Rumours are emerging that Ilyas & Mustafa Galadari Group, aka IMG, is considering selling its IMG Worlds of Adventure theme park.

IMG Worlds of Adventures in Dubai is the largest indoor theme park in the world. According to reports, initial talks have begun with the owners of the park whether to keep the business or consider offers, due to the park’s struggle to restructure a 1.2 billion-dirham ($327 million) loan.

However, Leonard Otto, IGM’s chief executive, denies the claims, stating:

“We are not planning to sell IMG in any form, neither partial and wholly.”

Otto added that IMG is in advanced talks with banks “on our syndicate-loan restructuring to support the business.”

It’s no secret that, in an attempt to bring more tourists to the United Arab Emirates and diversify the economy, a number of theme parks have opened in the region.

Though due to an ongoing drop in oil prices and visitor numbers below expectations, operators in the region have been under pressure, which has resulted in delays in the opening of the new parks.

Earlier this year, the Dubai-based theme park operators, DXB Entertainment announced failure to grow attendance and spending figures during 2018, reporting a net loss of one billion dirhams ($272m) for the year.

IMG World of Adventure opened in 2016. The huge indoor theme park stretches across 1.5 million square feet and cost $1 billion to build. The park comprises of Marvel Avengers and Cartoon Network’s Powerpuff Girls features.