WHY IT RATES: Saudi Arabia is adding a new theme park option for travel agents booking Middle Eastern travel for clients.-Donald Wood, Breaking News Senior Writer.
Six Flags Entertainment Corporation, the world's largest regional theme park company, and the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, announced plans today to develop a Six Flags-branded theme park in the city of Riyadh.
Six Flags has entered into an arrangement with the PIF to develop, design and license the Six Flags brand for Qiddiya-Saudi Arabia's first entertainment, sports and cultural destination-which is expected to open in 2022.
"Innovation is synonymous with the Six Flags brand, and our international licensing business provides a unique opportunity to continue our strong global growth," said David McKillips, President of Six Flags International Development Company. "We see great potential in the Saudi Arabian market and look forward to collaborating with the PIF to create a world-class entertainment destination for Saudi's young and dynamic population."
Located 40km from downtown Riyadh, Qiddiya will provide an unprecedented leisure option for the seven million plus residents of the Saudi capital.
"The entertainment sector has an important role to play in the transformation of Saudi Arabia's economy," said the Public Investment Fund of the Kingdom of Saudi Arabia. "The Six Flags-branded theme park in Riyadh and other similar developments will create new employment opportunities and harness the talent, energy, and imagination of Saudi youth. Our investment in this sector is in line with our mission and delivers on a key element of Vision 2030."
"Our goal is to create an exciting one-of-a-kind destination that will draw visitors from throughout Saudi Arabia to experience record-breaking roller coasters, innovative rides, and attractions, as well as the sporting and cultural facilities that Qiddiya will offer," Michael Reininger, Chief Executive of Qiddiya, commented. "By partnering with a global leader, we know that we are going to deliver something exceptional."
Terms of the arrangement were not disclosed.
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