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22:15 GMT
JEDDAH, July 20 (KUNA) -- Saudi Arabia launched Saturday a 2.5 billion riyals (USD 667 million) strategy for youth and sport sector in general as well as local sport clubs.
The strategy aims at developing Saudi sport clubs to guarantee sustainability of their financial and administrative affairs, Prince Abdulaziz Al-Faisal, chairman of Public Authority for Sport, told a news conference.
Prince Abdulaziz, also chairman of the Saudi Olympic Committee (SOC), said the strategy would create a financial and administrative governance system that would enable local sport clubs attract investment thus increase their revenues.
He said 170 clubs would benefit from this strategy.
Prince Abdulaziz met with presidents of the sport clubs before his conference conference, to discuss mismanagement and financial deficits in their clubs. (end)
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