Saudia Arabia’s Ministry of Investment used this weekend’s Grand Prix to announce 12 investment agreements via the Invest Saudi programme aimed at developing the kingdom’s sports, entertainment and construction industries, with British names featuring large among them.
Among the announcements was PureGym Group, the UK’s largest private gym operator, to expand its Riyadh-based fitness centres.
Liverpool-based sportscar manufacturer Briggs Automotive Company (BAC), manufacturer of road-legal single-seater Mono cars, signed an investment agreement with VeloceLife to launch a leading manufacturing facility of BAC sports cars in the country.
Bradford-based metaverse group VR City Company will receive investment for the expansion of the ambitious VR City project in Saudi Arabia.
Outside of the UK, major investment agreements included a deal with Malaysia’s Meritus Formula4 to explore the activation of the Formula 4 academies and hosting championships in Saudi Arabia, and an agreement with Saudi-based automotive company Al Tawkilat to invest in motorsport infrastructure.
Saudi Arabia’s sports sector has seen significant development in recent years fuelled by widespread social transformation and government investment commitments of US$2bn in sports by 2024.
The sector’s contribution to non-oil GDP is expected to reach over US$22bn by 2030 with an additional US$5bn in private sector contribution required.
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, the kingdom was announced as the host of the 2029 Asian Winter Games.