Saudi Crown Prince Mohammed bin Salman launched the Sports Clubs Investment and Privatization Project on Monday. It aligns with the Vision 2030 goals to elevate the sporting scene in the Kingdom.
The announcement, carried by the official Saudi Press Agency (SPA). It comes after the first stage of implementation procedures completed.
The Kingdom’s sports scene, which has seen a boost through several sporting events. Thus, seeks to encourage and enable the private sector to contribute to the industry’s growth.
In a move that aligned with the project, the Kingdom announced on Monday the transfer of 75 percent of the ownership of Al Ittihad, Al Ahly, Al Nasr and Al Hilal clubs to the Public Investment Fund (PIF).
The announcement hasmade during a news conference held by Saudi Arabia’s Minister of Sports Prince Abdulaziz bin Turki al-Faisal. Also, helps to discuss the newly launched project.
The privatization and ownership transfer of clubs aims to accelerate progress in various sports across the Kingdom by 2030. Thus, increasing competition and nurturing future champions.
The Sports Clubs Investment and Privatization Project comes when more Saudis are becoming increasingly active in sports, according to SPA.
The report noted that “mass participation in sports has increased from 13 percent in 2015 to close to 50 percent in 2022. And the number of sports federations has increased from 32 in 2015 to over 95 in 2022,” reflecting on this sector’s huge investment potential.
