Saudi Arabia will develop an innovative sports complex through a new partnership announced between the Saudi-based Alpha Jossor Investments and the UK-based tech company, Blockchain Sports Ecosystem.
According to a press release, both companies signed on Tuesday a memorandum of understanding (MoU) to develop one of the biggest innovative sports complexes in the MENA region, with a cumulative value of $3.3bn.
Innovative Sports Complex
The new development will harness cutting-edge technology solutions, hence attracting direct investments into Saudi Arabia’s sports and entertainment industries.
Furthermore, the sports complex will involve an advanced football academy with the latest integrated training solutions. In addition, it will include real estate development aligned with the concept of a smart sports city, with 1,500 villas and approximately 3,330 apartments, estimated at $1.6bn.
These new developments will play a key role in enhancing tourism and attracting foreign investment, in line with Saudi Vision 2030.
Blockchain Sports Ecosystem representatives across three continents, in cooperation with private sector representatives, will take part in implementing this massive project.
Establishing Saudi Arabia’s Position
The Founder of Blockchain Sports Ecosystem, Dmitry Saksonov, said: “I believe the partnership marks a significant milestone and is beneficial for the whole MENA region. The Middle East has proved its ability to bring innovative projects of enormous scale to life.”
The project is set to attract foreign investment to the region, in preparation for global sports event. In this respect, Saksonov added: “With the advanced technologies Blockchain Sports Ecosystem has developed, the upcoming project will set a new standard for the global sports community. We hope our mutual efforts will make the region prominent in the world’s sports arena.”
The innovative sports complex will also consolidate Saudi Arabia’s position as a sports hub, as it gears up for hosting the 2034 FIFA World Cup.
In the light of this, the CEO of Alpha Jossor Investments, Faisal Janahi, said: “Our partnership with Blockchain Sports Ecosystem is a strong step towards creating an innovative sports hub in Saudi Arabia, aligning with our vision for sustainable growth.”
