Saudi Arabia is exploring the development of large-scale "theme parks" worth billions of dollars, both within the country and abroad. During a visit to Paris on August 23 and 24, Crown Prince Mohammed bin Salman, also known as MBS, signed a "non-binding memorandum of understanding" with Qiddiya, a company owned by the Saudi Public Investment Fund (PIF). This agreement involves a 7 billion dollar investment (approximately 6 billion euros) to build three theme parks near Paris, focused on the world of Japanese manga. The project is part of Saudi Arabia's broader effort to diversify its economy and reduce reliance on oil revenue.
Qiddiya is already active in Saudi Arabia, where it is working to build a thriving entertainment industry under the Vision 2030 plan. This initiative aims to develop 24 theme parks and more than 420 entertainment centers within five years. One of the most significant projects is the Qiddiya park near Riyadh, which is already under construction. It is expected to include a park dedicated to the popular Japanese manga Dragon Ball, though details are still unclear.
Despite these ambitious plans, the development of these theme parks faces several challenges. Dennis Spiegel, president and founder of International Theme Park Services, has pointed out that Saudi Arabia is trying to replicate the successful model of Orlando, Florida, which took 55 years to develop, in just five years. According to Spiegel, the Qiddiya park currently lacks essential infrastructure like transportation, shops, and dining areas, which makes it less attractive to visitors. Additionally, extreme summer temperatures in Saudi Arabia limit visitation to evening hours, which may deter families. Regional instability, including tensions with Iran, may also discourage Saudi citizens from traveling within the country.
The project has faced some stagnation, as hotel occupancy rates in Riyadh have dropped by 18% compared to the previous year, reaching 49%. This decline may be due to regional instability. Simon Chadwick, a professor at EM Lyon Business School, suggested that this stagnation could be a reason why Saudi authorities are looking to invest in theme parks abroad. The Paris project also aims to strengthen political and economic ties between Saudi Arabia and France, which has become an increasingly important partner for Saudi Arabia in both political and military matters, according to Kristin Diwan, a researcher at the Arab Gulf States Institute.
Saudi Arabia Explores International Theme Park Investments Amid Domestic Challenges
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