Saudi Arabia is making an investment in HyperSpace, a digital theme park start-up that launched its inaugural location in Dubai last year. HyperSpace specializes in designing, constructing, and managing technologically advanced parks within shopping centers, offering a fusion of digital and physical entertainment experiences, including gaming.
As reported by the Financial Times, the majority of the $55 million in debt and equity raised by HyperSpace, the digital theme park start-up, was provided by the kingdom’s Riyadh Season, an annual art and culture festival. The latest funding round was led by Galaxy Interactive, a venture capital firm based in New York, and saw participation from other international investors.
Read more: Upcoming attractions in Saudi worth waiting for
According to Alexander Heller, the co-founder and CEO of HyperSpace, shopping centers need to discover the “cool factor” in order to attract visitors. In an interview with the FT, he mentioned that the current trend in the industry is focused on creating more experiential environments. In line with this, HyperSpace opened its first venue, named Aya, in Dubai’s Wafi City shopping mall in December of the previous year. Spanning 40,000 square feet, Aya offers a unique and immersive experience to visitors.
House of Hype
HyperSpace’s new venue in Dubai, named House of Hype, is set to be a 100,000-square-foot attraction located in the Dubai Mall. Simultaneously, in a few weeks as part of Riyadh Season, the Saudi Arabian park will open in Boulevard Riyadh City.
As part of its efforts to diversify the economy and decrease dependence on oil, Saudi Arabia is undertaking various attractions and giga-projects. Earlier this year, the kingdom’s sovereign wealth fund established Asfar, a tourism investment company. Furthermore, the annual report for 2022 revealed that the fund’s assets under management exceeded 2.23 trillion riyals ($594 billion).
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