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Saudi sports investment to attract SR5bn in 2011

Saudi Arabia: Wednesday, February 23 - 2011 @ 12:10

According to His Highness, sports investment has exceeded a billion riyals in 2011, a figure which represents a large increase from previous years. He also noted that in the past most investments poured into football with some progress in car-racing and aero-sports. However, he estimates SR5bn investments in 2011 in various sports fields.

Prince Faisal said, “It is no secret that the government plays a big role via facilitating investments for the Presidency of Youth Welfare and its sports club, this has resulted in a boost for these clubs and helped find opportunities for capital investments into the sector.”

His Highness also noted, “Investing in sports will be a fertile field throughout the coming 5 years, there is great moral support from the Presidency of Youth Welfare and government, everything an investor has to do is to come up with a serious business plan and start implementing.”

On another front, His Highness Prince Faisal Bin Fahad resigned today from his role has president of the honorary board of the Al-Qadisiya club and all commitments related to this role. This is due to his health condition which resulted in him being outside of the Kingdom for the past 4 months. His Highness will undergo a Disc Surgery in his back which requires him to stay abroad for a longer period for follow ups and recovery.

However, Prince Faisal has stressed that he shall remain committed to supporting Al-Qadisiya, adding, “I have full trust in the members of the honorary committee and their abilities and endless giving to Al-Qadisiya. This is why I decided that my main focus now should be my health. My resignation is due to health reasons which made travelling abroad a fact which can’t be avoided.”

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Wednesday, February 23- 2011 @ 12:10 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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