France and Saudi Arabia formalize €6 billion deal to redevelop former Mirapolis site

French and Saudi officials have signed a memorandum of understanding covering a major investment aimed at redeveloping the site of the former Mirapolis amusement park, which closed its doors in 1991. The agreement is valued at around six billion euros.

The plan envisions both taking over and developing the former park's grounds, alongside the creation of 50,000 square meters of green space dedicated to biodiversity. Backers of the project describe it as intended to be an environmental "model," while also positioning it as a driver of economic development for the surrounding area and for France's tourism sector more broadly. However, no specific timeline for construction or completion has been announced at this stage.

Signed as part of broader partnership

The memorandum was signed by French Economy Minister Roland Lescure and the head of Qiddiya Investment Company, a subsidiary of Saudi Arabia's sovereign wealth fund, in the presence of the two countries' heads of state. It forms part of a wider package of agreements concluded under a strategic partnership between France and Saudi Arabia.

Mirapolis operated as an amusement park before shutting down more than three decades ago. Its former site is now set to be given a new purpose, combining environmental sustainability goals with regional economic growth objectives.