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Oryx Holdings and Six Flags Announce Strategic Partnership to Develop Six Flags Branded Location in Qatar

December 4, 2008

DOHA, Qatar, Dec. 4 /PRNewswire-FirstCall/ — Qatar Entertainment City (QEC), the mixed-use development in Lusail, Qatar announced today in a signing ceremony between Oryx Holdings, a Qatari based diversified group, and Six Flags, Inc., one of the largest, most widely recognized theme park operators in the world, that a Six Flags branded location will be open within QEC by mid-year 2012.

The signing ceremony took place at the Four Seasons Hotel, Qatar, attended by Assam Shaikh – Vice Chairman and Managing Director, Oryx Holdings; Mark Shapiro – President and Chief Executive Officer, Six Flags; and Yousef Darwish – General Manager, Qatar Entertainment City.

Under the binding agreement, Six Flags will provide concept development and planning services to Oryx Holdings for the creation of a 50,000 square meter (500,000 square ft) Six Flags branded location within QEC. Once this initial phase is finalized, Six Flags and Oryx Holdings will collaborate on the detailed design, development, construction and management of the branded location.

Oryx Holdings Vice Chairman and Managing Director, Assam Shaikh commented, “Six Flags brings 47 years of theme park industry experience and a world renowned entertainment brand to create a best in class tourist destination within QEC. The partnership will help further establish and push Qatar’s initiatives for family tourism, attracting investments as well as keeping in-line with its growing economy. For the implementation, Qatari resources will be sought in all elements of the project as and when available.”

Mark Shapiro, President and Chief Executive Officer said, “Extending the Six Flags footprint beyond Dubai represents another strategic step in our international expansion and further solidifies our reputation as a world-wide leader in family entertainment. We are thrilled to be on the ground floor of what will surely be a treasured destination.”

Yousef Ali Darwish, General Manager of QEC said, “There is no time to waste in the development of what will be the most attractive tourist destination within the region. Thanks to the expertise of Six Flags and Oryx Holdings, QEC is on its way to becoming the place of choice to have a relaxed and entertaining time for families – whether residents or visitors alike. This is in-line with the original strategy to attract major international partners for QEC.”

Qatar Entertainment City, an award-winning project, is the first project being implemented under the ‘Entertainment City’ concept – developed by Abu Dhabi Investment House. The project is a holistic, fully integrated family entertainment destination covering a total area of 1 million square meters of development and 180,000 square meters of international leisure, retail entertainment and restaurants situated with a waterfront location.

About Oryx Holdings

Oryx Holdings has diversified companies under its umbrella including PCSI Global, Atlantic Capital Group and Qatar Coral to name a few. PCSI Global is one of the largest general contractor/developer of the PearlQatar with over 2.5 billion Qatari riyal (750 Million USD) in group activities. Atlantic Capital Group is a boutique financial services company with an achievement of raising finance for real estate projects in excess of $ 1 Billion US Dollar. Qatar Coral is another land developer with multi-billion dollar contracts at hand. The Group owns various companies engaged in construction, trading, real estate development, engineering, interior design and furnishings, education, retail, as well as other businesses. Abdulla Al-Joffary Chairman of Oryx Group Board also serves as the Vice-President of the Board & Managing Director of Wataniya Restaurants, a restaurant holding corporation in the Middle East with over 25 Million USD capital.

About Six Flags, Inc.

Six Flags, Inc. is the world’s largest regional theme park company with 20 parks across the United States, Mexico and Canada. The company recently announced an historic agreement with Tatweer, a member of Dubai Holding, to develop the first exclusive Six Flags theme park in the Middle East – Six Flags Dubailand(R). The 5 million-square-foot park is scheduled to open in 2011 and marks the first of several Six Flags parks to be built across the Arab world and beyond. Founded in 1961, Six Flags has provided world class entertainment for millions of families with cutting-edge, record-shattering roller coasters and appointment programming and special events such as the weekly Summer Concert Series, Fright Fest and Holiday in the Park. Now 47 years strong, Six Flags is recognized as the preeminent thrill innovator while reaching to all demographics — families, teens, tweens and thrill seekers alike — with themed attractions based on the Looney Tunes characters, the Justice League of America, skateboarding legend Tony Hawk, The Wiggles and Thomas the Tank Engine. Six Flags, Inc. is a publicly-traded corporation (NYSE: SIX) headquartered in New York City.

About Qatar Entertainment City

Qatar Entertainment City, the first of the ‘Entertainment City‘ chain developed by Abu Dhabi Investment House, will feature world leading entertainment facilities that will include a water park, rain forest, aquarium and 4D theatre. The development is divided into five distinct districts: Down Town – a vibrant leisure, retail and entertainment hub at the heart of the development; Board Walk – set on the Gulf shore with beach-front restaurants and shopping malls, five star hotels, and an aquarium; North Shore – with residential and hotel towers and modern apartments adjacent to a state-of-the-art water park; South Shore – a resort-style blend of villas, apartments and beach hotels set in a waterfront living environment with retail, leisure and dining amenities; and The Villas – a residential district in a prime location close to the Down Town hub and a nature reserve. Each of the five districts will be linked by a canal, with water taxis and air-conditioned tracks meandering through luxury villas, sea view apartments, five star hotels, boardwalks, beaches, restaurants, cafes, shops and world-class entertainment zones.

QEC has recently won CNBC Arabia’s award for the best development in Qatar.

About Abu Dhabi Investment House

Abu Dhabi Investment House (ADIH) was established in 2005 by a combination of leading financial institutions and a group of prominent businessmen and investors from the Gulf region. The main focus of ADIH is to tap into and explore the existing and emerging potential of private equity, corporate finance, real estate, asset management, investment placement, in addition to managing Initial Public Offerings (IPOs), as well as, the management of domestic and international securities. ADIH enjoys unique relationships with various and numerous leading financial and investment institutions, including prominent decision makers within the GCC and Europe.

Since inception, ADIH has been associated with major landmark infrastructural projects across the region including: Beirut Gate (Lebanon), award-winning Qatar Entertainment City (Qatar), India Entertainment City (India), the Porta Moda Concept (Style City), Porta Moda Marrakech, Sunset Hills, Porta Reef and The Lagoon – Amwaj Islands (Kingdom of Bahrain), in addition to enormous successful investment funds.

As par of its ‘Entertainment City’ concept, ADIH has formed the ‘Entertainment City Advisory Board’ consisting of major international leaders of the entertainment industry such as leaders of Starcut, Coca Cola, Six Flags, Premier Exhibitions, Rock and Roll Hall of Fame, RedZone Capital, Sony BMG, AEG Live and Intersports.

SOURCE Six Flags, Inc.


Source: newswire



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