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Saudi sports products retail market to hit $8bn

JEDDAH, November 13, 2015

The value of the Saudi Arabian sports products retail market is approaching SR30 billion (approximately $8 billion) with an annual growth of eight per cent, according to a newly released economic report.
 
The report also estimated that investment in the kingdom's sport market enabled it to top Middle East markets.
 
The report provides investment implications that can be described as pivotal that the concerned authorities in the kingdom support sports and health initiatives with about SR29 billion dedicated to social projects including the construction of new sports centres throughout Saudi Arabia.
 
For more attraction of market attention, the report pointed out that the kingdom is currently running a key project for the development of sports in Saudi Arabia with a budget exceeding SR18 billion and is scheduled for completion next year.
 
The kingdom's only major international sports and fitness exhibition Saudi International Sport and Fitness Exhibition will run from November 25 to 28 at the Jeddah Centre for Forums and Events. It is being organised by Reed Sunaidi Exhibitions.
 
The importance of this event arises from the need for further development in sports and fitness industry in Saudi Arabia where there is still too much to do and also in light of the Kingdom’s continuous pursuit to develop the Sports Sector by improving sports and fitness infrastructure and facilities in the country which needs local and international expertise.  
 
With the growth of sports and entertainment infrastructure along with the boom in the hospitality industry in Saudi Arabia, public and private investments in sports industry recorded an annual increase of 40 per cent.
 
These investments included privatisation of sports clubs as an economic strategy. Moreover, the emergence of women’s sport activities required establishing dedicated sports facilities exclusively for women.
 
John Tappin, show director, said: “It is known that in any line of work a simple streamlined process is required to have effective results. The sport club operators need to sit down with their association and discuss these issues, pointing out the challenges they face and to come up with suitable solutions. Until this is done the development process will be stifled!
 
“We aim to be the focal point for sport and fitness in KSA while providing a platform for training and education which is lacking in the Kingdom. Hence we are looking to attract the professional trainers and instructors associations and sporting institutions not only in Saudi Arabia but around the GCC. In view of this we will collaborate with the Josoor Institute, Qatar to hold a seminar on Sports Business Development which tackles the business side of sports.”
 
“The objective of the event is to promote public wellbeing and healthy living through education, demonstration and activities whilst providing a trading and sourcing platform for the Sport, Fitness, and Wellness industry. We want people to realize that fitness should be a lifestyle and not just something you do sparingly,” he said.
 
“Saudi Sport and fitness sector development needs over the next five years are currently valued at $20 billion. Reports suggest that the Saudi sport and fitness market is worth close to $20 billion and it is believed that with the current population and lack of infrastructure and facilities it will take close to that amount if not more to develop this sector," said Toppin.
 
"The expectation is to see more of the top brands and to see more live demonstrations. Equally, participants would like to connect with sports influencers and they would like to see some local sporting personalities and key buyer groups compared to last year’s exhibition,” he added. - TradeArabia News Service



Tags: Saudi | increase | retail | market | Sport |

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