No, it's not 1 April.

Saudi Arabia really has just unveiled a plan to convert an old oil rig into a fun park.

Imaginatively called The Rig, the oil and gas-themed attraction will cover 150,000 square metres offering "extreme rides", according to its developer, the country's Public Investment Fund (PIF).

Fresh from buying English football club Newcastle United, PIF continues to demonstrate a willingness to diversify away from oil — and even use it as inspiration to part tourists from their dollars.

The Rig is described as the "world's first tourism destination inspired by offshore oil platforms," which is admittedly a niche field.

The theme park will comprise three hotels with 800 rooms, a marina for 50 boats and 11 restaurants spread over a number of connected platforms, as well as rollercoasters, bungee jumping and skydiving.

Design drawings released online also appear to show water slides and zip wires.

A promotional video features go-kart racing, a Ferris wheel and a father and son examining a rotating schematic of a rig on a jazzy looking screen.

A big draw?

"This project is a unique tourism attraction, expected to attract tourists from around the world," PIF said in a statement.

A completion date or location has not been specified, although the plan is part of a strategy covering the period up to 2025 as the country tries to realise its Saudi Vision 2030 goal to reposition the Middle East oil producer as an attractive place to visit.

Saudi Arabia has been battling to overcome negative publicity surrounding its human rights record in recent years.

The country has set up a number of new companies to boost tourism, including the Red Sea Development Company, Alsoudah Development Company and the Cruise Saudi Company.

One Twitter user responded to the PIF's launch Tweet by saying: "This looks AWESOME. Can we have one in the North Sea just off Newcastle coast?"

Another user answered: "I think the fund only bought the club, not the entire city."