18 Oct 2024
RIYADH: The Saudi sports sector is set for further development with Inter Milan securing an investment license from the Kingdom’s Ministry of Investment, to establish academies across the country.
This initiative aims to enhance the local sports landscape and promote talent development, according to an official statement.
The license, awarded in collaboration with the Ministry of Sports, reflects a commitment to advancing sports culture in Saudi Arabia while facilitating the transfer of global expertise to the region.
This move aligns with the Ministry of Investment’s objectives to regulate, develop, and attract both domestic and foreign investments.
The Saudi sports market is projected to grow at an annual rate of 3.25 percent from 2024 to 2029, reaching $318.30 million by 2029, according to Statista, an online data platform.
In a post on its official X handle, the Ministry of Sports stated: “Granting the investment license to the Inter Milan club represents a pioneering step toward transferring global expertise through opening sports academies in the Kingdom. Together toward creating a promising sports generation and a bright sports future.”
The Italian club will receive support from the Saudi Ministry of Investment to enhance its brand presence in the Middle East and expand its fanbase.
“We’re extremely proud to be the first international football club to obtain the MISA license, which will allow us to collaborate with local businesses to bring our experience and expertise in sports development to the country, contributing to achieving the targets set out in Vision 2030,” said Alessandro Antonello, CEO Corporate FC Internazionale Milano.
“Through this license, the club is committed to creating value for Saudi Arabia by supporting the development of its sporting sector and promoting the involvement of local businesses as part of our global network,” he added.
The club stated that the establishment of Inter Academies across the country, support for youth and women’s football, and participation of the club’s legends in local events will strengthen ties with the Saudi community and promote football values.
“Since we first played here in Riyadh, we’ve been struck by the passion that young Saudis have for our club, and we look forward to engaging them even more in the Nerazzurri world,” said Javier Zanetti, vice president of FC Internazionale.
The term “Nerazzurri” commonly refers to the supporters and players of the club.
“At the heart of what we do at Inter is developing young players, both in footballing terms and, above all, as people. We’re ready to work hard to export our expertise to Saudi Arabia beyond the playing field by impacting social and cultural areas too,” Zanetti added.
Inter Milan’s enhanced presence builds on its participation in the Italian Super Cup, held in Saudi Arabia over the past two years, significantly boosting the club’s visibility and fan engagement in the region.