UK Investors Encouraged to Enter Saudi Sports Sector with Market Value Set to Soar
In a bid to attract UK investors, the Saudi sports sector is projected to reach a staggering SR84 billion ($22.38 billion) by 2030, according to officials at the UK-Saudi Sports Investment and Innovation Forum held in London.
Sports Market in Saudi Arabia Estimated at SR30 Billion
Basim Ibrahim, Director of Sports Sector Investment Development at the Ministry of Investment, revealed that the current market value of the sports sector in the Kingdom is around SR30 billion, signaling immense growth potential.
Vision 2030 Initiatives Driving Sports Sector Development
The forum, organized by the Saudi Chambers of Commerce and the Saudi British Joint Business Council, coincided with the UK-Saudi Sustainable Infrastructure Summit and highlighted the transformative impact of Vision 2030 initiatives on the nation’s sports sector.
Rising Interest in Electronic Sports and Recreational Activities
CEO of the Saudi Electronic Sports Federation, Turki Al-Fawzan, disclosed that a significant 67 percent of citizens in Saudi Arabia are avid fans of electronic games and sports, showcasing a growing trend in recreational activities.
Ambitious Growth Plans and Partnership Opportunities Discussed
With an annual growth rate of 12 percent between 2018 and 2023, the sports and entertainment sector in Saudi Arabia is attracting considerable interest from investors. Discussions at the forum centered around sports technology, esports, infrastructure development, and potential partnerships between Saudi Arabia and the UK.
Potential for Hosting Major Athletic Tournaments and Cross-Border Acquisitions
The forum also explored opportunities for hosting major athletic tournaments, cross-border acquisitions, and initiatives aimed at enhancing the quality of life through sports. Attendees included senior officials and investors from the Ministries of Investment and Sports, as well as representatives from both the Saudi and UK athletic sectors.