Last month I have already mentioned to you that Saudi Arabia is trying to diversify its economy by moving away from oil by launching the Quality of Life Program.
At the same time, Golf Saudi signed cooperation with Troon. I thought to highlight these because I can see an acceleration in golf development by discussing it among the other important topics at the Future Investment Initiative (29-31 October, Riyadh, Saudi Arabia).
The Future Investment Initiative (FII) is an international platform for expert-led debate between global leaders, investors and innovators with the power to shape the future of global investment.
It is focused on utilizing investment to drive growth opportunities, enable innovation and disruptive technologies, and address global challenges.
This was the 3rd Future Investment Initiative event.
The organizers were able to attract for a panel discussion Thomas Björn, Jose Maria Olazabal, Catriona Matthew, Ernie Els, Keith Pelley (Chief Executive of the European Tour), and Camilla Lennarth (Ladies European Tour winner).
Keith Pelley said
“The climate here is terrific, the amenities are first-rate, and the golf courses are exceptional.
Golf Saudi wants to use the game to transform the country and there is no question that Saudi Arabia is at the forefront of helping us to develop the game.
Our game is so much about inclusivity and it’s fantastic that the Saudi Golf Federation shares that vision.”
I think the early beneficiary of the 3rd Future Investment Initiative event will be those golf clubs (e.g. Royal Greens Golf & Country Club) who focus on international golf tourism.
I am telling this because tourism is one of the leading focus areas of Vision 2030.
Saudi Arabia is now opening up to non-Muslim leisure tourists thanks to the Read Sea Project (between the cities of Umluj and Al Wajh) with a focus on sustainable luxury development (28,000 km² area).
Phase One of the Project, due to be completed in 2022, will see the construction of 14 luxury and hyper-luxury hotels across five islands and two inland resorts, providing more than 3,000 hotel rooms.