Saudi Arabia’s Public Investment Fund (PIF) says it has signed two agreements with US-based companies to develop a theme park and operate cinemas in the kingdom.

PIF has entered into an arrangement with US-based Six Flags to build a theme park within the Qiddiya development on the outskirts of Riyadh.

The plans for the theme park and the Qiddiya development were first announced in 2017. US-based Parsons is the programme manager for the scheme, which is still in the early stages. The theme park is expected to open in 2022.

PIF’s wholly-owned subsidiary, Development and Investment Entertainment Company, has signed an agreement with AMC to operate AMC Cinemas in the kingdom. The Development and Investment Entertainment Company and AMC expect to open 30-40 cinemas in 15 cities across Saudi Arabia over the next five years, and a total of 50-100 cinemas in approximately 25 Saudi cities by 2030.

The Ministry of Culture and Information has announced that it has granted the first cinema operating licence to the Development and Investment Entertainment Company to operate movie theaters in Saudi Arabia.

It was announced in December last year that the government would start issuing licenses for cinemas.