Lagoona
Views: 59,229 Subscribe

In a significant move towards expanding its tourism and leisure sectors, KAEC signed a strategic non-binding head of terms with Orascom Group. This agreement aims to develop the 9.5 million sqm Lagoona district into a major tourism destination, featuring a world-class marina, a vibrant downtown, resorts, and high-end residential and commercial facilities.

No mention of a theme park specifically anymore...

Source: https://www.kaec.net/wp-content/uploads/2024/04/En-KAEC-Annual-Report-2023.pdf

From sketches to renders to live storyboarding, FORREC completed SD and design development for RIXOS KAEC Water Park’s creative designs, located in Saudia Arabia!

Sources: https://www.linkedin.com/posts/forrec_beforeandafter-behindthescenes-forrec-activity-7021162737326063616-z1kU and https://mags.businessinfocusmagazine.com/e_mag/BIFNADec2022/#page=18

I don't know if this is a part of Lagoona or instead of Lagoona or in addition to Lagoona, but Rixos Emerald Shores, an upcoming resort in King Abdullah Economic City, will have a small waterpark:




Source: https://issuu.com/beratkagans/docs/beratkaganseker_portfolio

Currently K Max Cinema, Juman Kart, swimming pool and Mini Golf are active in the region with ticketing provided by Gantner Ltd.

There is not yet a word on the following phase of construction which should include the Motor Park. I presume that this is either scrapped or at least on hold.

In August it looked like the housing market was failing KAEC and the rulers were looking for ways to encourage local residents to buy up property.

Saudi nationals can benefit from housing offers and real estate financing to buy constructed homes or residential land

Saudi Arabia’s King Abdullah Economic City (KAEC) has inked a cooperation agreement with National Commercial Bank – the kingdom’s second-largest bank by market capitalisation – to provide financing solutions compatible with the provisions of the Islamic Sharia law.

Real estate owners in KAEC can also benefit from the Ministry of Housing’s mortgage products, self-construction of homes, completion of construction of homes, and housing support, according to the state-run Saudi Press Agency.

Perhaps the lack of news on the theme park and attractions front is due to this lack of interest in the housing market which is being used to fund the leisure developments?

Source: https://www.constructionweekonline.com/business/266871-saudis-kaec-inks-deal-to-provide-financial-solutions-on-homes-land

The most up to date mention on the theme parks I can find is from April 2019. Does anyone know if these are still going ahead or if they are now being removed from the projects?

The total investment in Lagoona District, the latest integrated leisure and entertainment component of King Abdullah Economic City (KAEC), is expected to reach SAR 18.5 billion ($5 billion), a senior company executive told Argaam.

The 8-million square metre district will have 18 attractions, including two theme parks, a motor park and over 2,100 hotel rooms.

Lagoona Motorpark, a component of the first phase of the district, will open in September this year, Mohammed S Ballout, senior director and head of Leisure and Retail Operations, KAEC, said in an interview on the sidelines of the "Theme parks and Entertainment Development Forum Middle East" in Dubai on Tuesday.

This is the motorpark which was meant to open in September 2019 but I can't find that this opened either.



Source: https://www.argaam.com/en/article/articledetail/id/604649

According to King Abdullah Economic City's third quarter 2019 Investor Relations Presentation, they want to break ground on phase 1a of Lagoona by 2021. Also, "Lagoona Fun District" funding from the Public Investment Fund has been secured.

Sources: https://www.kaec.net/wp-content/uploads/2019/12/EEC-Investor-Report-Q3-2019.pdf and https://www.kaec.net/wp-content/uploads/2018/11/EEC_Investor_Report_Q3_2018_F.pdf

A destination focused on the Leisure & Domestic Tourists - Saudi families and youth.

Creating active programs that engage a natural lagoon and waterfront, integrates wildlife & parks, resorts and attractions.

Brining to life immersive experiences with theme parks, shopping, dining and entertainment united around a waterfront “LAGOONA BOARDWALK”

Source: http://www.kaec.net/wp-content/uploads/2018/05/EEC%20IR%20Presentation%20Q4-2017.pdf

A November 2016 interview with the project CEO mentions theme parks:

This will boost another goal of Vision 2030, which is tourism development, he said.
“We are building golf courses, theme parks, zoos, safaris,” KAEC CEO Fahd Al-Rasheed said, calling tourism “the most strategic sector” for the KAEC.

Source:
http://www.arabnews.com/node/1011786/business-economy

Will Six Flags and SeaWorld become part of KAEC?

http://www.themeparx.com/six-flags-saudi-arabia/
http://www.themeparx.com/seaworld-saudi-arabia/