DXB Entertainment PJSC (DXBE) and Meraas Leisure and Entertainment LLC (Meraas) have officially come to a mutual agreement for the latter to take over 100% of DXBE’s shares.
DXBE is the owner of Dubai Parks and Resorts, the region’s largest integrated theme park. Given that Meraas is known for developing and operating leisure and entertainment destinations, these two are basically soulmates. Moreover, since DXBE recorded a loss of AED 2.7b in 2020, as it struggled to meet visitor targets (you know, with the pandemic and all), Merass is even kind of like its savior, in this case.
DXBE shareholders also approved a $1b Meraas debt conversion, with the former then transferring its full share capital to the latter under the deal.