Saudi Arabia's Public Investment Fund (PIF) has signed an agreement to open a Six Flags-branded theme park in the country.
The project will be located in Qiddiya, and open in 2022, Saudi Arabia's press agency confirmed.
The Six Flags-branded amusement facility will be the country's first entertainment, sports, and cultural destination.
PIF's agreement with Six Flags is in line with the kingdom's Vision 2030 to diversify the country's economy, promote culture and entertainment locally, and develop an entertainment ecosystem.
Commenting on the agreement, Michael Reininger, chief executive officer (CEO) of Qiddiya, said: "By partnering with a global leader in this sector, we know that we are going to deliver something exceptional that will enrich the daily lives of those living here.
"With nearly two thirds of the Saudi population under the age of 35, there is a huge appetite in the kingdom for amusement parks such as this one, as well as the other sporting and cultural facilities that Qiddiya will offer."
David McKillips, president of Six Flags International Development Company, added: "Innovation is synonymous with our Six Flags brand, and our international licensing business provides a unique opportunity to continue our strong global growth.
"We see great potential in the Saudi Arabian market and look forward to collaborating with PIF to create a world-class entertainment destination for Saudi’s young and dynamic population," McKillips added, according to SPA.
Six Flags and Saudi Arabia have reviewed plans to launch a park in the kingdom since 2016.
In June 2016, John Duffey, CEO of Six Flags Entertainment Corp, said: "We're very honoured to be provided with an opportunity to enter into a partnership to bring Six Flags to the kingdom.
"Our parks can provide the entertainment to which Saudis aspire," he added, according to an Al Arabiya report cited by Arabian Business.
In the same month, Dubai's Ruler expressed his support for Saudi Arabia's Six Flags plans.
Vice President and Prime Minister of the UAE, and Ruler of Dubai, HH Sheikh Mohammed bin Rashid Al Maktoum, announced that Dubai Parks & Resorts (DPR) would provide all support necessary for a proposed Six Flags development in Saudi.
The move was announced in a tweet by Dubai Media Office.