Sunday, September 25, 2022

KSA invites private sector investments in sports with Nafes platform

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RIYADH: The Saudi sports minister presiding over their Olympic committee Prince Abdulaziz Bin Turki Al-Faisal launched on Monday the “Nafes” platform to license sports clubs, academies, and private gyms for the first time in the Kingdom.

The platform is in line with the ‘Quality of Life’ program that aims to enable the private sector investment in sports domain across the Kingdom and provide opportunities for local and foreign investors to establish and expand clubs, academies and private gyms.

It allows investors to issue licenses to achieve the goals of Vision 2030 and diversify economic resources toward healthy society building .

The first phase of Nafes will include sports like football, basketball, squash, rowing, indoor rowing, gymnastics, judo, taekwondo, karate, jiu-jitsu, wrestling, various martial arts, equestrian, cycling, fencing, tennis, boxing, Muay Thai, kickboxing, windsurfing, swimming, e-sports, chess, shooting and badminton.

The KSA sports sector witnessed unprecedented qualitative leaps in the past few years, which clearly contributed to the growth of the sector by 170 percent in the past three years alone, in addition to the increasing number of citizens practicing sports regularly by about 19 percent.

“The value of the sector increased to SR6.5 billion,” the sports minister said during a virtual ceremony.

We are inviting the world to partner with us on our journey of sporting transformation. Our country’s incredible passion for the sport is well known and, as more get active and take up the sport, the economic opportunity is exciting.”

“Nafes is our invitation to overseas partners to drive our sporting investment to the next level and to collaborate across our sports clubs, academies and centers,” Prince Abdulaziz said.

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He added that: “It’s a turning point for the Kingdom’s sports sector. Our message to investors and the private sector both in Saudi Arabia and across the globe is direct and clear, establish your clubs, compete and draw the future path of Saudi sports investment.”

The platform will be a turning point in the sports industry in the Kingdom, as it provides the opportunity for the private sector to invest in sports, and contribute to its growth and prosperity, by obtaining the necessary licenses to establish clubs, academies and gyms,” he added.

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