The Ministry of Investment of Saudi Arabia (MISA) facilitated a total of 14 investment agreements at the Saudi Arabian Grand Prix., reports SPA.
Aimed at developing the Kingdom’s sports, entertainment and construction sectors, the agreements were signed as part of a comprehensive sponsorship programme hosted by Invest Saudi, Saudi Arabia’s investment promotion entity.
Twelve of the agreements were signed with leading sports companies and span the breadth of the sports industry, in support of the Kingdom’s vision for the sector to increase mass participation in sports, nurture talent development and stimulate elite sporting success.
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, and Meritus Formula4 to explore the activation of the Formula 4 academies and host championships in Saudi Arabia.
Alongside these agreements, Invest Sport (MISA’s department responsible for accelerating investments across the Kingdom’s sports industry) hosted workshops with Peter Thompson, CEO of the Asian Autosport Action (AAA) Group, Faisal bin Laden, CEO of VeloceLife, and Basim Ibrahim, MISA Sport Sector Manager, who highlighted the investment potential of the burgeoning sports sector.
This year’s Saudi Arabian Grand Prix is the latest elite sporting event to be hosted in Saudi Arabia. Last month, the Kingdom hosted a high-profile boxing event between British boxer Tommy Fury and social media star Jake Paul; in January, the Spanish Super Cup was held in the historic district of Diriyah, and in October it was announced that the Kingdom would host the 2029 Asian Winter Games at the mountain resort Trojena.
Saudi Arabia’s sports sector has witnessed a significant development in recent years, fuelled by widespread social transformation and government commitment to invest $2bn in sports by 2024. The sector’s contribution to non-oil GDP is expected to reach over $22bn by 2030, with an additional $5bn in private sector contribution, providing significant opportunities for international investors.
Source: Bahrain News Agency