The management of Dubai Parks & Resorts (DPR) held a conference call yesterday to discuss the recent announcement regarding plans to raise AED1,678 million in a rights issue to primarily fund the Six Flags Dubai Project. The call was conducted by Raed Al Nuaimi (CEO) and Sandesh Pandhare (CFO and CIO). The main highlights from the call are as follows: i) The purpose of the new project is to add a thrill component to the product offering, increase visitor-ship and thus shareholder value; ii) Land area: c3.5 million sqft + 2 million for easement rights. Implied land cost per sqft is higher than the original land plot, given the development of land and the passage of time; iii) The total cost of the project is AED2,671 million, inclusive of issue expenses, broken down as follows: construction cost: AED1,457 million, infrastructure cost: AED473 million, land cost: AED390 million, other costs: AED351 million; iv) The project will be financed through an equity component (from the rights issue at AED1/share) amounting to AED1,678 million and a debt component amounting to AED993 million, for which a commitment from a syndicate of banks has been secured; v) There is no definite date for the rights issue (up to one year) as it is subject to regulatory approvals and market conditions; vi) targeted opening date: 4Q2019; vii) expected number of visits: 2.9 million in 2020 (first full operational year), and revenue of AED893 million for the year. (Company conference call, Mai Attia, Sara Boutros)