BlackBerry co-founder Jim Balsillie will invest USD 100 mn over the next five years to develop luxury golf resorts in the Kingdom in partnership with real estate fund Sumou Global Investment, the Canadian entrepreneur told the Financial Times. Construction on the first resort is set to take place in Wadi Aslaa, the southeastern suburb of Jeddah.

The details: Balsille plans to build 7-10 courses over the next few years, with some expected to open by 2027, targeting wealthy Saudis and luxury tourists. Balsillie believes growing local interest and tourism would boost long-term growth for the golf industry, potentially reaching 100 golf courses across the country, up from about a dozen today.

High hopes: Balsille is looking to attract more investors, as well as getting government funding or tax incentives. He even sets his sights on attracting some of the mns of religious tourists in the country to extend their visit with a round of golf.

REMEMBER- Sumou Global Investment announced its partnership with Balsille-owned Canada’s golf course operator GolfNorth in April to develop golf-focused lifestyle destinations in Riyadh, Jeddah, and Khobar, with openings starting in 2027. The projects will feature luxury homes, hotels, golf courses, and wellness centers, with GolfNorth handling course design, operations, and maintenance.

IN CONTEXT- The Public Investment Fund (PIF) is fueling the golf industry growth through massive investments in Liv Golf, which have reached USD 4.6 bn this month, including USD 1.9 bn since January 2024. The PIF’s total investment in the league is projected to surpass USD 5 bn by the end of 2025.

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