Riyadh, Safar 14, 1438, Nov 14, 2016, SPA -- Under the chairmanship of the Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defense, who is also the Chairman of the Board of Economic and Development Affairs, the Council held a meeting, at Al-Yamamah Palace here tonight. During the meeting, the Council discussed a number of economic and development issues, including the subject of restructuring, promoting and developing the sports sector, in order to serve the competitiveness of sports, in the Kingdom, at various levels. The Board also directed the General Authority of Sports and other stakeholders to do their best to create Sports' Development Fund, during a period not exceeding three months, take advantage of other related funds to ensure the achievement of desired objectives of its establishment. Among the objectives of the Fund is to provide loans and facilities for sports clubs, both of which will be privatized or the other clubs, while receipts of the sale of the clubs at all stages, shall be deposited, in the fund, as the fund is designed to support different sports, development and investment in the relevant areas, in addition to working to contribute to the privatization of the sports clubs, and the establishment and funding of amateurish, multi-purposive incubators under an institutional umbrella to create as many as 40, 000 jobs. -- SPA 19:54 LOCAL TIME 16:54 GMT www.spa.gov.sa/w269418