Saudi PIF to invest in sports city

Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman announced the launch of a sports and entertainment city in Riyadh, in which the kingdom’s sovereign wealth fund, Public Investment Fund, will be the largest investor.

“This city will become a prominent cultural landmark and an important center for meeting the future generation’s recreational, cultural and social needs in the kingdom,” Prince Mohammed said according to an SPA report.

The city’s foundation stone will be laid in 2018 while the first stage is expected to be ready in 2020, an SPA report said. The project expected to include Six Flags city as one of the major attractions.

Six Flags said in June that it had begun talks with the Saudi government to build theme parks as part of the kingdom's efforts to expand its entertainment sector and diversify the economy.