Business of Sport Saudi Arabia wins 2034 Fifa World Cup bid Fifa, the world football governing body, has officially named Saudi Arabia as the host nation for the 2034 World Cup. The kingdom submitted its bid to host the event in July under the slogan “Growing. Together” after Fifa invited bids from countries in Asia and Oceania last year. The only country in contention, Australia, did […] December 12, 2024
Infrastructure Parsons signs deal to improve Riyadh’s road network US company Parsons Corporation has won a contract to manage the development of Riyadh’s road network, as the Saudi capital city gears up to host Expo 2030 and the Fifa World Cup 2034. The $53-million three-year contract was awarded by the Royal Commission for Riyadh City (RCRC) to the New York Stock Exchange-listed company, which […] December 10, 2024
Business of Sport Fifa praises ‘impressive’ Saudi World Cup 2034 bid The vast construction projects proposed by Saudi Arabia for the 2034 Fifa World Cup are impressive, but present a medium risk of not being completed in time, football’s governing body Fifa has warned. In a 110-page bid evaluation document, Fifa’s inspection team said Saudi Arabia must invest “significant effort and time” to fulfill its ambitious […] December 2, 2024
Business of Sport Rio Ferdinand invests in Saudi sports platform Rio Ferdinand, the former England and Manchester United footballer, has invested in a Saudi sports platform. The Ferdinand Group (TFG), a sports and entertainment investment company owned by the ex player, acquired a minority stake in Koora Break, described as the fastest-growing football app in the Middle East and North Africa. No specific financial terms […] December 2, 2024
Giga-projects Riyadh hopes to entice private sector to landmark projects Riyadh is courting private-sector investors to fuel its ambitious development agenda, offering significant opportunities but grappling with resistance from companies citing financial risks, a senior official said. The push to involve private firms highlights Saudi Arabia’s challenges as it transitions from government-led development to growth driven by the private sector, a pillar of its Vision […] November 29, 2024
EDITOR'S INSIGHT Transport Riyadh Metro could get Saudis to quit their cars OK. So it did not go entirely as advertised. The first phase of the Riyadh Metro was due to open on Wednesday; instead the system has been inaugurated and operation of three of the six lines – Blue, Yellow and Violet – officially starts on December 1. When the trains do roll, the metro will enable […] November 28, 2024
Construction Banks vying to fund Roshn’s Saudi expansion Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, and demand is so high that some lenders have been turned away, according to a senior executive. In contrast to this momentum, Saudi Arabia’s other giga-projects face financing constraints, with resources […] November 14, 2024
Video length: 06:30 VIDEO Real Estate Minister trumpets Saudi Arabia’s $168bn housing push Real estate transactions in Saudi Arabia have totalled $168 billion so far this year, the Saudi minister of municipalities and housing, Majed Al Hogail, told a real estate forum in Riyadh this week. Speaking at the Cityscape exhibition, which is trying to promote Riyadh-centred giga-projects, the minister said that Saudi Arabia is pushing to finish […] November 13, 2024
EXCLUSIVE Business of Sport Roshn seeks contractors for Riyadh World Cup stadium Saudi real estate developer Roshn is inviting expressions of interest from international and local contractors for its 45,000-seat football stadium in Riyadh. Iain McBride, Roshn’s head of commercial, said the Public Investment Fund subsidiary was actively seeking partners “very early in the process” to help “de-risk” the project. “What we don’t want is to design, […] November 6, 2024
Economy Saudi Arabia’s deficit rises again as oil output cuts bite Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects. The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […] November 5, 2024
Giga-projects Diriyah delays completion date as projects vie for funds The historical district of Diriyah, one of Saudi Arabia’s major giga-projects, will be completed in time for the World Expo in 2030 – three years later than previously announced, its CEO Jerry Inzerillo said on Wednesday. The giga-projects, valued in total at more than $1.25 trillion, are competing for government and private sector resources amid […] October 31, 2024
Giga-projects PIF launches company to build worker accommodation Saudi Arabia’s Public Investment Fund (PIF) has established a company to develop and operate accommodation for workers employed on major projects in the kingdom. Smart Accommodation for Residential Complexes Company (Sarcc) will build workers’ accommodation for both public and private sector developers who are working on projects across the country. Sarcc will also seek opportunities […] October 21, 2024
Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […] October 18, 2024
Business of Sport Inter Milan becomes first club to get Saudi investment licence Italy’s Inter Milan has become the first international football club to receive a licence in Saudi Arabia. The ministry of investment licence will support the club in extending its brand presence in the Middle East and growing its fanbase. Inter Milan, or Nerazzurri, will bring its expertise and experience as a top-level football club to […] October 17, 2024
Transport Financing being finalised for Riyadh-Jeddah railway line Saudi Arabia Railways hopes to finalise financing for its “Landbridge” project linking the east and west of the country within months, an official said this week. “It will cost at least $7 billion, it depends on the budget. If the budget’s available then we will start building, it will be finished before 2030,” Mesfer Alyami, […] October 15, 2024
Giga-projects Neom ‘uses one fifth of world’s steel’ The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday. The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer. She told the Global Logistics Forum in the […] October 15, 2024
