Sports minister approves formation of Saudi Boxing Federation's board of directors

RIYADH: Prince Abdulaziz bin Turki Al-Faisal, minister of sports and president of the Saudi Olympic & Paralympic Committee, approved the formation of the Saudi Boxing Federation's board of directors on Thursday.
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Arab News

23 minutes ago

• Arab News

Formula 1 turbocharges Saudi economic diversification drive

JEDDAH: Saudi Arabia is accelerating its push to diversify its economy by turning to major international events such as Formula 1, as the Kingdom uses global motorsports to support its non-oil goals. Since hosting its first Grand Prix in 2021, the Kingdom has funneled more than $6 billion into its sports industry, part of a broader plan to boost tourism, create jobs, and raise non-oil activities to 52 percent of gross domestic product — a 20 percent jump since the launch of Vision 2030. With plans underway to move the race to Qiddiya City between 2027 and 2029, the Kingdom is deepening its investment in the sport as part of a broader strategy to stimulate economic activity and position itself as a global hub for elite sports and entertainment. High-profile events such as the Formula 1 Grand Prix in Jeddah exemplify how international sporting platforms are being used to stimulate tourism and highlight the Kingdom's economic transformation. Tamer Al-Sayed, chief financial officer at the Future Investment Initiative Institute, told Arab News that Formula 1 was never just about cars on a track. 'It was a high-velocity statement. A signal to the world that Saudi Arabia is playing a new game — and playing to win,' he said. Formula 1 has experienced a significant rise in popularity, with its global fan base reaching 826.5 million and viewership climbing to 1.6 billion in 2024, according to a recent report by PwC titled 'Saudi Arabia's motorsport ambition – Technology, investment and the future of racing.' The global consultancy firm's report noted that beyond Formula 1, motorsports are expanding into electric racing and other formats such as sports car and off-road competitions, driven by technological innovation and a worldwide push for sustainability. Global popularity surged after Liberty Media's 2017 acquisition of Formula 1 and the 2019 Drive to Survive series, which drew younger, more diverse audiences — doubling US viewership on ESPN and boosting sponsorship revenue to $632 million in 2024, according to PwC. Economic impact Flagship international events in Saudi Arabia, like the Formula 1 Grand Prix, are playing a pivotal role in driving tourism, stimulating local commerce, and showcasing the Kingdom's growing appeal as a global destination. According to PwC's report, Saudi Arabia's strategic investments in motorsports are positioning the Kingdom as a key player in the industry's future. The report said Saudi Arabia is aggressively cementing its role in motorsports' future. 'The Kingdom has committed over $6 billion to its sports industry since 2021, fueling the development of world-class venues like the Jeddah Corniche Circuit and the upcoming Qiddiya Speed Park,' it added. This global expansion reflects the sport's soaring popularity, especially among younger audiences and emerging markets. Saudi Arabia has managed to secure a long-term position in that landscape. Yaseen Ghulam, associate professor of economics and director of research at Al-Yamamah University However, the report emphasized that the success of a modern motorsport circuit relies not only on financial investment but also on innovation in fan engagement, race operations, and digital broadcasting to ensure long-term success. With the Kingdom and the wider region increasing their investment in motorsports, new opportunities for economic growth and innovation are unfolding. 'As Saudi Arabia and the broader MENA region invest in motorsports and advanced racing technologies, the opportunity to commercialize and expand these innovations into other industries grows exponentially,' the PwC's report said. Al-Sayed noted that the economic ripple effects of events like Formula 1 have moved beyond anecdotal observations and are now supported by measurable data. 'In pure numbers: Since the first Saudi Grand Prix in 2021, tourism linked to the event has driven six-figure visitor volumes annually. Hotels hit peak occupancy. Flights sell out. Local businesses — from luxury brands to food trucks — ride that wave. These aren't soft indicators; they're measurable economic inputs,' he added. More importantly, Al-Sayed said, this is not a one-off surge but rather a case study in how a flagship event can anchor a broader sector. 'Entertainment and tourism — both once peripheral — are now pushing serious weight in the non-oil GDP mix. You can see the reflection in the Ministry of Tourism's own targets: 150 million annual visitors by 2030, with sports and cultural events as core levers,' he added. As for the event's impact on employment, the chief officer said that it extends beyond temporary jobs, highlighting the emergence of an entire ecosystem encompassing event production, hospitality, and logistics, as well as digital media, security, and sponsorship management. 'Each Grand Prix fuels demand across this chain, and each year the local capability strengthens. So yes, F1 was expensive. But so was missing out on the future,' he said. Al-Sayed expressed confidence that in a decade, the question will not be why Saudi Arabia invested heavily in sports and entertainment, but rather how it anticipated the trend ahead of the rest of the world. Yaseen Ghulam, associate professor of economics and director of research at Al-Yamamah University in Riyadh, said that Formula 1 is more than just a sport — it serves as a global platform for economic influence and visibility. 'The Las Vegas Grand Prix generated over $1.2 billion in economic activity, with racegoers spending nearly three times more than average tourists,' he said, noting that similar benefits are beginning to emerge in Saudi Arabia. He also mentioned that hotel prices in Jeddah during the 2021 Formula 1 race exceeded $450 per night, reflecting high demand and a significant impact on the local tourism and hospitality sectors. 'This global expansion reflects the sport's soaring popularity, especially among younger audiences and emerging markets. Saudi Arabia has managed to secure a long-term position in that landscape,' Ghulam added. The associate professor went on to say that global sports events, such as Formula 1 or the Olympics, bring pride, increased productivity, and deliver higher well-being to nations through buzz, branding, and business potential. 'However, economic analysis of the costs and benefits, as well as financial risks, of hosting F1 is often overlooked. Saudi Arabia has been hosting F1 events exceptionally well since 2021,' he said. From Jeddah to Qiddiya The Qiddiya megaproject in Riyadh, announced in March 2024, will feature one of the world's most innovative motorsport tracks, with the configurable Speed Park Track located at the heart of Qiddiya City, positioning the Kingdom as a global racing destination. Al-Sayed called Jeddah the proof of concept and Qiddiya the blueprint for Saudi Arabia's motorsports strategy. He elaborated further on the success of the Jeddah circuit, noting: 'When we launched the Jeddah circuit, the global motorsports community raised its eyebrows — and then had to admit it delivered. The fastest street circuit in F1, with a breathtaking Red Sea backdrop, timed perfectly with the Kingdom's rising international profile.' Al-Sayed called Qiddiya a masterstroke — a vision beyond a venue — designed to place Formula 1 at its core while driving growth in infrastructure, real estate, tourism, and creative industries. 'It is one of those projects where the economic spillover is the point,' he said. Echoing Al-Sayed's remarks, Ghulam noted that when Qiddiya hosts its first Saudi Grand Prix — possibly in 2029 — it will undoubtedly make waves, following the strong precedent set by Jeddah. 'It would not be surprising if Saudi Arabia opted to hold two races in the near future in accordance with Saudi Vision 2030, since F1 now hosts three races in the US – Miami, Austin, and Vegas,' Ghulam concluded.

Leaders

an hour ago

• Leaders

Preview: Al-Hilal Target Vital Win Over Salzburg in Club World Cup

Saudi powerhouse Al-Hilal will be seeking to build on their strong draw against Real Madrid when they face Red Bull Salzburg on Sunday in a pivotal Group H second round Club World Cup showdown, as the Blue Waves aim for a victory that will significantly boost their chances of advancing to the next stage. New Leadership, Strong Performances The Riyadh-based team entered this tournament with a new manager after they appointed Simone Inzaghi following his recent departure from Italian giants Inter Milan after a a tough 5-0 loss to Paris Saint-Germain in UEFA Champions League final. The Saudi Pro League side earned a hard-fought 1-1 draw against Los Blancos. Ruben Neves successfully converted a penalty, canceling out Gonzalo Garcia's early opener. However, Al-Hilal enjoyed some good fortune when Federico Valverde missed a stoppage-time penalty. The draw means Al-Hilal avoided defeat in their last six matches overall, with their previous loss was a 3-1 setback against Al-Ahli in the AFC Champions League semi-finals. Furthermore, they have consistently found the net in their last 15 competitive outings. This impressive scoring run includes ten Saudi Pro League games, ultimately allowing them finish that campaign as the league's highest scorers with 95 goals. Inzaghi expects his team to display this attacking firepower, as the 49-year-old seeks another win against Salzburg, boasting a strong record. He has won three of his previous four encounters against the Austrian side during his coaching career. Salzburg's Strong Position and Offensive Threat Meanwhile, Salzburg, led by Thomas Letsch, clinched second place in the Austrian Bundesliga after his December appointment as a replacement for Pep Lijnders. they started their tournament well, defeating Mexico's Pachuca 2-1, with Oscar Gloukh and Karim Onisiwo provided the decisive goals, to climb to the top of the group ahead of this match. Consequently, Salzburg now sit two points ahead of both Real Madrid and Al-Hilal. They understand that a win on Sunday will secure them a spot in the tournament's last-16, making this game a crucial match ahead of their challenging final group game against Los Blancos. However, despite boasting an exciting, youthful attacking approach, they may struggle to contain Al-Hilal's potent attack since they have recorded only one clean sheet in their previous nine games. Predicted Lineups Inzaghi will likely deploy the same squad that drew with Real Madrid, including stars like Bounou, Koulibaly, and Neves to dominate this Al-Hilal vs Salzburg Club World Cup clash. Salzburg rely on young attackers like Gloukh and Onisiwo to challenge Al-Hilal's defense. However, Al-Hilal's experience and form give them an advantage. Expect a tight match, with Al-Hilal edging a narrow win. Possible Starting XI: RB Salzburg: Zawieschitzky; Lainer, Gadou, Ramussen, Kratzig; Bidstrup, Diabate; Dorgeles, Gloukh; Onisiwo, Vertessen. Al-Hilal: Bono; Cancelo, Tambakti, Koulibaly, Lodi; Neves, N. Al-Dawsari; Malcolm, Milinkovic-Savic, S. Al-Dawsari; Leonardo. Watch this thrilling matchup as Al-Hilal seek to confirm their place in the knockout stage, promising an engaging clash of style and strategy. Short link : Post Views: 1

Arab News

2 hours ago

• Arab News

Nottingham Forest boss Nuno signs new three-year contract

The 51-year-old led Forest to a seventh-place finish in the Premier League last season For the latest updates, follow us @ArabNewsSport