Saudi Arabia builds sports complex, partners with UK firm
The complex will include a football academy with advanced training facilities.
Dubai: Saudi Arabia is poised to build a $3.3 billion (Dh12 billion) sports complex through a new partnership between Alpha Jossor Investments and Blockchain Sports Ecosystem, a UK-based technology firm.
This collaboration aims to establish athletic hubs in the Middle East and North Africa, according to a press release.
The complex will include a football academy with advanced training facilities.
In addition, the development will feature real estate projects comprising 1,500 villas and over 3,300 apartments, valued at around $1.6 billion (Dh5.8 billion).
These real estate developments are designed to promote sustainable urban living and support Saudi Arabia’s Vision 2030 objectives to enhance tourism and attract foreign investment, diversifying away from oil.
Saudi Arabia seeks to increase sports participation from 13 per cent to 40 per cent of the population by 2030, investing approximately $2 billion (Dh7.3 billion) annually in the sector.
These efforts are expected to generate $22 billion (Dh80 billion) in economic impact over the next decade and create over 100,000 jobs in sports and related fields.
The partnership was formalised with a memorandum of understanding signed by Abdul Rahman Al Qarni, chairman of Alpha Jossor Investments, and Dmitry Saksonov, founder of Blockchain Sports Ecosystem, during a ceremony in Riyadh.
As part of the MoU, the companies will also work on developing a digital platform for managing athlete identities. This platform will ensure secure and transparent transactions within the sports industry and support global scouting efforts, aiming to connect over 16 countries and identify top talent for training at the new Saudi academy.