Saudi Arabia’s Public Investment Fund (PIF) – a company set up to manage the country’s sovereign wealth and facilitate development of its national economy – is interested in purchasing a stake in Six Flags, according to reports.

The US$2tn (€1.87tn, £1.59tn) PIF, is currently looking at taking up a stake in the Texas-based theme park operator, which is currently going through the process of expanding its business on a global scale.

According to Bloomberg, the kingdom has started negotiations with Six Flags to open its first park in Saudi Arabia, though an agreement is yet to be reached, with potential locations including Riyadh, Jeddah and the Red Sea resort.

Part of Saudi Arabia’s Vision 2030 plan – which like much of the Middle East is aiming to reduce reliance on oil – includes a relaxation of the rules on its entertainment sector in an area which traditionally has been ultra-conservative, with particularly harsh laws in relation to women. By 2030, Saudi Arabia wants to have more than 450 clubs providing a variety of cultural activities and events, with the aim of doubling household spending on recreation to 6 percent.

For Six Flags, a franchise model has been set up to support its upcoming parks, with the operator recently breaking ground on its first venture in the Middle East with Six Flags Dubai – the latest addition to the multi-billion dollar Dubai Parks and Resorts development.

Six Flags has also confirmed plans for two Vietnam locations, while further Asian expansion could well be on the way, with plans rumoured for the operator to enter the Malaysian market.

Coupled with those rumours, there has long been speculation that there could be a Six Flags addition to Iskandar’s land around Singapore, but neither the park nor the developer have confirmed this.

CEO John Duffey also recently revealed to Attractions Management plans to build “multiple” Six Flags parks in China in the next 10 years, all in partnership with real-estate company Riverside Investment Group.