Dubai Parks and Resorts, part of the government-owned Meraas investment group, plans to launch a $689 million IPO this month to fund the development of a $2.9 billion movie-themed amusement park complex.
The company plans to sell 2.53 billion shares, or 40% of its outstanding shares, between November 17 and November 30, at a price of 1 AED each, Reuters reported.
The company has started work on three linked theme parks on the outskirts of Dubai. The 1.5 million square metre project will consist of: Motiongate, based on films made by DreamWorks Animation and Sony Pictures, LEGOLAND Dubai, and Bollywood Parks.
Hotel, shopping and other entertainment facilities are also planned, with completion scheduled by September 30, 2016, the report added.
The full Reuters report can be read here.