RIYADH: European and US investment groups specializing in the shooting sector have their sights set on the Saudi market.
Sports companies and former world champions are also showing increasing interest in the Kingdom, including EG-CZ Academy, which is operated by Eric Grauffel, the French sport pistol shooter and winner of eight International Practical Shooting Confederation handgun world titles.
The academy opened its doors in the Kingdom in September 2022.
Prince Saud bin Khalid bin Abdullah, former president of the Saudi Shooting Federation, told Arab News: “The Saudi market is one of the promising markets and is receiving increasing interest from companies specialized in the field of shooting, considering at the same time that Vision 2030 opens the way for investors to enter and achieve the standards of quality of life and the development of both the tourism and entertainment sectors.
“It is important to grant greater facilities in the sector to accommodate the interested and investors. We need to liberate the sector from some challenges, as the economic studies indicate that the shooting sector size exceeds SR32 billion ($8.5 billion) in the 13 Saudi regions through diversification in the fields of sports, entertainment, tourism and culture.”
The sector offers more than 10,000 job opportunities, along with events and activities that will help the Kingdom achieve its national targets, he said.
Spanish investors also plan to enter the Gulf market, including Saudi Arabia, in agreement with the government of Catalonia, and are discussing opportunities with representatives from the Dubai Multi Commodities Center.
In Saudi Arabia, the organization and licensing operations of the shooting market are divided between the Ministry of Interior and the Saudi Shooting Federation.
Last August, a pavilion at the International Saudi Falcon and Hunting Exhibition displayed rare and unique weapons to visitors.
The exhibition provided a platform to buy weapons via the Saudi Falcons Club’s website after fulfilling eligibility conditions. Arms sales totaled SR200 million ($53.2 million) through the sale of 110,000 weapons and ammunition.
