DXB Entertainments, the owner of Dubai Parks and Resorts, has reached an agreement with its majority shareholder, local developer Meraas, for a AED245m ($66m) subordinated loan.

The loan will be used to fund operational expenses and debt repayments and will be drawn down immediately.

It will take the form of an interest bearing unsecured subordinated shareholder loan with no fixed maturity.

DXB Entertainment made a loss of AED578m for the first half of this year.

Dubai Parks and Resorts opened in December last year. DXB Entertainments is also tendering construction work for the second phase of the theme park, which involves building a Six Flags theme park.