Saudi Arabia to set up Sports Development Fund

The Council of Economic and Development Affairs (CEDA) on Monday directed the General Authority of Sports to create a Sports Development Fund to support sports clubs as well as to further boost sports activities in the Kingdom.

Deputy Crown Prince Muhammad Bin Salman, second deputy premier and minister of defense, and chairman of CEDA presided over the meeting at Al-Yamama Palace in Riyadh.

The meeting discussed a number of economic and development issues, including the restructuring, promotion and development of the sports sector in the Kingdom in a way boosting competitiveness of sport at various levels.

The General Authority of Sports and other stakeholders have been directed to do the necessary procedures to create the fund within a period of three months.

The objectives of the Fund include provision of loans and facilities for sports clubs, promotion of various sports events, contribute to privatize sports clubs, and set up and finance multi-purpose sports incubators under an institutional umbrella to create as many as 40,000 jobs for Saudis.

CEDA meeting also discussed the issue of privatization of sports clubs that are participating in professional league tournaments. It approved formation of a committee to supervise execution and completion of the procedures with regard to the privatization. The committee will be headed by the chairman of the General Authority of Sports, and its members include deputy minister of economy and planning, undersecretary for regulations at the ministry of commerce and investment, representatives of the ministry of finance, Saudi Arabian Football Federation and the Saudi Professional League.