French President Emmanuel Macron announced on Monday that Saudi Arabia will invest €6 billion to develop three theme parks in the northwestern suburbs of Paris. The deal was sealed during a visit by Saudi Crown Prince Mohammed bin Salman to the French capital, where the two leaders also discussed broader economic and strategic issues, according to the Élysée Palace.
In a post on X, Macron described the project as an "extraordinary announcement" that would turn the area into a "new global destination" and generate 22,000 jobs. The parks are to be built in Cergy-Pontoise, on the site of the former Mirapolis theme park, which closed in the 1990s. Among the attractions planned is a manga-themed park, reflecting the enduring popularity of Japanese comic art in Europe.
Macron thanked Qiddiya, the Saudi investment firm leading the development, and said: "Nothing like this has been seen since Disneyland Paris." The reference underscores the scale of the project, which is set to become one of the largest entertainment investments in France.
A strategic partnership beyond entertainment
The announcement comes amid a broader rapprochement between France and Saudi Arabia, with Macron rolling out the red carpet for the crown prince earlier in the day. The two countries have been deepening ties in areas such as energy, defence, and technology, even as human rights groups continue to criticise Riyadh's record.
The investment is also a boost for the Île-de-France region, which has been seeking to diversify its tourism offerings beyond the capital's traditional landmarks. Cergy-Pontoise, a new town about 30 kilometres northwest of Paris, has struggled with economic development since the closure of Mirapolis, and the project is expected to provide a significant local stimulus.
For Saudi Arabia, the move is part of a wider strategy to invest in European assets and project soft power, following similar ventures in sports and entertainment. The crown prince's Vision 2030 plan aims to reduce the kingdom's dependence on oil, and international investments are a key pillar of that strategy.
The parks are expected to attract millions of visitors annually, positioning France as a leading destination for theme park tourism in Europe. Disneyland Paris, located east of the capital, currently dominates the market, but the new development could reshape the competitive landscape.
Local officials have welcomed the project, though some residents have expressed concerns about environmental impact and traffic congestion. The developers have promised to incorporate sustainable design and to work with local communities to mitigate disruption.
The announcement also comes at a time when France is seeking to attract foreign investment to boost its economy, which has faced headwinds from inflation and global uncertainty. The government has introduced reforms to make the country more business-friendly, and the Saudi investment is seen as a vote of confidence.
Analysts note that the deal could have geopolitical implications, as France seeks to balance its relationships with Gulf states and its European partners. The EU has been cautious in its dealings with Saudi Arabia, but bilateral investments like this one are often handled at the national level.
Construction is expected to begin within the next few years, with the first park potentially opening by the end of the decade. The project will be developed in phases, with the manga-themed park likely to be among the first to launch, given its broad appeal across age groups.
As Europe's tourism sector continues to recover from the pandemic, the new parks could provide a significant boost to the French economy and create thousands of jobs in a region that has faced high unemployment. The project also highlights the growing role of Gulf sovereign wealth funds in European infrastructure and entertainment.
