Muscat – The Ministry of Culture, Sports and Youth, in cooperation with the Oman Vision 2040 Implementation Follow-up Unit and the National Programme for Investment and Exports Development (Nazdahir), started an investment lab for the sports sector on Monday.

The laboratory focuses on three pillars – investment projects, sporting events and sports tourism, while opening the forum for a general discussion on formulating laws and legislations covering all areas of sports – staring from investments in projects for developing sporting talents in the country to those projects that can boost sports tourism in the sultanate.

Oman has become a chosen destination for global sports enthusiasts for being the venue for various international events that in turn gave its tourism sector a shot in the arm. Tour of Oman, Red Bull Cliff Diving, international drift championships and international sailing events by Oman Sail, have put Oman in the global map of sporting activities.

The four-week lab will see participation of representatives from various sports federations and clubs; academics and experts in the sector with an aim to simplify procedures that may facilitate smooth investments in the sector.

The intention is to come up with projects, initiatives and investment opportunities in the sports sector to enhance its role in supporting the national economy as envisaged in Oman Vision 2040.

H E Basil Ahmed al Rawas, Undersecretary of the Ministry of Culture, Sports and Youth, said that investments in sports sector give one access to a promising market with great economic returns. “Oman has many investment opportunities, and it is hoped that this lab will come up with real investment projects and opportunities that can be implemented with high economic feasibility, in partnership with various the relevant authorities, whether governmental or private, to activate the role of this sector,” he added.

The focus area for the participants would be to deliberate on the ways to make sports an attractive sector for investment in Oman. The participants will also discuss the ways and means for increasing the investment volume in the sector so as to make it sustainable and compatible with future plans and directions.