Riyadh – Mubasher: Saudi Arabia’s sovereign wealth fund is considering acquiring a stake in the American amusement company Six Flags Entertainment Corp., according to Bloomberg.
The giant $2 trillion-capital Public Investment Fund (PIF) held early deliberations regarding the possible investment deal, Bloomberg added.
Six Flags is examining several potential park locations in Saudi Arabia, the park operator’s chairman said in November.
Saudi Arabia’s deputy crown prince Mohammad Bin Salman and Six Flags’ president John Duffey had discussed the potential investments in June last year.
This step comes as part of Saudi Arabia’s Vision 2030. The Kingdom is attempting to relax its regulations in the entertainment industry, particularly as it seeks to overhaul its economy and reduce its reliance on oil revenues.
Texas-based Six Flags, which owns 18 parks in the US, Mexico, and Canada, recorded a revenue of $1.3 billion.
Six Flags’ stock rose 1.7% to $10.84 during Wednesday’s trading session in New York, raising the company’s market value to around $5.6 billion.
