Saudi Arabia’s Ministry of Investment said it facilitated a total of 14 investment agreements at the Saudi Arabian Grand Prix.
The agreements were signed as part of a comprehensive sponsorship programme hosted by Invest Saudi, Saudi Arabia’s investment promotion entity.
Twelve of the agreements were signed with leading sports companies and span the breadth of the sports industry.
New partnerships include agreements with Sportscar manufacturer BAC Cars and VeloceLife to launch a leading manufacturing facility of BAC sports cars in Saudi Arabia, PureGym Group to support expansion of their gym and fitness facilities, Seedorf Group for the establishment of sport academies and sport medical clinics, and Meritus Formula4 to explore the activation of the Formula 4 academies and host championships in Saudi Arabia.
Alongside these agreements, Invest Sport also hosted workshops with Peter Thompson, CEO of the Asian Autosport Action (AAA) Group, Faisal bin Laden, CEO of VeloceLife, and Basim Ibrahim, MISA Sport Sector Manager, who highlighted the investment potential of the burgeoning sports sector.
This year’s Saudi Arabian Grand Prix is the latest elite sporting event to be hosted in the kingdom.
Last month, the kingdom hosted a high-profile boxing event between British boxer Tommy Fury and social media star Jake Paul, while in January, the Spanish Super Cup was held in the historic district of Diriyah.
In October it was announced that the kingdom would host the 2029 Asian Winter Games at the mountain resort Trojena.
Saudi Arabia’s sports sector has witnessed a significant development in recent years, fuelled by widespread social transformation and government commitment to invest $2 billion in sports by 2024.
The sector’s contribution to non-oil GDP is expected to reach over $22 billion by 2030, with an additional $5 billion in private sector contribution, providing significant opportunities for international investors.
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