Saudi Arabia Steps Into The Ring
Bloomberg Businessweek|January 13, 2020
The kingdom sees racing, boxing, and soccer as a way to boost its profile and soften its image
Paul Wallace
Saudi Arabia Steps Into The Ring

On Jan. 5 the Saudi port of Jeddah echoed with the roar of hundreds of cars, motorcycles, and trucks in the Dakar Rally, a grueling two-week trek through the mountains and deserts of the kingdom—the first time the event is being held in the Middle East. That came just four weeks after the “Clash on the Dunes,” a heavyweight boxing title bout near the ancestral home of the Saudi ruling family, which was billed as a worthy successor to Muhammad Ali’s “Rumble in the Jungle” and “Thrilla in Manila.” And on Feb. 29, 14 thoroughbreds will take to a dirt track in Riyadh for the inaugural Saudi Cup, the world’s richest horse race, with $20 million up for grabs.

The run of big-ticket events marks a sharp turnaround for the kingdom, which barely registers on the global sporting map. It’s part of a push by Crown Prince Mohammed bin Salman, the 34-year-old de facto ruler, to modernize the economy and reduce the influence of puritanical Islam. The prince says opening up to tourists and allowing Western-style entertainment and concerts that Saudis have long been denied can create much needed jobs and attract investment beyond oil—though the risk of wider conflict after the U.S. killed Iranian General Qassem Soleimani could threaten his ability to achieve that. The Saudis aim to raise non-oil revenue more than sixfold annually, to $266 billion by 2030.

This story is from the January 13, 2020 edition of Bloomberg Businessweek.

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This story is from the January 13, 2020 edition of Bloomberg Businessweek.

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