By Innovation-sa on April 8, 2018 in News
Saudi Arabia’s Public Investment Fund (PIF) signed an agreement with globally renowned amusement park company, Six Flags, to design and develop a Six Flags-branded amusement park in Riyadh amid wide-ranging social reforms in the Kingdom.
Six Flags will design, develop and license the Six Flags brand for Qiddiya, the Kingdom’s first entertainment, sports and cultural spot, which is located 40 km away from the center of Riyadh and is set to open in 2022.
The deal will probably include three parks, the first of which will open in 2020 or 2021, Executive Chairman Jim Reid-Anderson said. In addition to the park in Qiddiya, the others, each costing around $300 to $500 million to construct, are set to be built in Jeddah and at a resort elsewhere in the western Red Sea coast.
“Qiddiya, a key project within the Kingdom’s entertainment sector, will play an important role in the development of Saudi Arabia’s economy and the realization of the ambitions of Vision 2030. The first Six Flags-branded amusement park in the Kingdom forms another part of the development of the sector which will help to create jobs and opportunities for young Saudi people.”, stated PIF about the deal.
“We see great potential in the Saudi Arabian market and look forward to collaborating with PIF to create a world-class entertainment destination for Saudi Arabia’s young and dynamic population”, David McKillips, President of Six Flags International Development Company commented on the agreement.