Friday 9 June 2023

Saudi's Investment Minister Khalid Al Falih and officials at Invest Saudi

Invest Saudi aids 14 deals with sports entities at Saudi F1

RIYADH, March 20, 2023

The Ministry of Investment of Saudi Arabia (MISA) has facilitated a total of 14 investment agreements at the Saudi Arabian Grand Prix (F1).
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.
Leading sports companies
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 pathways 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.
·Meritus Formula4 to explore the activation of the Formula 4 academies and hosting championships in Saudi Arabia.
Alongside the 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, which 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 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.-- TradeArabia News Service


More Motoring Stories

calendarCalendar of Events