21/04/2026 04:39 AST
Saudi Arabia's Eastern Province is preparing to welcome a SR1 billion ($267 million) private sector-driven sports development project after a major agreement was concluded during the Sports Investment Forum in Riyadh.
The deal for the planned Dammam Sports City was formally signed by Talal bin Nabeel Al-Maghlouth, CEO of the Sharqia Development Authority; SIF CEO Ibrahim Al-Bakri; Dammam Valley Co. CEO Abdulaziz Al-Mutlaq and Basim Ibrahim, representing the Ministry of Investment.
The sports industry has seen rapid expansion under Vision 2030, reinforcing the Kingdom's ambition to become a leading global destination for major sporting events. In recent years, Saudi Arabia has hosted Formula 1 in Jeddah, Formula E in Diriyah, major boxing matches, elite tennis competitions, LIV Golf tournaments, and high-profile international football fixtures. The pipeline of upcoming events, including the AFC Asian Cup 2027 and the FIFA World Cup 2034, is expected to further elevate the Kingdom's international sports profile.
Alongside the Dammam Sports City project, the Sharqia Development Authority, in coordination with SIF, also unveiled a series of sports events in Dammam with total investments estimated at around SR15 million.
According to the Saudi Press Agency, the forum includes keynote discussions focused on the future of sports investment, alongside an exhibition and a platform for signing agreements that bring together domestic and international stakeholders.
The report added that a dedicated business club has been introduced to facilitate direct engagement between investors and corporate leaders, aiming to accelerate partnerships and unlock new investment opportunities.
Several additional agreements were also announced on the sidelines of the forum. These included a partnership between the Saudi Human Rights Commission and SIF, overseen by commission president Hala Al-Tuwaijri, and signed by Abdullah Al-Ghanim, deputy for strategic planning and governance, alongside SIF representative Ibrahim Al-Bakri.
Another agreement was signed between the Events Investment Fund and the Saudi Shooting Federation to support the development of shooting sports, including technical and operational assistance. The deal was signed by Yusuf Al-Ghawas, EIF chief executive for investment, and Abdullah Al-Dosari, CEO of the Saudi Shooting Federation.
The three-day forum opened in Riyadh on Monday, drawing participation from senior officials, CEOs, investors, and decision-makers from around the world.
Its program features specialized sessions examining the intersection of sports investment with tourism, technology, and media, in addition to discussions on funding mechanisms and investment structures for major projects.
An innovation-focused track will highlight the growing role of artificial intelligence in sports investment, alongside panels covering urban innovation, media transformation, the development of sports federations, and women's participation in sports investment, in collaboration with Princess Nourah bint Abdulrahman University.
The forum underscores the strong momentum of Saudi Arabia's sports investment sector, supported by an increasingly attractive regulatory environment, modern infrastructure, and sustained government backing.
The Sports Investment Forum serves as an international platform aimed at showcasing opportunities, strengthening the business ecosystem, and fostering strategic partnerships aligned with the objectives of Saudi Vision 2030.
On the sidelines of the event, Basim Ibrahim, director of sports sector investment development at the Ministry of Investment, told Al-Eqtisadiah that discussions are ongoing with Newcastle United, Chelsea, and Liverpool regarding potential investment opportunities within the Kingdom.
Arab News
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