Last August, Saudi Crown Prince and Prime Minister Mohammed bin Salman launched 24 initiatives under the Saudi Green campaign aimed at planting around 10 billion trees across Saudi Arabia in the coming decades.
The initiatives also include the construction of the world’s largest urban parks – as well as a world-class football stadium.
Earlier this year, Saudi Arabia launched the Sports Clubs Investment and Privatisation Project, as part of the country’s Vision 2030 programme, which seeks to achieve economic diversification. Its aims include incentivising public sector contributions to sports, as well as the privatisation of sports clubs.
Under the project, the Public Investment Fund (PIF) – one of the world’s largest sovereign funds, with assets exceeding $620bn – acquired 75% of the four top Saudi football clubs Al-Hilal, Al-Nassr, Al-Ahli, and Al-Ittihad.
Reports indicate that the investment project, which launched in 2021, has reached $6bn in spending as of August 2023 – four times the amount of investments made between 2014 and 2021.
The Kingdom is also earmarking investments for golf, Formula 1, and boxing, alongside its purchase of the English Premier League’s (EPL) Newcastle United football club.
Breaking up a monopoly
When it comes to golf, the PIF managed to break up the monopoly that once restricted the game to politicians and the wealthy.
Instead, it’s now “available to everyone, just as other popular sports, like football,” as per PIF Governor Yasir Al-Rumayyan.
However, it was a hard battle to get there. When the PIF launched the American LIV Golf tournament to disrupt the dominance of the PGA Tour, the latter filed a lawsuit against the PIF.
Following a failed round of litigation, a settlement was reached to merge the two golf championships – as well as the DP World Tour – into one major tournament.
The result is set to be the world’s largest commercial competition in golf, with Al-Rumayyan at the helm.
Through such efforts, Saudi Arabia aims to attract around 100 million visitors by 2030, compared to the current annual average of 62 million. This should help step up the tourism sector’s contribution to the GDP by 10% compared to the current 3% ($169bn).
The Kingdom is also seeking to host the 2030 FIFA World Cup, which is currently being proposed as a cross-continental event, potentially co-hosted by Saudi Arabia, Greece, and Egypt.
Transformation strategies
In early August 2023, the Kingdom unveiled its revamped football league – a crucial part of its sports sector transformation strategy.
The Saudi Pro League (SPL) aims to rank among the world’s top 10 leagues, with the help of top international players.