Saudi signs 14 deals, boosting the sports business at the Jeddah Grand Prix

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Saudi signs 14 deals, boosting the sports business at the Jeddah Grand Prix

 On Sunday in Jeddah, the Saudi Arabian Grand Prix was won by Sergio Perez against Max Verstappen, the current world champion and Perez's Red Bull teammate.t  Nonetheless, a number of agreements were also inked at the international event to strengthen the fast-growing sports industry in the kingdom.

According to the national news agency SPA, the Saudi Arabian Ministry of Investment (MISA) signed 14 investment agreements in the nation's sports, entertainment, and construction industries.

The agreements were inked as a part of a wide-ranging sponsorship program run by Invest Saudi, the organization in charge of promoting foreign investment in the monarchy. The prices of the transactions weren't made public.

Twelve of the agreements were made with sports organizations representing a variety of sports, in keeping with the Vision 2030 national development policy of the nation, which calls for expanding both community sports activities and the existence of thriving sports industries in the country.

According to SPA, Saudi Arabia expects the non-oil industry to contribute at least $22 billion to the nation's gross domestic product by 2030, with plans to invest $2 billion in sports by 2024.

Following the Jeddah Grand Prix, new collaborations included agreements with the sports car producers Saudi Arabian VeloceLife and the UK-based Briggs Automotive Company (BAC) to establish a BAC sports car manufacturing facility in the country.

A contract was inked by Seedorf Group and UK gym operator PureGym Group for the establishment of sports academies and ancillary medical clinics. 

In order to host future championships in the kingdom, GP Formula 4 will launch a number of Formula 4 academies.

To highlight the investment potential of Saudi Arabia's quickly developing sports industry, Invest Sport, MISA's investment accelerator, held workshops with the CEO of the Asian Autosport Action Group, Peter Thompson; the CEO of VeloceLife, Faisal bin Laden; and MISA Sport Sector Manager Basim Ibrahim.


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