UKEF supports Six Flags Qiddiya City deal, boosting opportunities for UK businesses

UK Export Finance has guaranteed an Islamic Murabaha financing facility $700 million to finance the construction of the Six Flags Qiddiya City theme park in the outskirts of Riyadh.

When complete, Six Flags Qiddiya City will be the largest theme park in Saudi Arabia and feature the world’s tallest, longest and fastest roller coaster.

Qiddiya Investment Company (QIC), supported by the Public Investment Fund of the Kingdom of Saudi Arabia (PIF), signed the financing facility which is based on the project procuring services and goods from UK suppliers.

This is UKEF’s largest Murabaha financing to date and its first in the region, demonstrating UKEF’s ability to unlock new sources of commercial finance to make transformative projects around the globe possible.

This financing arrangement was made possible through collaboration with international ECAs and a syndicate of banks including Crédit Agricole CIB, HSBC and BNP Paribas. This example highlights UKEF’s ability to unlock substantial commercial finance for major global projects, advancing the goals of Saudi Arabia Vision 2030.

By offering long-term, high value financial solutions to Middle Eastern buyers, UKEF is able to support the ambitions of the UK’s partners in the region whilst creating economic growth for the UK supply chain.