Saudi Arabia inks 14 deals at Jeddah Grand Prix in boost to sports industry

Salim A. Essaid

Mar 22, 2023

The safety car drives in front of Red Bull Racing's Mexican driver Sergio Perez (L) during the Saudi Arabia Formula One Grand Prix at the Jeddah Corniche Circuit in Jeddah on March 19, 2023. (Photo by GIUSEPPE CACACE/AFP via Getty Images) — The safety car drives in front of Red Bull Racing's Mexican driver Sergio Perez (L) during the Saudi Arabia Formula One Grand Prix at the Jeddah Corniche Circuit in Jeddah on March 19, 2023. — GIUSEPPE CACACE/AFP via Getty Images

The Saudi Arabian Grand Prix wrapped up in Jeddah on Sunday with a win from Sergio Perez over reigning world champion and Red Bull teammate Max Verstappen. But the global event also saw a host of agreements signed to expand the kingdom’s rapidly developing sports industry.

The Ministry of Investment of Saudi Arabia (MISA) signed 14 investment agreements in the country’s sports, entertainment, and construction sectors, according to state news agency SPA.

The agreements were signed as part of a comprehensive sponsorship program hosted by Invest Saudi, the kingdom’s investment promotion entity. The value of the deals was not disclosed.

Twelve of the agreements were signed with sports companies across different disciplines, in line with the country's Vision 2030 national development strategy that includes increasing community sports activities along with viable sports industries in the kingdom.

Saudi Arabia inks 14 deals at Jeddah Grand Prix in boost to sports industry

The agreements were part of a comprehensive sponsorship program hosted by Invest Saudi, the kingdom’s investment promotion entity. The value of the deals was not disclosed.

SUBSCRIBER EXCLUSIVE

Continue reading this exclusive analysis

Original reporting and analysis unavailable elsewhere. Subscribe to AL-MONITOR to read this story and access everything we publish

Read By