The park will be part of a 3-billion-square-foot project that will include restaurants, hotels, as well as Universal Studios and DreamWorks theme parks.

Six Flags is expected to break ground on the park in 2009.

"This is a historic day for our company," Six Flags President and CEO Mark Shapiro said in a statement. "Expanding Six Flags beyond our current North American borders validates the growing strength and momentum of our brand."

"We now have the opportunity to create a world-class theme park destination that will allow guests from around the globe to experience Six Flags' unique combination of thrills and entertainment."

The project is a partnership between Six Flags Inc. and Tatweer, a member of Dubai Holding. This is the first Six Flags project to be developed outside North America.

For more information visit Los Angeles Times.