Sunday, 17 October 2021 06:58 GMT

Saudi Arabia stands out in sports investments


(MENAFN- Brazil-Arab News Agency (ANBA))

São Paulo – Saudi Arabia is establishing itself as the main driver of growth in the Middle East sports industry. Sports have advanced from contributing SAR 2.4 billion (about USD 640 million at the current rate) to the Saudi economy in 2016 to SAR 6.5 billion (about USD 1.7 billion) in 2019, with an expectation of reaching SAR 18 billion (about USD 4.8 billion) in 2030. Pictured above, a gym in Jeddah.

Information on the country's prominence in the field was published on the Saudi news agency Arab News website, based on a report by the United States – Saudi Arabia Business Council. The growth projection until 2030 is from the Kingdom's Ministry of Sports.

The growth in the contribution of sports to the Saudi Gross Domestic Product (GDP) was driven by the fact the country is populous — having the highest number of inhabitants in the Gulf Cooperation Council (GCC) — and over two-thirds of its population is under the age of 35. Vision 2030, the Saudi government's plan for growth in several areas outside the oil sector, also favors sports.

Figures released by the General Authority for Statistics (GAStat) in 2020, before the pandemic, showed that Saudi participation in sport jumped from 13% to 20% of the population after the launch of the local quality of life program. The government plans to raise the percentage to 40% by 2030 with investments in sports facilities, expansion of training for women and children, and bolstering the country as a sporting destination.

Saudi Vision 2030 has opened up opportunities in the sports industry for local and international companies as part of the efforts to increase youth participation in sports, use the private sector to fill infrastructure and knowledge gaps in the field, and leverage the country's reputation for leadership in the segment. Saudi Arabia has planned or under construction sports projects worth SAR 11 billion (about USD 3 billion).

Translated by Elúsio Brasileiro

The post Saudi Arabia stands out in sports investments appeared first on Agência de Notícias Brasil-Árabe .

MENAFN24082021000213011057ID1102670441


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.