Azernews.Az

The increase comes as Saudi Arabia ramps up investments in sports infrastructure as part of Vision 2030, the Kingdom’s strategic framework to diversify the economy and reduce dependence on oil.

It also aligns with the growing recognition that sports tourism is a key driver of economic development, accounting for 10 percent of global tourism expenditure and projected to grow by 17.5 percent by the end of this decade.

“Sports tourism has no limits. The number of tourists who came solely to attend sporting events reached 14 million by last year, spending nearly SR22 billion ($5.86 billion),” Princess Haifa said, according to a post on Al-Ekhbariya’s X account.

“In 2018, visitors from 70 nationalities visited the Kingdom to attend sporting events, and today the number has exceeded 160 nationalities, thanks to various facilities,” she added.

During the session, the vice minister emphasized the role of the broader tourism ecosystem in supporting the Kingdom’s sporting ambitions and contributing to sustainable economic development through public-private collaboration.

In November, experts told Arab News that Saudi Arabia could expect a gross domestic product boost of between $9 billion and $14 billion from the 2034 FIFA World Cup, as well as the creation of 1.5 million new jobs, and the construction of 230,000 hotel rooms developed across five host cities.

For Saudi Arabia, key cost drivers include $378.4 million for television operations, $273.8 million for workforce management, and $124 million for transport as well as $111.1 million for team services, and $99.5 million for IT and telecommunications, according to a report released by the world football governing body in December.

The inaugural edition of the three-day Sports Investment Forum sees local and international leaders, officials, investors, and entrepreneurs exploring opportunities in the Kingdom’s evolving sports landscape.

The forum aims to expand the scope of sports investment in Saudi Arabia by fostering effective partnerships, attracting capital, and launching initiatives to drive growth across the sector.