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. 

JEDDAH: Serbia has signed a $205 million loan agreement with the Saudi Fund for Development to enhance its agriculture, education, and energy sectors.

Three deals were signed in Belgrade by Sultan Al-Marshad, CEO of SFD, and Sinisa Mali, the European country’s deputy prime minister and minister of finance, in the presence of Ali Al-Dossary, Saudi Arabia’s deputy ambassador to neighbouring Bosnia and Herzegovina, according to a statement by the fund.

Mali expressed his pleasure to sign the agreements with SFD, which, he said is the first concrete step after last year’s signing of a memorandum of understanding to develop and invest in capital projects.

“We are grateful for the support. The projects for which this money is intended will contribute to the creation of new jobs, strengthening of our economy, and better positioning Serbia in the world scientific community,” he said.

Mali added that the agreements will strengthen the long-term partnership between Serbia and Saudi Arabia and aid in implementing and developing significant projects in his country.

The three projects include $75 million funding for the Strengthen Irrigation Infrastructure in Different Areas Project, $65 million for the Construction of the Bio4 Campus in Belgrade Project, and $65 million for the Development of Transmission System Operator (Phase 1) Project, according to the release. 

The first project aims to enhance irrigation systems and improve water management in key agricultural areas by constructing new water pumping stations, rehabilitating existing canals, and developing a modern irrigation network over 230 km. It will target villages like Novi Slankamen in the north and Jasenica Kapi in the northeast and seek to increase agricultural productivity and ensure efficient water distribution during drought conditions.

The second project will finance the construction of the Bio4 Campus in the Serbian capital and will serve as an innovative scientific research center dedicated to biotechnologies. The campus will feature six faculties, nine scientific institutes, and advanced laboratories, including a biosafety level 3 lab at the University of Belgrade.

Designed to foster interdisciplinary innovation and collaboration, the center aims to unite researchers, scientists, and professionals in fields such as biology, medicine, and wastewater research.

The third will expand Serbia’s energy infrastructure by building a new 400 kV transmission line and upgrading existing substations that will help enhance the reliability of Serbia’s power supply and integrate the country into the European electricity market through the Trans-Balkan Electricity Corridor.

Al-Marshad said that supporting sustainable development through strategic funding in infrastructure and education is central to his organization’s mission.

“This partnership with Serbia underscores our commitment to fostering innovation, enhancing agricultural productivity, and improving energy security in line with the UN Sustainable Development Goals. The projects we are funding will help create lasting benefits for the Serbian people and contribute to their socioeconomic development,” he said.

In November 2022, Al-Marshad received Mali in Saudi Arabia, where the Serbian official was briefed on SFD’s development initiatives in emerging nations, according to the Saudi Press Agency. They discussed key opportunities in Serbia’s development sector.

Mali expressed appreciation for the Kingdom’s efforts, through SFD, to provide development support via various projects and programs in developing countries, which contribute to achieving sustainable development goals. He also highlighted Serbia’s interest in fostering development opportunities to strengthen bilateral relations in the sector.

The fund has recently celebrated 50 years of advancing global development, with recent expansions into 11 new countries, including Serbia.

Saudi Arabia’s official development arm has financed more than 800 projects in over 100 countries, totaling $20 billion.