Saudi Arabia’s Public Investment Fund (PIF) signed an agreement with Six Flags – the world’s leading international amusement park company - to develop and design an amusement park in the Qiddiya area, which is set to open in 2022.
The General Entertainment Authority also signed five agreements with US corporations and companies, including National Geographic and IMG, on the sidelines of the Saudi Future of Entertainment Conference held in Los Angeles on Wednesday.
The development of the Qiddiya Park falls within the Kingdom’s Vision 2030, which aims to enhance the culture and entertainment sector and build a world-class entertainment environment in the Kingdom by attracting local and international investors and partnering with international entertainment companies.
“Qiddiya, a key project within the Kingdom’s entertainment sector, will play an important role in the development of the Kingdom of Saudi Arabia’s economy and the realization of the ambitions of Vision 2030,” a statement issued by the Saudi Public Investment Fund said.
“The first Six Flags-branded amusement park in the Kingdom forms another part of the development of the sector which will help create jobs and opportunities for Saudi young people,” the statement added.
Michael Reininger, Chief Executive of Qiddiya, commented on the signing of the agreement, saying: “By partnering with a global leader in this sector, we know that we are going to deliver something exceptional that will enrich the daily lives of those living here. With nearly two-thirds of the Saudi population under the age of 35, there is a huge appetite in the Kingdom for amusement parks such as this one, as well as the other sporting and cultural facilities that Qiddiya will offer.”
The President of Six Flags International Development Company, David McKillips, underlined “great potential in the Saudi Arabian market”, noting that he looked forward to “collaborating with PIF to create a world-class entertainment destination for Saudi’s young and dynamic population.”
“Saudis spend more than $20 billion on foreign tourism and recreation each year and the next goal is to make them spend the money inside Saudi Arabia by nationalizing the entertainment sector,” said Ahmad al-Khatib, head of the Saudi General Authority for Entertainment.
Khatib described the Kingdom as a “country of opportunities,” pointing out that 2,200 events were held in 2017, compared to 500 events before 2016.
