From WSJ:
"Universal Studios is in early planning stages to build a new theme park in Saudi Arabia, setting up a potential rivalry with Disney in the booming Middle East market.
The Comcast unit is doing initial concept work for the park, which might be financed by a Saudi government-backed entity as part of a licensing deal with Universal, according to people with knowledge of the matter.
Disney made a similar agreement earlier this year to build a new theme park in Abu Dhabi. Universal hasn’t yet completed a deal for the Saudi park, a potential multibillion-dollar project that likely wouldn’t be finished until the 2030s.
As wealthy Middle East nations look to diversify their economies beyond oil, some are betting on tourism anchored to marquee attractions. The Disney park is being built on an island that also has Formula One, Ferrari, Warner Bros. and SeaWorld destinations.
Comcast Chief Executive Brian Roberts visited Saudi Arabia last month for an investment conference and visited the entertainment and sports megaproject Qiddiya, where the possible Universal park would be built, people with knowledge of the matter said.
A Six Flags theme park is set to open this month in Qiddiya, and a Dragon Ball Z park and a water park are under construction in the city, located a roughly 40-minute drive southwest of Riyadh.
Comcast is aggressively expanding its theme parks business, which has bigger profit margins than other parts of its NBCUniversal media unit. Its Epic Universe park, which opened in May in Orlando, Fla., significantly increased its ability to compete with Disney for visitor dollars there.
Universal has theme parks in Orlando, Los Angeles, Singapore, Beijing and Osaka, Japan. A smaller destination for children is in the works in Texas, as well as a full-size park in the United Kingdom.
In addition to its own properties such as Jurassic Park, How to Train Your Dragon, and classic monsters, Universal’s existing parks use licensed properties including Harry Potter and Nintendo. It couldn’t be determined whether Universal would take any of its marquee licenses to a Saudi park.
Building theme parks in the Middle East brings a number of complications, including high temperatures that require they stay open late or be indoors. After announcing its Abu Dhabi park, Disney was criticized for working with a country that doesn’t follow Western norms on issues including gay rights.
But reaching audiences in a region where American entertainment companies have traditionally made little money is a tempting proposition, particularly when the deals don’t require them to put up initial capital. Disney said its Abu Dhabi theme park would be accretive to earnings from the day it opens, unlike parks it builds itself that typically take a while to turn a profit.
Universal previously tried to move into the Middle East in 2008 when it broke ground with a partner on Universal Studios Dubailand. But little more than a grand entrance arch was built before financing fell apart during the global financial crisis. The project was eventually canceled."
Article from this link:
"Universal Studios is in early planning stages to build a new theme park in Saudi Arabia, setting up a potential rivalry with Disney in the booming Middle East market.
The Comcast unit is doing initial concept work for the park, which might be financed by a Saudi government-backed entity as part of a licensing deal with Universal, according to people with knowledge of the matter.
Disney made a similar agreement earlier this year to build a new theme park in Abu Dhabi. Universal hasn’t yet completed a deal for the Saudi park, a potential multibillion-dollar project that likely wouldn’t be finished until the 2030s.
As wealthy Middle East nations look to diversify their economies beyond oil, some are betting on tourism anchored to marquee attractions. The Disney park is being built on an island that also has Formula One, Ferrari, Warner Bros. and SeaWorld destinations.
Comcast Chief Executive Brian Roberts visited Saudi Arabia last month for an investment conference and visited the entertainment and sports megaproject Qiddiya, where the possible Universal park would be built, people with knowledge of the matter said.
A Six Flags theme park is set to open this month in Qiddiya, and a Dragon Ball Z park and a water park are under construction in the city, located a roughly 40-minute drive southwest of Riyadh.
Comcast is aggressively expanding its theme parks business, which has bigger profit margins than other parts of its NBCUniversal media unit. Its Epic Universe park, which opened in May in Orlando, Fla., significantly increased its ability to compete with Disney for visitor dollars there.
Universal has theme parks in Orlando, Los Angeles, Singapore, Beijing and Osaka, Japan. A smaller destination for children is in the works in Texas, as well as a full-size park in the United Kingdom.
In addition to its own properties such as Jurassic Park, How to Train Your Dragon, and classic monsters, Universal’s existing parks use licensed properties including Harry Potter and Nintendo. It couldn’t be determined whether Universal would take any of its marquee licenses to a Saudi park.
Building theme parks in the Middle East brings a number of complications, including high temperatures that require they stay open late or be indoors. After announcing its Abu Dhabi park, Disney was criticized for working with a country that doesn’t follow Western norms on issues including gay rights.
But reaching audiences in a region where American entertainment companies have traditionally made little money is a tempting proposition, particularly when the deals don’t require them to put up initial capital. Disney said its Abu Dhabi theme park would be accretive to earnings from the day it opens, unlike parks it builds itself that typically take a while to turn a profit.
Universal previously tried to move into the Middle East in 2008 when it broke ground with a partner on Universal Studios Dubailand. But little more than a grand entrance arch was built before financing fell apart during the global financial crisis. The project was eventually canceled."
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