DXB Entertainments, operator of Dubai Parks and Resorts, reached an agreement with banks to defer a "significant proportion" of the interest on a Dh4.2 billion syndicated loan which will improve the company's liquidity as the company extends the suspension of its theme park operations due to the coronavirus outbreak.
"Our liquidity position is robust and I am pleased to announce has been further improved by reaching agreement with our financing partners to defer a significant proportion of our interest over the next 15 months, significantly improving our near-term liquidity," said Mohamed Almulla, managing director and chief executive of DXB Entertainments, in a statement on Thursday to Dubai Financial Market, where the company's shares trade.
Theme park operations at Legoland, Motiongate and Bollywood Parks will remain suspended, the company said. Operations at Lapita hotel and retail destination Riverland Dubai have also been suspended.
The company previously said its theme parks would remain shut until the end of March as authorities ordered public places such as parks and malls to close temporarily to curb the spread of the virus.
"The health and safety of our employees, guests and their families is our top priority, and accordingly and in support of both local and global efforts to reduce the spread of Covid-19, we have taken the decision to extend the temporary suspension of operations at our destination,” said Mr Almulla, managing director and chief executive of DXB Entertainments.
Mr Almulla said the coronavirus outbreak will have a material impact on the company's 2020 results.
“However, given the high level of uncertainty, it is too early to quantify this impact," he said. "Our contingency plans have been activated and as of today, we have either implemented or are in the process of implementing further cost savings, in addition to the material savings already delivered in 2019.”
DXB Entertainments implemented a cost efficiency and optimisation plan in 2019, delivering year-on-year savings of Dh172 million or 24 per cent, with further savings expected in 2020.
It is currently in the process of implementing a number of additional temporary measures to mitigate the impact of the suspension of operations, including renegotiation of supplier agreements, an immediate reduction in marketing spend and a suspension of outsource arrangements.
The company has also decided to delay the opening of the Legoland hotel from June to fourth quarter of 2020 due to the “current uncertainty and potential reduction in demand for the remainder of the year.”
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Fixtures
Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am
Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am
Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am
Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
The biog
Name: Dhabia Khalifa AlQubaisi
Age: 23
How she spends spare time: Playing with cats at the clinic and feeding them
Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need
Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman
Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs
Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
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Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
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UAE currency: the story behind the money in your pockets
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
New schools in Dubai
The years Ramadan fell in May
