per cent complete. South Korea’s Samsung C&T is the programme management consultant, overseeing more than 50 construction deals.

The first phase was funded through AED3.8bn of capital from Meraas, an AED2.5bn initial public offering (IPO) and AED4.2bn of debt.

Texas-based Six Flags operates 18 themes parks in North America. The partnership with DPR was first announced in 2014.