Ministry of Investment signs 14 agreements in sports, entertainment, industry sectors

The Ministry of Investment signed 14 agreements with global entities in various sectors.

In a tweet, the ministry said five agreements were sealed in the motorsports field on the sidelines of Formula 1 motor racing event to develop this promising sector in the Kingdom.

The agreements included support for the launch of BAC Sports brand as well as sales and manufacturing of its cars and hosting of its championships. They also entailed backing for car racing track infrastructure projects and partnerships to host events. This is besides the establishment and activation of car racing tracks as well as hosting and management of sports and entertainment events.

Furthermore, the agreements included supporting investors’ entry into the Saudi market, establishing a new infrastructure for qualifying professionals in motorsports, as well as setting up Formula 4 academies in the Kingdom. This is in addition to qualifying talents in the fields of professional car driving, engineering, among others, while helping investors achieve strategic plans for the future of motorsports in the Kingdom, strengthening partnerships with the public and private sectors, and developing qualitative projects that serve this field locally.

The ministry also signed six other investment agreements with leading sports bodies in various fields, to contribute to the development of the sports sector in its various fields in the Kingdom.

Another two investment agreements were sealed with specialized parties in the entertainment sector, to support investors to enter the Saudi market and develop qualitative projects in the Kingdom.

As for the industrial sector, the ministry concluded an agreement with Liebherr, to enhance the company's investments in the Kingdom, as well as bolster the expansion of its products and localization of its technologies.