Formula 4 academies to be established in Saudi Arabia

Investment Ministry signs 14 agreement in Formula 1 STC Saudi Arabian Grand Prix

March 20, 2023

Saudi Gazette report

JEDDAH — The Ministry of Investment has signed 14 investment agreements, including establishing Formula 4 academies in Saudi Arabia.

The agreements were signed on the sidelines of Formula 1 STC Saudi Arabian Grand Prix, which was held in the Jeddah Corniche sector from March 17-19.

The agreements were signed in presence of the Investment Minister Eng. Khalid Al-Falih.

The agreements will contribute in supporting the sport sector, which include motorsport, clubs, sports centers, qualitative sport projects, e-sports and games, organizing sports events, as well as sports academies and sports medical clinics.

In terms of the sports sector, the agreements included completing the infrastructure projects for motor racing circuits, and the establishment of a new infrastructure for qualifying professionals in motorsports.

Moreover, it included managing the sport and entertainment events, in addition to activating the investors’ plans in qualitative sports, as well as supporting the investors in the fields of sport studies and consultations.

Regarding the entertainment sector, the agreements included conducting VR technology, cities and recreational parks, in a way that supports the investors’ plans and developing qualitative projects that will enhance the position of the sector.

It will also contribute in strengthening the investors’ access to the Saudi market, expanding in design, establishing and operating the cities and entertainment parks.

This came with the aim of developing the sports and entertainment sectors industry in Saudi Arabia, increasing masses participation in sport, as well as sponsoring talent development paths, and stimulating sports success.

An agreement was also signed for the manufacture of modern cement mixers in the industrial sector that also supports the investment plan to establish a factory for cement concrete mixers.

The agreement sought to support the transferring and localizing of the company’s industry and technologies, as well as manufacturing concrete mixers originating in Saudi Arabia.

It is noteworthy that the ministry, through its Invest in Saudi platform, highlights all the investment opportunities in the Kingdom, and provides the investors the opportunity to be introduced to promising opportunities in various sectors, in addition to the advantages and incentives that the ministry provides for investors.

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