As part of its broader Vision 2030 initiative, Saudi Arabia has significantly ramped up its investments in international sports, particularly football. This vision seeks to diversify the country’s economy beyond oil, and sports have become a key pillar.
The Saudi Pro League (SPL) spent a record $957 million during the 2023 summer transfer window coming in only second to Premier League’s net transfer spend of $1.39 billion.
This has allowed the Saudi Pro League to attract global superstars such as Cristiano Ronaldo, Karim Benzema and Neymar.
Saudi Arabia’s commitment to football extends beyond its domestic league. The Kingdom is set to host the 2027 Asian Cup, and its bid to host the 2034 FIFA World Cup underscores its ambition to play a leading role on the international football stage.
In addition to football, Saudi has made significant investments in motorsports. The Formula 1 Saudi Arabian Grand Prix, held in Jeddah since 2021 has cemented the Kingdom’s place on the global motorsport stage. The event is set to continue in Jeddah until at least 2027 before moving to the new city of Qiddiya on the outskirts of Riyadh.
Alongside the Formula 1, Saudi also hosts the Dakar Rally and Formula E, further solidifying its status as a hub for global motorsports.
These high-profile events are part of the Kingdom’s strategy to use sports to boost tourism and diversify its economy.