Recognizing the strategic significance of sports, the Kingdom of Saudi Arabia is actively pursuing the expansion of this sector as a pivotal driver of economic diversification. To this end, the government has made a firm commitment to invest $2 billion in sports-related initiatives by the year 2024. This proactive investment strategy is projected to propel the sector's contribution to the non-oil Gross Domestic Product (GDP) to exceed $22 billion by 2030. However, to realize this ambitious goal, an additional $5 billion in private sector investments will be requisite, offering substantial prospects for international investors.
Remarkably, the sports sector's economic contribution has undergone significant growth, surging from $640 million in 2016 to $1.7 billion in 2019. As of 2022, it constitutes approximately 0.2% of the Kingdom's overall GDP. Under the aegis of the Ministry of Sports, an ambitious aspiration has been articulated to elevate this contribution to a notable 1% of the GDP by the year 2030.
The infusion of private sector capital has already reached $320 million, primarily allocated to club sponsorships until 2023. Furthermore, an additional $670 million has been earmarked to foster the financial maturity and privatization of sports clubs.