The Abu Dhabi-based hospital operator is also evaluating listing in the U.S. or Singapore and will decide closer to the IPO.
IMG Worlds of Adventure, which cost about $1 billion to build, opened in 2016 and stretches across 1.5 million square feet.
Citigroup Inc., Samba Financial Group and Mitsubishi UFJ Financial Group Inc. were also among banks that participated.
Saudi Arabia set up the National Center for Privatization in 2017 and hopes to generate about $11 billion by 2020 through the sale of stakes in utilities, soccer clubs, flour mills and medical facilities.
Noor Bank will hold the stakes alongside other investors and limited partners.
The bank is weighing a plan to simplify its structure, reduce funding expenses and free up liquidity.
The stake purchase in Beirut-based Azadea Group values the business at more than $1 billion.
A significant investment in the next Vision Fund would help the PIF boost its assets, which have already risen to over $300 billion.
Under Sheikh Abdullah, the fund moved away from its strategy of investments in trophy assets, instead focusing on diversifying its portfolio in the U.S. and Asia and deploying more resources at home.
The investors are also seeking to stop paying management fees to Abraaj, citing breach of duties to the fund.