A Six Flags' amusement park in Jackson, New Jersey. A Six Flags theme park is set to open in Saudi Arabia in the entertainment hub of Qiddiya.
A Six Flags' amusement park in Jackson, New Jersey. A Six Flags theme park is set to open in Saudi Arabia in the entertainment hub of Qiddiya.

Saudi Arabia’s PIF, Six Flags to build theme park in the kingdom



Saudi Arabia’s Public Investment Fund, the country's sovereign investment fund, and Six Flags, the theme park company, will develop and design a branded theme park in Qiddiya, the kingdom’s first entertainment hub that is being created amid wide-ranging social reforms.

Details of the arrangement between the fund and Six Flags, which is part of the country's Vision 2030 reform plan, weren’t divulged. Qiddiya, which is located 40 kilometres away from the centre of Riyadh, is set to open in 2022 and the government is keen to attract local and international investors to the hub.

“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 realisation of the ambitions of Vision 2030,” the Public Investment Fund said in a statement.

“The first Six Flags-branded theme park in the kingdom forms another part of the development of the sector which will help to create jobs and opportunities for young people in Saudi.”

__________________

Read More:

____________

Saudi Arabia is undergoing massive social changes including allowing women to drive and opening cinemas, which previously weren’t allowed. Saudi Arabia’s General Entertainment Authority said in February that it will host 5,000 concerts and festivals this year and invest more than $64 billion into entertainment investments in the next 10 years. Qiddiya is part of the government's plan to help Riyadh make it to the list of top 100 cities that boast the best quality of life in the world.

"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 PIF to create a world-class entertainment destination for Saudi’s young and dynamic population.”

Separately, PIF said that its wholly-owned subsidiary, Development and Investment Entertainment Company, signed an agreement with AMC Cinemas, the world’s largest provider and operator of cinemas, to open between 30 to 40 cinemas in Saudi Arabia over the next five years and a total of 50 to 100 cinemas in about 25 Saudi cities by 2030. Under Vision 2030, it’s expected that the value of the cinema industry will grow to over $1bn in value over the coming years, the sovereign wealth fund said.

The Saudi Ministry of Culture and Information gave the Development and Investment Entertainment Company the first license to operate movie theatres in Saudi Arabia. While cinemas existed in the 1970s, they were closed down in 1979.

The plan to bolster the entertainment industry also comes amid wide-ranging economic reforms designed to lessen the country’s reliance on oil revenues. Saudi Arabia is the world's biggest oil exporter and took the brunt of the three-year slide in crude prices that began in 2014. PIF, which was set up in 1971, is undertaking investments as part of the reforms spearheaded by Mohamed Bin Salman, the kingdom’s crown prince, to promote economic diversification in Saudi Arabia. The government is also planning to sell stakes in state assets, such as Saudi Aramco, the world’s biggest oil producer. It has also reduced energy subsidies and implemented 5 per cent VAT to help bring the state’s finances into order.

How to avoid getting scammed
  • Never click on links provided via app or SMS, even if they seem to come from authorised senders at first glance
  • Always double-check the authenticity of websites
  • Enable Two-Factor Authentication (2FA) for all your working and personal services
  • Only use official links published by the respective entity
  • Double-check the web addresses to reduce exposure to fake sites created with domain names containing spelling errors
The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

PROFILE OF INVYGO

Started: 2018

Founders: Eslam Hussein and Pulkit Ganjoo

Based: Dubai

Sector: Transport

Size: 9 employees

Investment: $1,275,000

Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

'The Batman'

Stars:Robert Pattinson

Director:Matt Reeves

Rating: 5/5

THE DETAILS

Deadpool 2

Dir: David Leitch

Starring: Ryan Reynolds, Josh Brolin, Justin Dennison, Zazie Beetz

Four stars

Jurassic Park

Director: Steven Spielberg
Stars: Sam Neill, Jeff Goldblum and Richard Attenborough
Rating: 5/5

Points about the fast fashion industry Celine Hajjar wants everyone to know
  • Fast fashion is responsible for up to 10 per cent of global carbon emissions
  • Fast fashion is responsible for 24 per cent of the world's insecticides
  • Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
  • Fast fashion labour workers make 80 per cent less than the required salary to live
  • 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
  • Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Sanju

Produced: Vidhu Vinod Chopra, Rajkumar Hirani

Director: Rajkumar Hirani

Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani

Rating: 3.5 stars

Brief scores:

Toss: Rajputs, elected to field first

Sindhis 94-6 (10 ov)

Watson 42; Munaf 3-20

Rajputs 96-0 (4 ov)

Shahzad 74 not out

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Herc's Adventures

Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5


Checking In

Travel updates and inspiration from the past week

      By signing up, I agree to The National's privacy policy
      Checking In