JEDDAH: Saudi Crown Prince Mohammed bin Salman has announced the launch of a sports clubs’ investment and privatization project in Saudi Arabia as part of the Vision 2030 initiative, according to the Saudi Press Agency.
The project aims to encourage private investment in the sports sector, with a focus on developing national teams, regional sports clubs, and practitioners at all levels. It is part of the broader Vision 2030 plan, which seeks to diversify the Saudi economy and promote social and cultural development.
In the initial phase of the project, approvals will be granted for various schemes and transfers of club ownership, while several sports clubs will be privatized. The objective is to create opportunities and provide a favorable investment environment in the sports sector, enhance professionalism, improve administrative and financial governance in sports clubs, and upgrade their infrastructure to deliver the best services to sports fans, thereby enhancing the overall audience experience.
Advancements in Sports by 2030
The transfer and privatization of clubs aim to bring about significant advancements in various sports within the Kingdom by 2030, nurturing an elite generation of athletes at both regional and global levels.
The project places particular emphasis on football, with ambitious plans to position the Saudi Pro League among the top 10 leagues in the world. Key goals include increasing league revenues from SR450 million ($120 million) to over SR1.8 billion annually and raising its market value from SR3 billion to at least SR8 billion.
By attracting private investment and implementing strategic reforms, the Saudi government aims to elevate the country’s sports sector, promote competitiveness, and foster a culture of excellence. The project aligns with Vision 2030’s vision of creating a vibrant sports industry and contributing to the overall development and diversification of the Saudi economy.
