Business Today Egypt | October – November 2023, Special Edition

Sports
A look at the role of
sports in entertainment
and its contributions
to Egypt’s cultural and
economic landscape.
By Hanan Mohamed
Photography by Kareem Abdel Aziz /
Mohamed El Hosary / Amr Mostafa
Sports play a crucial role in the entertainment
industry, contributing significantly
to the overall cultural and economic
landscape of a country. They
offer a diverse range of events, tournaments,
and competitions that capture the attention
of a global audience.
Countries can benefit from sports in ways such
as economic growth, infrastructure development,
cultural exchange, national branding and
promotion, social cohesion and well-being.
“Sports represent a strong industry worldwide,
with economic and social dimensions in people’s
lives,” Minister of Youth and Sports Ashraf Sobhy
has said. He noted that the size of investments
in the sports industry globally was estimated at
around $840 billion annually in 2020, compared
to $700 billion in 2017.
The minister added that the contribution of
sports to the national income comes right after
the cinema and automotive industries. It equals
the size of the construction-related businesses
sevenfold in some countries.
According to the newly set national sports strategy,
Egypt has supported sports to contribute
to comprehensive development underway in
the country. Multiple sports facilities and entire
sports cities have been established to host
international competitions. Egyptian champions
are given the required attention to
qualify for international competitions at
the African, world, and Olympic levels.
Additionally, investments have
been made in social and service
projects in youth centers and
sports clubs.
Sobhy explained that the total
investments in the sports market
in Egypt amounted to EGP 28 billion, with the
private sector accounting for about EGP 6 billion
over 4 years, primarily in the construction, real
estate development, and contracting sectors.
For its part, the government focused its investments
on financial resources to achieve the desired
goals. Hence, the government invested in
asset management and other aspects to encourage
the private sector and attract investments.
In support of the social and service aspects, the
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