Science & Technology

Saudi Arabia Invests in HyperSpace.

In a move to diversify its economy, Saudi Arabia has been investing in technology and leisure industries. One notable investment is in the start-up company HyperSpace, which designs digital theme parks within shopping centers. With the support of Riyadh Season 2023, a government backed entertainment initiative, HyperSpace has raised $55 million in debt and equity. Led by Turki al-Sheikh, Riyadh Season aims to bring “a cool factor” to shopping centers and create an experience-driven environment to attract consumers.

HypeSpace Unique Concept

HyperSpace offers a unique concept of digital parks which blend physical and digital entertainment, including gaming. This concept appeals to Saudi Arabia’s young and technologically inclined population. Since its opening in Dubai nine months ago, HyperSpace has attracted nearly half a million enthusiasts to its park. The appeal lies in its 40,000 square-foot space and immersive experiences. HyperSpace plans to expand its operations not only in Saudi Arabia but also in the United States.

In an era dominated by online shopping, HyperSpace recognizes the potential of location-based entertainment spaces in shaping the future of the retail ecosystem. Saudi Arabia’s investment in HyperSpace reflects its commitment to diversifying its economy and embracing technology and leisure industries. As Saudi Arabia continues its efforts to attract foreign visitors and transform its economy, investments in innovative startups like HyperSpace play a crucial role in shaping the future of the country’s economy.

Saudi Arabia has been actively seeking to reduce its reliance on oil revenues by investing in various sectors. Alongside technology and leisure, the country has invested in electric vehicle production, sports teams, and tourism. These investments are part of a broader strategy to diversify the economy and move away from the oil industry. One key goal for Saudi Arabia is to become a global gaming hub, aiming to lure 100 million visitors annually by 2030.

Short link :

Related Stories

Back to top button