Riyadh: The Kingdom of Saudi Arabia’s Ministry of Investment has signed 14 investment agreements, including setting up Formula 4 academies.
The agreements were signed on the sidelines of the Formula One’s Saudi Arabian Grand Prix, which was held in the Jeddah Corniche sector from March 17 to 19.
The agreements were signed as part of a comprehensive sponsorship program hosted by Invest Saudi, the investment promotion entity in Saudi Arabia.
The agreements support the sports sector, and include qualitative projects, events, academies and medical clinics.
The deals also look forward to establishing Formula 4 academies in the Kingdom of Saudi Arabia, building infrastructure projects for car racing circuits and training circuits for professionals, in addition to supporting investors in the field of sports studies and consultancy.
The sports sector in Saudi Arabia has witnessed significant development in recent years, driven by broad social transformation and the government’s commitment to invest 2 billion dollar in sports by 2024.
The sector’s contribution to the non-oil GDP is expected to reach more than 22 billion dollar by 2030, with an additional 5 billion dollar in the private sector’s contribution, providing ample opportunities for international investors.
