Saudi Arabia courts private investors for 2034 World Cup stadium as budget deficit widens

Saudi Arabia’s state-backed developer ROSHN Group is seeking private investors for the Aramco Stadium in Al Khobar, a key venue for the 2034 FIFA World Cup, as the kingdom’s government contends with a widening budget deficit and mounting pressure on public finances.

ROSHN, a subsidiary of Saudi Arabia’s $1.2 trillion sovereign wealth fund the Public Investment Fund (PIF), has reportedly appointed JPMorgan to manage the equity fundraising process. Sources familiar with the discussions, who requested anonymity because the talks are not public, said both PIF and ROSHN have been gauging private investor interest in the stadium. JPMorgan and Saudi Aramco declined to comment; ROSHN and PIF did not respond to requests for comment.

The 47,000-seat Aramco Stadium is slated for completion by the end of this year, with its first game scheduled for January. Saudi Aramco, the state oil giant, operates the venue under a 25-year concession, with ROSHN acting as owner and developer.

The proposed deal is expected to follow a lease and leaseback structure — a model Aramco has previously used for its oil and gas pipeline assets, attracting major investors including EIG Global Energy Partners and Global Infrastructure Partners, part of BlackRock. Under the arrangement, ROSHN would establish a dedicated vehicle to control the leasehold, co-owned with investors who provide upfront capital. Investors would in turn receive a long-term income stream from Aramco’s lease payments, while ROSHN frees up capital for other projects.

The fundraising effort reflects a broader strategic shift as Saudi Arabia pushes to diversify its economy away from oil and gas revenues under its Vision 2030 plan. Public entities are increasingly turning to external capital to fund a range of logistics, tourism, and sports infrastructure projects.

The 2034 World Cup sits at the centre of that agenda. Riyadh plans to build or renovate 15 stadiums across five cities for the tournament, alongside 132 training venues. The competition will be the first time a single nation hosts the expanded 48-team format — a scale acknowledged by Saudi Arabia’s Sports Minister Prince Abdulaziz bin Turki AlFaisal as a significant challenge.

The kingdom has, however, faced difficulties delivering some flagship projects, hampered by overspending and lower-than-anticipated global oil prices that have squeezed public revenues and added urgency to the search for private capital.