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Sports Ministry achieves EGP 1.8bn returns from investment projects - Daily News Egypt

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Sports Ministry achieves EGP 1.8bn returns from investment projects

Recent amendments to Sports Law has encouraged investors to inject money into sector: Sobhy

The Ministry of Youth and Sports has achieved financial returns amounting to EGP 1.8bn from investment projects implemented in cooperation with the private sector. The partnership aims to develop, utilise, and manage the ministry’s assets under usufruct system.

Ashraf Sobhy, Minister of Youth and Sports, told Daily News Egypt that the ministry has earned EGP 1.1bn from investment projects in youth centres. A further EGP 700m in revenues have come from the sports facilities sector.

Sobhy added that investing in youth centres was successful after the private sector proved eager to implement asset management projects in various governorates.

Procedures are being undertaken to put in place amendments to the Sports Law 71 of 2017 to encourage investment in the sports sector, Sobhy said. This will take place through the multiplicity of types of companies according to the nature and size of the company. There will also be a reduction in the ministry’s supervisory role over companies. Procedures are being taken to put these amendments in place.

Sobhy revealed that an inventory of untapped areas in Cairo Stadium is being made for investment purposes in the state’s plan to create an economic return on the stadium, This will also see a new board of directors selected for the stadium’s management. The budget for the project and other investment projects is being prepared by Omar Balbaa, member of the stadium’s board of directors.

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