Six Flags Takes a Big Step into the Middle East

Six Flags is making a bold move to expand its reach beyond North America. The company is set to open its first park in Saudi Arabia on December 31. This new park, called Six Flags Qiddiya City, will be located in the Tuwaiq Mountains near Riyadh. It will feature over two dozen rides, including Falcons Flight, which is claimed to be the tallest and fastest roller coaster in the world. Tickets for adults will start at around $87. This expansion comes after a tough year for Six Flags, during which its stock value dropped by nearly 70%. The new park is part of a larger project called Qiddiya City, which is an entertainment and sports complex under construction. The site is expected to grow to more than three times the size of Paris and is backed by the Public Investment Fund through Qiddiya Investment Co. The entire project is valued at nearly $22 billion. Qiddiya City is one of the key projects under Saudi Arabia's Vision 2030 plan, which aims to diversify the country's economy. Other projects in this plan include Neom and The Line. Bloomberg suggests that Qiddiya City might receive more attention as the plan progresses. Six Flags will be the first site to open in Qiddiya City, with plans for a water park called Aquarabia and a new stadium for the 2034 FIFA World Cup in the future. Despite the stock's recent struggles, analysts seem hopeful about Six Flags' future. The company has a Moderate Buy consensus rating, with an average stock price target of $27. 27. This target suggests a potential 86. 78% upside from the current price. It will be interesting to see how this new venture plays out and whether it can help turn things around for Six Flags.