Dubai government-owned real-estate developer Meraas Holding is looking raise AED2.5bn (US$689m, €554m, £434m) to finance its AED10bn (US$2.7bn €2.2bn, £1.7m) mega-theme park resort development by selling 40 per cent of the shares for Dubai Parks & Resorts to investors at a public offering later this month (November).

Shares in the theme park development will be offered at UAD1 (US$0.27, €0.12, £0.17) each on the Dubai Financial Market, with the IPO period running between 17-30 November.

Institutions will be allocated up to 60 per cent of the shares on offer, while the UAE federal government’s sovereign-wealth fund has the right to take up 5 per cent of the allocation.

The development will comprise in the first phase of the project, Legoland Dubai, Motiongate Dubai and Bollywood Parks Dubai. Two further theme parks are planned during the second phase of development and these will feature an as-of-yet unnamed marine park and a safari park. In addition to theme park developments, a Riverpark, grand entrance plaza and a Marriott hotel are all scheduled for completion in late 2016.

The plans, backed by Dubai ruler Sheik Mohammed bin Rashid Al Maktoum, are part of plans to bring 20 million visitors to Dubai on an annual basis by 2020 – the year the city will host the 2020 World Expo.