RIYADH: UK investors have been encouraged to enter the Saudi sports sector, with an official telling a London event its market value is set to hit SR84 billion ($22.38 billion) by 2030.
During the UK-Saudi Sports Investment and Innovation Forum, the Director of Sports Sector Investment Development at the Ministry of Investment, Basim Ibrahim, stated that the sports market in the Kingdom is estimated at about SR30 billion.
The event, organized by the Saudi Chambers of Commerce and represented by the Saudi British Joint Business Council, took place on the sidelines of the UK-Saudi Sustainable Infrastructure Summit, reported the Saudi Press Agency.
This forum comes amid significant developments in the nation’s sports sector, driven by Vision 2030 initiatives that have positioned the Kingdom as an international destination for athletes, tournaments, and related investments.
During the event, Turki Al-Fawzan, CEO of the Saudi Electronic Sports Federation, stated that 67 percent of citizens enjoy electronic games and sports.
Mohammed El-Nemer, vice chairman of the Saudi British Joint Business Council, noted that between 2018 and 2023, the sports and entertainment sector in the Kingdom experienced an annual growth rate of 12 percent, highlighting rising interest in recreational and sports activities.
Participants at the forum highlighted opportunities in sports investment across Saudi Arabia and the UK, discussing ambitious sectoral growth plans, sports technology and esports as well as capacity building, infrastructure, and potential partnerships for investors from both countries.
Discussions at the event covered hosting major athletic tournaments, cross-border acquisitions, initiatives enhancing quality of life, and unique opportunities for partnerships and investments between the Kingdom and the UK.
The forum was attended by the Ministries of Investment and Sports, as well as 100 senior officials and investors from the Saudi and UK athletic sectors.