Local, Foreign Investors, increasingly, Realize Investment Opportunities Lying in Camels’ Competitions

Camel competitions, during King Abdulaziz Festival, in its sixth edition, have experienced being taken by the storm of several companies, as they, heavily, took part in the accompanying world auctions.

It is a gesture that paved the way for transforming the competition from individual oriented to partnerships, as increasing entities realized the economic investment that the camels constitute, reinforced by figures in millions in recently concluded deals of sale and lease contracts.

The current version witnessed the entry of two companies into the line of camel contracts, Mazaen (Camels’ Pageant) as Dug and Jal companies participated, in the singles’ matches, according to legal and regulatory procedures that ensured their participation.

The procedures included that if an individual is taking part, on behalf of a company, he shall do that in the name of the chairman or a member of the board, according to the commercial register.

Over 2,000 owners participated in the festival, in its current edition, demonstrating as much as 33,000 camels, in the Mazayen competitions or Camels’ Pageants, and to participate in more than 70 races.

Prizes allocated, estimated at quarter of a billion (SR250,000), in which many foreign participants competed, namely from the United States of America, France, Mexico and other Arab and Gulf countries.

In addition to the economic movement witnessed by the festival, represented in the conclusion of sales and rental deals, with huge numbers of millions, many companies turn their attention to investing in the field of camels.

Moreover, the camel market’s daily sales have hit nearly SR1million for individuals.

A deal to rent the participant camel Dabbus Al-Dabbus, for ten singles fetched, SR20 million, within 48 hours, posting the highest figure in rental deals, in accordance with regular procedures introduced, in the sixth edition of King Abdulaziz Festival.

The festival management allocated a quarter of a billion worth prizes (SR250,000) distributed over 73 rounds for camel grooming and racing competitions, as over 8,000 camels competed.

However, the overall sum of the festival prizes earmarked is SR88 million.

The Camel Club had launched an electronic platform to register the names of the motto (Sam’miha, literally, Name it) for participants, in the King Abdulaziz Camel Festival; with the aim of developing the camel’s economic environment, stimulating companies and the private sector, attracting investors and sponsors to participate in the Camel festivals.