The contribution of sport to the gross domestic product (GDP) of Saudi Arabia was a mere SAR 2.4 billion in 2016 but grew to SAR 6.5 billion in 2019, Arab News reported, citing Minister of Sports Prince Abdulaziz bin Turki Al-Faisal.
Most of that economic benefit will flow to Saudi companies, which conduct 90% of the business associated with sport in the Kingdom, he said.
Al-Faisal also believes that hosting international tournaments will help Saudi Arabia stage different kinds of sports within the Kingdom and will increase the diversity and attention towards these sports, which will hopefully lead to Saudis participating more in the future.
He stressed that Crown Prince Mohammed bin Salman is leading this strategy because of his belief in the power of sport to change the quality of life in the Kingdom.
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