Sports sector contribution to Saudi GDP rises to SAR 6.5 bln: Al-Faisal

Prince Abdulaziz bin Turki Al-Faisal, Minister of Sports

Saudi Arabia’s Minister of Sports, Prince Abdulaziz bin Turki Al-Faisal, said that the contribution of the sports sector in the GDP grew from SAR 2.4 billion to SAR 6.5 billion, up 170% in two years.

To continue this growth, the ministry worked on several initiatives and projects to activate the partnership with the private sector, including organizing and facilitating the procedures for issuing licenses to private gyms and sports centers, Al-Faisal said during the periodic press conference for government communication.

The ministry has so far issued 1,549 licenses, Saudi Press Agency reported.

To further grant promising opportunities and expand the partnership with the private sector, the ministry will soon announce the launch of the project of licenses for clubs and sports academies and update licenses for gyms and sports centers, which for the first time in the Kingdom, allows the private sector to invest in sports.

Three types of licenses have been approved, including sports club licenses, sports academy licenses, and gym & sports centers licenses.

A total of 30 sports have been identified in the first phase, including football, equestrian and e- sports.

All this is done through a single platform that facilitates investor access to the key requirements for obtaining a license, in cooperation with partners from ministries and other entities, Al-Faisal said, adding that the ministry will reveal more details this week.