The Saudi Olympic Committee and sports clubs in Saudi Arabia are permitted to become businesses under the executive restrictions of the new Sports Law. They may hold real estate and invest in such enterprises, as well as contribute to and participate in their formation, according to the terms and circumstances outlined in the rules.
The new laws state that people who engage in rioting and other violent behaviour during sporting events will face a maximum sentence of seven years in prison, a fine of SR500,000, or both.
These also include conduct that is dishonourable and against public morality, interfering with competition and effectiveness, hindering and impeding the inspectors of the Sports Ministry from carrying out their responsibilities, and disseminating false or misleading information or claims.
The rules provide that before forming a sports corporation, sports clubs must seek a licence from the Ministry of Sports. The rules and conditions for applying for a licence require the founders of the firm to invest a minimum of the capital allotted by the Companies Law and the Minister of Sports. A foreign partner's or shareholder's ownership may not exceed the minister-determined threshold.
The limits that apply to commercial businesses will be governed by rules and regulations that are issued by the Minister of Sports in coordination with the Minister of Commerce. The sports firm must be a legally constituted corporation under bankruptcy law.
According to the new Sports Law, sports organisations are free from paying customs taxes on their imports. Through the National Competitiveness Center's "Istitla" portal, the Ministry of Sports has made the proposed Sports Law available for public comment. The limits that apply to commercial businesses will be governed by rules and regulations that are issued by the Minister of Sports in coordination with the Minister of Commerce. The sports firm must be a legally constituted corporation under bankruptcy law.
According to the new Sports Law, sports organisations are free from paying customs taxes on their imports. Through the National Competitiveness Center's "Istitla" portal, the Ministry of Sports has made the proposed Sports Law available for public comment.
The laws and regulations regulating commercial businesses and the limits that apply to them will be announced by the Minister of Sports in coordination with the Minister of Commerce. According to bankruptcy law, the sports firm must be a formal entity.
According to the new Sports Law, imports made by sports enterprises are free from customs tax. Through the "Istitla" website of the National Competitiveness Centre, the Ministry of Sports has made the draught Sports Law available for public comment.
The minister will release the executive rules by then. The new legislation is anticipated to go into effect 180 days after the day it was published in the official gazette. This legislation repeals everything that conflicts with its requirements and supersedes the Saudi Arabian Olympic Committee's Basic legislation of Sports Federations.
