By Majd Othman
KUWAIT: Kuwait Economic Society held on Wednesday a seminar in cooperation with Sahheh Initiative Group under the title "A new vision to push Kuwaiti sports into the world", which aims to implement a development plan by launching a national sports fund. The government sector will have a stake of 55 percent in the investment fund, while the other 45 percent will be offered in a public subscription to local and foreign companies and funds.
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The Sahheh Initiative Group is proposing a capital of KD 1 billion for the Kuwaiti sports fund to develop local sports, similar to investments in international sports and football clubs. "Sports has become an industry in which huge investments and funds are involved," President of Kuwait Economic Society Khalid Al-Mutairi said, pointing out the society believes investment in the sports field has become one of the important issues in Kuwait in order to keep pace with the global technological development in this field, in addition to encouraging the participation of the private sector to invest in the sports industry.
"Foreign investments in the sports field, whether in sports facilities, sports medicine, technology, or players, especially in football, play a vital role in the development of clubs," Mutairi pointed out, adding the world has witnessed many examples of clubs that have effectively contributed to the local economy of their countries. He stressed such investments, whether in Kuwaiti or foreign clubs, are considered key to the process of economic development in Kuwait.
Former economist and banker Nader Al-Obaid said sport is an important issue that lacks a new approach from a development perspective that differs from sports 50 years ago. "The players and technical and administrative staff cannot be marketed in a commercial way while we go to international tournaments with empty hands," he said. Obaid noted that the Kuwaiti government allocates KD 250 million annually to support sports, but the results are modest. "A new perspective for sports will help us revive sport ideas to keep pace with international developments."
Obaid pointed out that there are 16 clubs spread over an estimated 1.5 million sq m, and nine youth centers that need to be redeveloped. Regarding the sports fund and if it is officially submitted, Obaid said discussion is currently underway to put forward and promote the idea as an initiative of the Sahheh Group, which includes 70 participants and initiators with diverse experiences. "The vision is currently being discussed with some official parties, while it will be officially submitted in the last quarter of this year," he said.
Sports investment expert Abdulrahman Al-Mukhaizeem stressed there is a decline in sports in Kuwait, which requires quick reconsideration in adopting the current economic vision, especially since the world has begun to look at sports in a different way than before. He pointed out 130 countries around the world achieve returns by investing in sports that may exceed the returns of national income.
Researcher and consultant in the digital economy Nabil Al-Obaidi said Kuwait lagged behind regional and international countries in several aspects as a result of legislative challenges, stressing the time has come to move to global development in accordance with a technical system managed away from the government.