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Tue March 05 2024

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UK taxpayers underwrite French contractor’s Saudi project

5 Jan Construction of a theme park in Saudi Arabia by a Franco-Saudi joint venture is being underwritten by the UK government.

The Six Flags Qiddiya City theme park is being built on a 334 sq km site southwest of Riyadh
The Six Flags Qiddiya City theme park is being built on a 334 sq km site southwest of Riyadh

The UK鈥檚 export credit agency has guaranteed an Islamic Murabaha financing facility for the development of Six Flags Qiddiya City near Riyadh.

UK Export Finance (UKEF) has guaranteed an Islamic Murabaha financing facility for 拢550m signed by Qiddiya Investment Company to finance the construction of the theme park. This is being undertaken by a joint venture led by Bouygues B芒timent International of France and local firm Almabani General Contractors.

UKEF reckons that by getting involved, British suppliers will be able to get in on the action.

UK Export Finance chief executive Tim Reid said: 鈥淪audi Arabia鈥檚 鈥榁ision 2030鈥 is hugely ambitious, and UKEF is determined to ensure that British businesses can benefit from the enormous exporting opportunities it offers.

鈥淭his new landmark deal not only creates exciting business for UK suppliers, but demonstrates UKEF鈥檚 ability to unlock new sources of commercial finance to make transformative projects possible around the globe.鈥

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