Saudi's sport and fitness sector valued at US$ 20bn over next five years
Source: Al Bawaba Business
A newly released economic report estimated that the value of Saudi sports products retail market is approaching SR30 billion ($8 billion approx.) with an annual growth of 8%. The report also estimated that investment in the Saudi sports market topped Middle East markets.
The report provides investment implications that can be described as pivotal that the concerned authorities in the Kingdom support sports and health initiatives with about SR29 billion (approx. $7.7 billion) dedicated to social projects including the construction of new sports centers throughout the Kingdom.
In order to catch the market attention, the report pointed out that the Kingdom is currently running a key project for the development of sports in the Kingdom with a budget exceeding SR18 billion (approx. $5 billion) and is scheduled for completion by 2016.
The importance of this event arises from the need for further development in sports and fitness industry in the Kingdom. Also there is still too much to do here and in light of the Kingdom’s continuous pursuit to develop the sports sector — by improving sports and fitness infrastructure and facilities in the country that needs local and international expertise —the need for such an exhibition was stressed.
With the growth of sports and entertainment infrastructure along with the boom in hospitality industry in the Kingdom; public and private investments in sports industry records an annual increase by 40%. These investments included privatization of sports clubs as an economic strategy. Moreover, the emergence of women sport activities required establishing dedicated sports facilities exclusively for women.