Extreme, a global pioneer of extreme and adventure sports since 1995, and Sumou Holdings (through its subsidiary, Fast Service) have announced a joint venture in Saudi Arabia to build an end-to-end events and arena business in the country.
Sumou Holdings of Saudi Arabia is a world-class institutional investor that creates growth in business sectors strategically important to the local and global economy. Extreme brings 25 years of sports, entertainment and leisure experience to the kingdom.
Extreme Saudi will bring a number of leading global event brands to the country - including two Union Cycliste Internationale (UCI)-sanctioned cycling events (both a road race and a downhill mountain bike event) in the first quarter of 2020 - as well as exclusively supporting brands to enter Saudi Arabia for the first time. The arenas, which the joint venture will design, develop, build and operate across key cities in the kingdom, will provide a platform for showcasing a whole range of exciting entertainment offerings.
To broaden the visitor base to the kingdom and drive both local and global interest, Extreme Saudi will harness Extreme’s brand, its digital media platforms and 128 sponsored athletes, with a combined reach of more than 100 million people globally on a monthly basis.
The long-term strategic partnership between Extreme and Sumou Holdings will contribute to the economic diversification of Saudi Arabia and support the 2030 Vision. This will enhance the country as a tourist destination and support its leisure and entertainment industries. Reinforced via world leading extreme and adventure sports events, the kingdom will become synonymous with high-quality events and entertainment worldwide, said the statement.
Alistair Gosling, founder and chief executive of Extreme and advisory board member of Qiddiya, said: “I am truly excited about this partnership and we are eager to share some of the incredible things planned. Sumou Holdings are the perfect partner for Extreme and together we feel we can make a real difference and positive impact towards the 2030 Vision.”
Saeed Al Nahdi, chief executive officer of Sumou Holdings, said: "Our partnership with Extreme emphasises our long-term role in boosting tourism, creating jobs and diversifying the local economy." - TradeArabia News Service