Okaz/Saudi Gazette JEDDAH — The competent authorities have approved the transfer of eight sites, which formerly belonged to the Saudi Aramco, to the General Real Estate Authority (GREA) in preparation for the issuance of sukuk (bonds) on behalf of the authority for the benefit of the General Sport Authority. These sites will be used for the establishment of recreational centers for youth such as clubs for car and motorcycle racing or motor sports tracks in major cities. The sites will be transferred to GREA in the regions of Madinah, Al-Qassim, Tabuk, Hail, Northern Borders Region, Al-Baha, Najran, and Al-Jouf. Moreover, representatives of the Ministry of Municipal and Rural Affairs will allot undisputed sites in the cities of Riyadh, Jeddah, and Al-Khobar in the Eastern Province in the dimensions of 3 km * 1 km. These include allocation of a site in Riyadh and a site in the south of the half-moon beach in Al-Khobar. A suitable site will be found in Jeddah in coordination with the Jeddah mayoralty. The directives have stressed the importance of the Sports Authority to take advantage of the private commercial tracks in some cities and governorates across the Kingdom and develop them with the participation of the private sector. The authorities emphasized the need to encourage the private sector to make investments for the promotion of motor sports, in coordination with the General Entertainment Authority. The authorities see that this will also help rein in the tendency for joyriding among the young motorists.
