Saudi Arabia’s Minister of Investment, Khalid Al-Falih, announced the signing of 14 agreements to help develop the Kingdom’s sports and entertainment sectors. The deals were signed during Formula One’s Saudi Arabian Grand Prix in Jeddah.
The Ministry of Investment of Saudi Arabia (MISA) is seeking to support Saudi Vision 2030 by increasing public participation in sports and sponsoring talent development pathways.
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The agreements are supposed to benefit the sports industry and include high-quality projects, events, academies, and medical clinics.
The deals also seek to establish Formula 4 academies in Saudi Arabia, construct infrastructure projects for motor racing circuits and professional training circuits, as well as to assist investors in the field of sports studies and consulting.
New partnerships include agreements with:
- Sportscar manufacturer BAC Cars and VeloceLife to launch a leading manufacturing facility of BAC sports cars in Saudi Arabia.
- PureGym Group to support expansion of their gym and fitness facilities.
- Seedorf Group for the establishment of sport academies and sport medical clinics.
- Meritus Formula4 to explore the activation of the Formula 4 academies and hosting championships in Saudi Arabia.
Through its Invest Saudi platform, the ministry highlights all investment opportunities in the Kingdom and allows investors to identify promising opportunities in each sector.
Saudi Arabia’s sports sector has seen significant development in recent years fuelled by widespread social transformation and government investment commitments of $2 billion in sports by 2024. The sector’s contribution to non-oil GDP is expected to reach over $22 billion by 2030 with an additional $5 billion in private sector contribution required, providing significant opportunities for international investors.
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