Saudi sports market value rises to SAR 27 bln: Ministry of Investment

Bassem bin Khalil Ibrahim, Director of Sports Sector Investment Development at the Ministry of Investment

Bassem bin Khalil Ibrahim, Director of Sports Sector Investment Development at the Ministry of Investment, revealed that the size of the sports market in the Kingdom rose to SAR 27 billion during the year 2023, compared to SAR 24 billion in 2022.

In an interview with Argaam, on the sidelines of the Leejam Day conference, Ibrahim added that this increase is the result of investments, development and transformation in the football league after attracting foreign players and developing the local league.

He also expected the market size to exceed SAR 100 billion when other sports games continue to be developed, indicating that the target is for the market to reach SAR 84 billion by 2030.

The sports sector is considered a key sector for the Ministry and the government in general, said the official, pointing to the unlimited support that the state has provided to this sector over the past 50 years given its great importance in serving society and promoting sports.

Ibrahim also highlighted the importance of transforming the sports sector, as it requires a move towards strengthening the role of the private sector in achieving growth with continued government support, which reaches about SAR 60 billion annually, with expected participation from the private sector of up to SAR 20 billion annually, which enables investors and companies to enter the market.

Furthermore, the ministry conducted a comprehensive study of the sports sector under the name “Sports Investment Plan”, with the aim of identifying trends and available opportunities. It is working to attract foreign and local investors to invest in the sports sector, which contributes to developing the sector by establishing partnerships with local companies, he added.

As for the available opportunities, the official unveiled the presence of 17 sub-sectors, of which 88 investment opportunities were formed, and the 15 most important of which were identified: open and closed sports facilities, technology in sports, sports service companies, sports operation, agencies specialized in sports, sports medicine, sports tourism and others.