Vision 2030 Seeks to Bolster Sports Sector

by shariff mohammed | May 02, 2017

Saudi Arabia’s Council of Ministers has approved the organizational procedures for the General Authority of Sports in order to promote games and sports in the Kingdom. The newly approved measures mainly aim to organize and develop the sports sector. In line with these measures, Fahad Al-Thunyan, Chairman of the Sports Committee of Asharqia Chamber talked about investment potential in the Saudi sports sector.

How do you see investment prospects in the Kingdom’s sports sector?

Initially, it is important to hold workshops and meetings focusing on opportunities of sport investments generated in the wake of the Saudi Vision 2030. And then there is a need to improve the investment environment in the Kingdom. The startup of some clubs through the community partnerships with the support from the government and non-government agencies could be put to test. In order to popularize the sporting events, specialized integrated departments belonging to various sports clubs could be set up in cooperation with specialized companies.

Most importantly, development of strong infrastructure is a must to improve all kinds of games and sport in the country. Activating sports and adventure tourism program and focus on young people individually or collectively should be part of other activities to be undertaken. Organized tourist groups for young people to visit the sports clubs will help activate the sports tourism. Finally, it could be predicted that the Kingdom with already a retail sports market of SR30 billion, has created an attractive environment for sports investments.

How do you explain ROI (Return on Investment) in the sports sector?

Return on Investment (RoI) is the benefit to an investor resulting from an investment in any field. A high RoI means the investment gains more favorably to investment cost. As a performance measure, RoI is used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. In sports, sector let us talk about sponsorship for example. Sponsorship encourages sports and it has been growing conspicuously in the Kingdom in recent times.

Which are the areas in the sports sector which require more investments?

We need to pay more attention to infrastructure development and to ensure its availability for all games. The existence of international professional stadiums will help to attract the world's most important matches and events and therefore more investments. What prevents the presence of Car Racing Tracks to host major international events (Formula 1) or other races. All this comes from having a strong sport infrastructure and makes us reap benefits that will be supporting the national economy.

How vision 2030 is going to boost the sports sector?

Saudi Arabia has taken new measures to develop its sports sector, as the Kingdom seeks to diversify its economy. The Saudi cabinet approved new regulatory arrangements for the General Authority for Sports in a bid to develop the country’s sports sector. Saudi Council of Economic and Development Affairs (CEDA) had directed the General Authority of Sports to create a Sports Development Fund. The fund’s objectives include: providing loans and facilities for sports clubs, promoting sports events, contributing to privatize sports clubs, and setting up and financing multi-purpose sports incubators under an institutional umbrella to create as many as 40,000 jobs for Saudis. Saudi Arabia is heavily focusing on diversifying its economy away from oil. Its ambitious Vision 2030 seeks to bolster and develop new industries and sectors, including sports.

 

 

Send your Comments

  1.    
     
     
      
       

 
      Print                     Subscribe

Follow Us

 

More ad in this place