NuGen Properties

UK taxpayers underwrite French contractor’s Saudi project

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

The UK’s 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 £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 Bâtiment 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: “Saudi Arabia’s ‘Vision 2030’ is hugely ambitious, and UKEF is determined to ensure that British businesses can benefit from the enormous exporting opportunities it offers.

“This new landmark deal not only creates exciting business for UK suppliers, but demonstrates UKEF’s ability to unlock new sources of commercial finance to make transformative projects possible around the globe.”

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