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Saturday, April 13, 2024

Saudi Arabia launches sports clubs investment and privatization project

Date:

Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud on Monday launched the Sports Clubs Investment and Privatization Project.

The project aligns with the ambitious objectives of Saudi sports within Vision 2030, encouraging and enabling the private sector to contribute to the sports industry’s growth, the Saudi Press Agency reported.

The project includes the approval of corporations and public sector organizations investing in sports clubs, with investment amounts corresponding to each club’s value.

It also involves privatizing sports clubs starting from the final quarter of 2023.

The project aims to foster investment opportunities in sports, financial sustainability in sports clubs, and enhance clubs’ competitiveness and infrastructure.

As part of the project, the Saudi Pro League, which boosts players from over 40 countries and has seen attendance increase by nearly 150 percent last year, will be supported in its ambition to be the top ten leagues in the world.

Furthermore, the project aspires to raise the league’s commercial revenues from 450 million riyals (120 million U.S. dollars) in 2022 to over 1.8 billion riyals annually while generating private-sector investment opportunities and increasing the market value of the Roshn Saudi League from 3 billion riyals to more than 8 billion riyals by 2030.

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