RIYADH: Saudi Arabia is quickly becoming a global centre for sports, from boxing to Formula One, golf to the FIFA World Cup. Beyond organising top-notch events, however, the Kingdom’s push is a crucial component of its economic diversification plan, Vision 2030. In an effort to increase tourism, open up commercial prospects, and make money from ticket sales, sponsorships, and television rights, Saudi Arabia has acquired the right to organise major athletic events, such as the LIV Tour of golf, tennis, and motorsports.
The Kingdom’s long-term ambition for sports as a significant economic driver was emphasised by Peter Daire, senior executive advisor of sports at PwC Middle East. “The Middle East sports industry, including Saudi Arabia, is expected to generate significant economic value, with our Global Sports Survey 2023 projecting that Saudi Arabia’s sports economy will contribute up to $5.9 billion by 2030,” he stated.
“Ongoing infrastructure improvements and the development of top-notch facilities throughout the Kingdom are the main drivers of this growth. Events like Formula E, the Saudi International Golf Tournament, Esports investments, and high-profile football games in the Saudi Pro League have also been a major contributor to drawing interest and capital from around the world, which has further boosted the travel and hospitality industries, Daire continued.
Also Read:
Following the Fatal 2017 Fire, London’s Grenfell Tower Will be Demolished
Mada Card Sales in Saudi Arabia Reached $53 Billion in 2024
