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Saudi Arabia investing millions in digital theme park start-up HyperSpace

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HyperSpace designs, builds and operates next-generation theme parks in shopping centres

Saudi Arabia is investing in digital theme park start-up HyperSpace, which opened its first site in Dubai last year.

Via the HyperSpace website, the company designs, builds and operates next-generation parks in shopping centres featuring digital and physical entertainment, including gaming.

According to a report by the Financial Times, the kingdom’s Riyadh Season – an annual art and culture festival – has provided the majority of the $55 million of debt and equity raised by HyperSpace.

The latest funding round was led by Galaxy Interactive, a New York-based venture capital firm. It included participation from other international investors.

Shopping centres need to find that “cool factor” to attract visitors, Alexander Heller, co-founder and chief executive of HyperSpace, told the FT. “Today, within that ecosystem, you’re looking at something that’s much more experience-driven.”

The first HyperSpace venue opened in Dubai in December last year. Named Aya, the 40,000-square-foot location can be found in the Wafi City shopping mall.

“There’s a big focus on expanding the business” to the rest of the world, Heller added. “We saw an opportunity in the location-based entertainment space and how that fit into the future of the retail ecosystem.”

HyperSpace plans to open a park in Riyadh in six weeks and another one in Dubai over the next few months.

Next-gen LBE experiences

The new Dubai venue, called House of Hype, will be a 100,000-square-foot attraction in the Dubai Mall. The Saudi park will open in Boulevard Riyadh City in a few weeks as part of Riyadh Season.

Saudi Arabia is creating a series of attractions and giga-projects in a bid to diversify the economy and reduce its reliance on oil.

Earlier this year, the kingdom’s sovereign wealth fund launched a tourism investment company called Asfar. It also released its annual report for 2022, which said its assets under management were more than 2.23 trillion riyals ($594 billion).

Images courtesy of HyperSpace

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Bea Mitchell

Bea is a journalist specialising in entertainment, attractions and tech with 15 years' experience. She has written and edited for publications including CNET, BuzzFeed, Digital Spy, Evening Standard and BBC. Bea graduated from King's College London and has an MA in journalism.

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