Saudi Arabia’s King Salman has launched construction of an “entertainment city” near Riyadh, part of a series of multi-billion dollar projects aimed at helping the oil-dependent kingdom diversify its economy.

The project is part of a sweeping reform and investment programme dubbed “Vision 2030”, the brainchild of Crown Prince Mohammed bin Salman, who also attended the launch ceremony at the site on Saturday evening.

Authorities have touted the 334-square kilometre (130 square miles) project in Qiddiya, southwest of the capital, as the kingdom’s answer to Disneyland. Its first phase, which includes high-end theme parks, motorsport facilities and a safari area, is expected to be completed in 2022, officials say.

They hope the park will draw in foreign investment and attract 17 million visitors by 2030. The kingdom this month hosted its first public film screening in over 35 years, having lifted a decades-long ban on cinemas last year.

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