Given the importance that the Kingdom of Saudi Arabia attaches to sports, it is seeking to further develop the sector as a means to diversify its economic revenues. Consequently, the government has committed 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 required, providing significant opportunities for international investors.
The sector’s contribution to the GDP soared from $640 million in 2016 to $1.7 billion in 2019 and reached in 2022 around 0.2% of the Kingdom’s GDP. The Ministry of Sports has set an ambitious target to reach a contribution of 1% of the GDP by 2030.
Private sector investment reached $320 million committed through clubs’ sponsorships until 2023, whereas $670 million were committed to support sports clubs in achieving financial maturity and privatization.
Currently, Saudi Arabia boasts 6 main stadiums, 5 green halls, 11 public squares, and 12 sports cities. Ahead of hosting the Asian Football Cup (AFC) in 2027 in Riyadh, Al-Khobar and Dammam, the country is set to build 3 new stadiums and renovate 4 existing ones.
The three new stadiums that will be built for the tournament are the Riyadh Stadium, the Qiddiya Stadium and Dammam Stadium, whereas King Fahad Stadium and Prince Faisal Bin Fahad Stadium in Riyadh, Prince Saud Bin Jalawi City Stadium in Khobar, and Prince Muhammad Bin Fahd Stadium in Dammam will be renovated to raise their capacity.
