Saudi Arabia’s Eastern Province is preparing to welcome a SR1 billion ($267 million) private sector-driven sports development project after a major agreement was concluded during the Sports Investment Forum in Riyadh.
The deal for the planned Dammam Sports City was formally signed by Talal bin Nabeel Al-Maghlouth, CEO of the Sharqia Development Authority; SIF CEO Ibrahim Al-Bakri; Dammam Valley Co. CEO Abdulaziz Al-Mutlaq and Basim Ibrahim, representing the Ministry of Investment.
The sports industry has seen rapid expansion under Vision 2030, reinforcing the Kingdom’s ambition to become a leading global destination for major sporting events. In recent years, Saudi Arabia has hosted Formula 1 in Jeddah, Formula E in Diriyah, major boxing matches, elite tennis competitions, LIV Golf tournaments, and high-profile international football fixtures. The pipeline of upcoming events, including the AFC Asian Cup 2027 and the FIFA World Cup 2034, is expected to further elevate the Kingdom’s international sports profile.
Alongside the Dammam Sports City project, the Sharqia Development Authority, in coordination with SIF, also unveiled a series of sports events in Dammam with total investments estimated at around SR15 million.
According to the Saudi Press Agency, the forum includes keynote discussions focused on the future of sports investment, alongside an exhibition and a platform for signing agreements that bring together domestic and international stakeholders.
The report added that a dedicated business club has been introduced to facilitate direct engagement between investors and corporate leaders, aiming to accelerate partnerships and unlock new investment opportunities. More
By Arab News
