Saudis to buy Spanish football club



JEDDAH: RIMA AL-MUKHTAR

Published — Saturday 8 December 2012

Last update 8 December 2012 12:11 pm

| نسخة PDF Print News | A A

Saudi businessmen and a former candidate for the presidency of the Itihad Saudi football team are negotiations to buy a Spanish football club to boost an increased Saudi presence in the sports investment field.
Maher Bondakji, chairman of the board of directors of Al-Marabie, told Arab News that he is in negotiation along with other Saudi businessmen to purchase 25 percent to 45 percent of a Spanish football club.
“Privatization is the reason why we chose to buy the European club and not a local club,” said Bondakji to Arab News. “Europe and Spain, to be specific, makes it easier for the public to understand sports investment and this is what we miss here. If privatization became available in the Kingdom we might consider selling our share and invest locally,” he added.
The Saudi businessmen’s aim to buy into more European football clubs if this worked according to plan for the next couple of years, according to Bondakji.
Bondakji declined to disclose the name of the club.
“The deal will be finalized in the next two months and I am optimistic. We are holding several meetings at this time with the Spanish football club management and I believe this would be a great jump for the sports investments,” he said. “We will also hold a press conference soon to reveal the name of the club, the details of the deal, stocks and the reasons why we chose this specific club.”
The press conference will also include discussions about the sport investment market in Saudi Arabia, according to Bondakji.

What's happening around Saudi Arabia

RIYADH: The $22-billion Riyadh Metro project is going on according to the plan despite the fact that many global projects are faltering.“There are many stalled projects all over the world and not in the Kingdom alone, but the metro project in the Sau...
JEDDAH: Four members of the Commission for the Promotion of Virtue and the Prevention of Vice (Haia) were stabbed by a youth who was allegedly trying to blackmail a girl in Jeddah. The incident happened on Tuesday night and the four officers, who sus...
RIYADH: A recent report released by the Ministry of Labor revealed that the number of violations registered on the ministry’s electronic program “Together for Monitoring” in the months of December 2015 and January 2016 amounted to 484, of which 157 w...
RIYADH: Health Minister Khalid Al-Falih visited the medical complex in Thuwal, near Jeddah, on Tuesday. The facility was set up by Saudi Aramco, whose chairman is the health minister himself.According to the minister, the complex provides primary hea...
JEDDAH: A number of Shoura Council members have voiced objections to some imams who express their personal opinions during Friday sermons.The members asked the Ministry of Islamic Affairs to supervise the sermons to make sure they were written by spe...
MADINAH: Street vendors near the Prophet’s Mosque pose a risk to the country’s reputation and economy besides blocking the way of service cars, Red Crescent and Civil Defense vehicles, an expert has said.Ninety-eight percent of these street merchants...
RIYADH: Appropriate action has been taken against the Haia members who were involved in beating up a girl opposite the Nakheel shopping mall here recently, but the girl was also at fault, a Haia official has clarified.“A probe has revealed that the g...
I am from the east of France but moved to Saudi Arabia from Paris in 1990. I worked for a princess as a French language tutor. I was young and single. I thought it was very exotic and mysterious. I lived in a palace. I left Saudi Arabia in 1992 and c...
JEDDAH: The Pakistan Repatriation Council (PRC) held a symposium on Kashmir and the obligation of Muslim world toward Kashmiris.It was presided by Ali Al-Ghamdi, a former Saudi diplomat. Other guests and speakers at the event were Shahid Nayeem, pres...
DAMMAM: A total of 627 kidney transplant surgeries were performed in the Kingdom last year, bringing the number of kidney transplants, performed since the beginning of the organ donation program, to 9,000 surgeries, said Dr. Faisal Shaheen, director...
ABHA: Saudi women spend more on cosmetics compared to women in the West, the Arab world and even in the Gulf, economic studies show.Recent statistics issued by the Saudi Customs suggest the amount of imported cosmetics in the past year exceeded SR2.3...
RIYADH: A study is under way to provide health insurance to Umrah pilgrims and domestic workers and certain articles of the health regulations needs to be amended, an official has said.According to local media, the statement was made by Mohammed bin...
JEDDAH: The government last year helped over 2,000 children overcome circumstances that forced them to beg or work illegally. The number of children who got help to overcome was 2,039 last year, of which the proportion of the Saudi children was 16 pe...
RIYADH: The number of visitors to the United Kingdom from Saudi Arabia has been steadily increasing from 89,000 in 2009 to 144,000 in 2014.This was revealed at a presentation made to mark the launch of “Visit Britain” program in Riyadh on Wednesday....
NAJRAN: Three members of the Saudi National Guard died in Rabuah, Najran, on Wednesday.National Guard spokesman Maj. Mohammed Omari identified them as Lt. Faisal bin Abdullah Al-Shehri, Lt. Faisal bin Talal Al-Toub and Lt. Saud bin Khaled Al-Rukhayye...

Stay Connected

Facebook