Newsnomics AJAY ANGELINA reporter |

Saudi Crown Prince Mohammed bin Salman took another initiative to promote Kingdom’s ambitious vision 2030 with the launch of Saudi sports clubs’ investment and privatization project on Monday June 5, 2023 aims to encourage private investment in the sector towards developing national teams, regional sports clubs, and practitioners at all levels reported by Saudi Press Agency.

The project comprises two primary components: 1) granting approvals for schemes and transfers of club ownership entails approval investments by the corporations and public sector organizations, 2), the privatization of several sports clubs 2023.

Generally, the transfer and privatization of clubs aims to achieve qualitative leaps in various sports in the Kingdom’s ambitious vision 2030, building an elite generation of athletes at regional and global levels.

The program design provides creative opportunities and the right environment investment, beneficial for the sports sectors that raise levels of professionalism, administrative and financial governance in sports clubs as well as developing their infrastructure to enhance club’s competitiveness.

“With over 80 percent of Saudi Arabia’s population either playing, attending or following football, the project has a major focus on the country’s national sport, which is also experiencing unprecedented growth,” SPA said.

By promoting football Saudi wants to position the Saudi Pro League (SPL) known as the Roshn Saudi league (RSL) among the top 10 in the world. 

Other goals include SR1.8 billion annual increase in league revenues from SR450 million ($120 million) and raising its market value to at least SR8 billion from SR3 billion. 

Saudi prince Salman revealed, “the Saudi Public Investment Fund would be investing in Al-Hilal, Al-Nassr, AlIttihad, and Al-Ahli and the clubs would be converted into companies owned by the fund, and a non-profit institution for each club.”

“Accordingly, an investment fund will be established for each of the eight club companies whose ownership has been transferred, and the value of the club will be deposited in the investment fund in exchange for the ownership transfer,” the prince added.

Meanwhile, the Public Investment Fund mentioned to own 75 percent of the four clubs. 

“We will work on developing the four clubs financially and administratively,” said by Al-Ekhbariyah TV.

Saudi Minister of Sports, Prince Abdulaziz bin Turki Al-Faisal, during the press conference has announced the transfer of four clubs into companies include Al-Qadisiyah Club to be transferred into Saudi Aramco, Diraiyah Club to the Diriyah Gate Development Authority, AlUla Club to the Royal Commission for AlUla, and the Suqoor Club to NEOM.

Prince Al-Faisal appreciated the continuous support of King Salman’s kingdom and said: “

“By the end of 2023, we will also offer a number of clubs to be sold as private sectors that hopefully will invite more companies to invest in sport sectors within the Kingdom.”