Tuesday, July 16, 2024
Today’s News

UK Investors are Being Urged to Enter the $22 Billion Sports Market in Saudi Arabia by 2030.

RIYADH: Saudi sports are expected to have a market value of SR84 billion ($22.38 billion) by 2030, an official told a London gathering, encouraging UK investors to get involved in the industry.

The sports market in the Kingdom is estimated to be worth roughly SR30 billion, according to Basim Ibrahim, Director of Sports Sector Investment Development at the Ministry of Investment, during the UK-Saudi Sports Investment and Innovation Forum.

On the fringes of the UK-Saudi Sustainable Infrastructure Summit, the Saudi Press Agency reported that the Saudi Chambers of Commerce, represented by the Saudi British Joint Business Council, organized the event.

This forum occurs amid notable advancements in the country’s sports industry, propelled by Vision 2030 programs that have established the Kingdom as a top international location for athletes, competitions, and associated investments.

The CEO of the Saudi Electronic Sports Federation, Turki Al-Fawzan, said at the event that 67 percent of Saudis are fans of sports and video games on their phones.

The sports and entertainment sector in the Kingdom grew at an annual rate of 12 percent between 2018 and 2023, according to Mohammed El-Nemer, vice chairman of the Saudi British Joint Business Council. This indicates that people are becoming more interested in recreational and sports activities.

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Tuesday, July 16, 2024

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