RIYADH: Saudi Arabia has introduced a new regulation requiring private sports clubs to inform the Financial Market Authority prior to negotiating the sale of 5 percent or more of their capital to investors.
This regulation, issued by the Ministry of Sports, mandates adherence to the Kingdom's Companies Law, the Financial Market System, and the guidelines from the Financial Market Authority for public listings.
The ministry indicates that this framework is designed to enhance governance among private sports clubs, boost competitiveness on both local and international stages, and create a more attractive investment climate.
The draft regulation is currently open for public comments via the National Competitiveness Center until November 20, allowing stakeholders to provide their input on the proposed rules.
This initiative is part of Saudi Arabia's Vision 2030, which aims to diversify the economy and position the sports sector as a crucial area for private investment and job creation.
