Saudi Arabia is encouraging the UK investors’ community to venture into Saudi sports industry, with an official stating that the sector’s market value is expected to reach SAR84 billion ($22.38 billion) by 2030.
Basim Ibrahim, Director of Sports Sector Investment Development at the Ministry of Investment said the sports industry in the Kingdom is likely to be worth around SAR30 billion. He was speaking during the UK-Saudi Sports Investment and Innovation Forum event in London.
According to the Saudi Press Agency, the event, organized by the Saudi Chambers of Commerce and represented by the Saudi British Joint Business Council, took place on the sidelines of the UK-Saudi Sustainable Infrastructure Summit.
Saudi Arabia sports industry
This event took place in the midst of important developments in the country’s sports industry, propelled by Vision 2030 initiatives that have established the Kingdom as a top global destination for athletes, competitions, and associated investments.
Turki Al-Fawzan, CEO of the Saudi Electronic Sports Federation, said 67 percent of Saudi Arabia’s population enjoys sports and video games on their phones.
Mohammed El-Nemer, vice chairman of the Saudi British Joint Business Council, stated that the sports and entertainment industry in the Kingdom grew at an annual pace of 12 percent between 2018 and 2023. Therefore, this indicates that people are becoming more interested in leisure and sporting activities.
Read more: Saudi Arabia gears up for 1st Esports World Cup in July with over $60 million prize pool
Participants’ take on Saudi Arabia, UK sports sector
During the event, the participants emphasized prospects in sports investment across Saudi Arabia and the UK. They discussed ambitious growth goals, sports technology and esports. Moreover, they spoke about capacity building, infrastructure, and possible collaborations for investors from both countries.
The topics of discussion included organising big sporting events, international mergers and acquisitions, programmes to improve people’s quality of life. In addition, the unique opportunities for collaborations and investments between the UK and the Kingdom was also up for discussion.
The Ministries of Sports and Investment were present at the meeting, including the 100 senior officials and investors from the Saudi and UK sports industries.
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