Saudi Arabia's sovereign wealth fund PIF (Public Investment Fund) today (August 6) announced the establishment of SRJ Sports Investments, a new entity that aims to accelerate the growth of the sports sector in Saudi Arabia and the wider Mena region.

The new sports investment company will invest in acquiring and creating new sports events IP, commercial rights of popular and prominent sports competitions and hosting major global events in Saudi Arabia.

According to PIF, the SRJ Sports Investments will target businesses specialized in offering unique fan engagement activities and transformative sports technology across the industry, bolstering KSA’s position as one of the world’s leading sports and entertainment destinations.

These investments are expected to deliver financial returns and localize partnerships domestically and in the Mena region, he stated.

PIF Head of Mena Direct Investments Raid Ismail said: "We are thrilled to announce the establishment of SRJ Sports Investments Company to accelerate the growth of the sports sector in Saudi Arabia and the Mena region, by creating and investing in international sports IP, enhancing the fan experience through hosting major global events and investing in transformative technologies.

"The company will complement other PIF investments in the sports sector, all of which are contributing to a more vibrant society, in line with PIF’s strategy and Saudi Vision 2030," stated Ismail.

As a long-term investor, the entertainment, leisure, and sports sector is one of PIF’s 13 priority sectors for investment, he added.-TradeArabia News Service

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