Six Flags has confirmed long-awaited plans for its first Saudi Arabian venture, announcing plans to open a park as part of the kingdom’s new entertainment destination in Qiddiya by 2022.

It was revealed in June 2016 that Six Flags was focusing its expansion efforts outside of the US, eyeing Saudi Arabia as a potential location along with projects in Dubai, Vietnam and China.

In February last year, 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 – was reported to be interested in a deal with Six Flags.

Worth US$2tn (€1.87tn, £1.59tn) PIF has announced plans to develop the Six Flags-branded park under a franchise agreement, with the operator working alongside PIF to design and construct the visitor attraction, which will be part of Qiddiya – Saudi Arabia’s first entertainment, sports and cultural destination.

"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 the 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 young people living in Saudi Arabia."

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.

"The entertainment sector has an important role to play in the transformation of Saudi Arabia’s economy," said the PIF.

"The Six Flags theme park 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."