DXB Entertainments (formerly Dubai Parks and Resorts) is putting the brakes on Dubai’s latest roller-coaster ride.
It halted plans to open a Six Flags theme park in the Middle East’s business hub as the funding is no longer available after concerns about the project’s projections, the company said Wednesday.
Dubai’s economy has been slowing in recent years amid an oil slump that hit big spenders from neighboring Gulf states who used to flock to the emirate. Residential property values have also slid about 25 percent from the 2014 peak, including a 10 percent drop last year.
DXB Entertainments hasn’t posted a profit since it listed in 2014. The company, which also operates Legoland and another park inspired by Bollywood, said in October, as Skift reported, that the Six Flags project was under review.
DXB Entertainments, which counts Qatar Investment Authority as its second-biggest shareholder, said last year that the business continued to focus on reaching a break-even point as measured by earnings before interest, tax, depreciation and amortization. The stock has lost about 85 percent of its value since a peak in 2016.
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