Saudi Arabia’s Public Investment Fund (PIF) on Sunday launched SRJ Sports Investments company in a momentous stride towards advancing the sports landscape in the Kingdom and the broader Middle East and North Africa (MENA) region, Saudi Press Agency (SPA) announced.
SRJ Sports Investments is strategically poised to fuel the expansion of the sports sector by acquiring and generating new intellectual property (IP) for sports events, securing commercial rights for renowned sporting competitions, and orchestrating the hosting of major international events within the Kingdom.
The establishment of SRJ Sports Investments aligns seamlessly with PIF’s commitment to driving economic diversification and stimulating various sectors in line with Saudi Vision 2030. By leveraging the power of sports, the new company aims to foster financial growth and forge domestic and MENA partnerships.
One of the central goals of SRJ Sports Investments is to bolster its engagement with sports enthusiasts by exploring unique fan-focused activities, according to SPA. The company is set to explore transformative sports technology solutions, marking another step towards Saudi Arabia becoming a global hub for both sports and entertainment.
Raid Ismail, Head of MENA Direct Investments at PIF, expressed his enthusiasm about the launch to SPA and said he was excited about SRJ’s establishment, describing it as “an entity that is poised to accelerate the growth trajectory of the sports sector across Saudi Arabia and the MENA region. Through strategic investments in international sports IP, the creation of captivating fan experiences via global event hosting, and the infusion of pioneering technologies, this company aligns seamlessly with PIF’s overarching strategy and the ambitious Saudi Vision 2030.”
PIF’s track record as a long-term investor underlines its dedication to nurturing the entertainment, leisure, and sports sectors. The newly introduced SRJ Sports Investments adds to PIF’s suite of investments within the sports realm, all contributing towards the realization of a more dynamic society. SPA explained this strategic move solidifies PIF’s commitment to its overarching strategy and Saudi Vision 2030.