Comcast (CMCSA)-owned Universal Studios is in the initial stages of planning to build a new theme park in Saudi Arabia as part of a collaboration with a government-backed entity, The Wall Street Journal reported.
According to people familiar with the matter, the company is considering a licensing deal with a Saudi government-backed entity for the potential multibillion-dollar project, which is likely to extend until the 2030s.
While Universal is doing initial concept work for the park, it has yet to finalize an agreement. The company currently operates theme parks in Orlando, Los Angeles, Singapore, Beijing, and Osaka, and it’s working on a theme-park resort in the U.K., and a family-oriented destination in Texas.
During a visit to Saudi Arabia last month for an investment conference, Comcast CEO Brian Roberts toured the entertainment and sports megaproject Qiddiya, where the proposed park is expected to be built, the people said.
Western companies have increasingly looked to the Middle East to expand their entertainment businesses, as the region looks to diversify away from oil.
In May, Disney (DIS) announced an agreement to build a new Disneyland project in Abu Dhabi in partnership with Miral Group, a local company. As for Universal, its 2008 collaboration with a government-owned developer for a theme park in Dubai was cancelled after financing dried up during the global financial crisis.