The Shura Council yesterday unanimously approved a proposed legislation to set up a national sports fund to support all athletes.
The 19-article document, presented by five members led by youths affairs committee chairman Redha Monfaradi, outlines the fund’s objectives, operational scope and strategies to support athletes and the broader sports community.
It is envisioned to cover critical areas such as sports medicine, incentive programmes for outstanding athletes and the development of revenue-generating investment projects.
The legislation stipulates that the government will provide the initial funding necessary to establish the fund, after which it will transition to becoming self-sustaining through its investment ventures.
The fund’s scope also includes the promotion of community engagement in sports and fostering partnerships with private entities.
Finance and National Economy Ministry assistant under-secretary for financial policies and the budget Adnan Ishaq believes the initiative has great potential.
General Sports Authority (GSA) chief executive Abdulrahman Askar revealed that discussions around forming a similar fund had already been underway.
Shura’s financial and economic affairs committee chairman Khalid Al Maskati backed the move after being asked about a fiscal opinion on the new fund.
The proposal has been now forwarded to the government to draft as proper law within six months and return back to the National Assembly for review.
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