Saudi Arabia – The Ministry of Investment of Saudi Arabia (MISA) and PadelX have signed a memorandum of understanding (MoU) to strengthen the company’s presence in the Kingdom.
This agreement represents the second sports-sector MoU signed by MISA in the past month, demonstrating the Kingdom’s ambition to support the development of this sector, which will bring tangible benefits to residents of Saudi Arabia, said a statement.
As padel tennis is increasingly recognised as a key growth industry across the Middle East, PadelX creates and manages padel clubs, and intends to register the company name as a trademark in Saudi Arabia.
Under the agreement, MISA will provide its world-leading investor support services to assist PadelX on its investment journey.
As well as bolstering PadelX’s operations in Saudi Arabia, the entities will work together to encourage more investments the sports sector, including the development of local talent, as well as developing the regulatory framework for investment to encourage competitiveness in this promising sector.
Faysal Hamza, Deputy Minister for Investment Development at MISA, said: “The agreement signed today illustrates growing investor confidence in Saudi Arabia as a world-class investment destination, buttressed by a strong investor support service.
“As the National Investment Strategy continues to underpin the Kingdom’s unprecedented transformation, life in the Kingdom continues to evolve, made possible by the development of new sectors such as sports. This sector has huge potential as a catalyst for economic development, by generating employment opportunities for local people whilst enhancing citizens’ quality of life.”
Commenting on the agreement, PadelX’s CEO and Partner Christian Vilhelmsson said: “The PadelX philosophy is based on a theoretical approach to promote play rather than drill when introducing sports or structured physical activities. Padel is designed to create a fun, inclusive and social environment for the many people to participate in sporting activities resulting in a positive and rewarding experience. The mutual understanding with the Saudi Ministry of Investment has taken us a giant step towards that philosophy. We truly look forward to our ongoing collaboration.
“Personally I’m extremely glad and excited to be part of this journey and able to contribute to the great vision of 2030. Sports is for the people and should be accessible for everyone and anywhere. PadelX is all that!”
The sports industry was identified as a key sector for development under Vision 2030, and the government has made significant investment commitments – including $2 billion in sports by 2024, whilst its contribution to the Kingdom’s to GDP is expected to reach SR18 billion ($4.8 billion) by 2030.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).