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FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say
The World Cup will showcase º£½ÇÖ±²¥ to the world. Shutterstock
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Updated 25 April 2025

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

RIYADH: Hosting the FIFA World Cup in 2034 is expected to transform º£½ÇÖ±²¥'s tourism sector and accelerate the nation’s economic diversification, experts said. 

The Kingdom was awarded the competition by the sport’s international governing body in December, and is set to hold the event in 15 stadiums across five cities. 

º£½ÇÖ±²¥â€™s sports tourism sector has been witnessing rapid growth since the launch of Vision 2030 nine years ago, with the Kingdom drawing 2.5 million visitors through 80 international events in the last four years, Tourism Minister Ahmed Al-Khateeb said in February. 

Bolstering the tourism sector is one of the crucial goals outlined in º£½ÇÖ±²¥â€™s Vision 2030 initiative, as the Kingdom is steadily diversifying its economy by reducing its decade-long reliance on oil revenues. 

º£½ÇÖ±²¥â€™s ambitious National Tourism Strategy aims to attract 150 million visitors by the end of this decade. 




Cristiano Ronaldo is one of a host of footballing superstars who now play in the Saudi league. Getty

Speaking to Arab News, Federico Pienovi, chief business officer and CEO of New Markets at Globant, said that the mega football event presents immense opportunities for the Kingdom to develop multiple sectors.

“Hosting the FIFA World Cup is a game-changer for º£½ÇÖ±²¥â€™s tourism sector. For º£½ÇÖ±²¥, FIFA World Cup 2034 represents a key milestone in its Vision 2030 strategy, accelerating economic diversification beyond oil by boosting tourism, hospitality, infrastructure, and smart city development,†said Pienovi. 

He added that the tournament accelerates the Kingdom’s tourist number ambitions by putting º£½ÇÖ±²¥ on the map for future leisure and business tourism.

Guillaume Thibault, partner and head of sports and entertainment at Oliver Wyman for India, the Middle East and Africa, echoed similar views and said the football gala will be a major catalyst for º£½ÇÖ±²¥â€™s economic diversification, attracting over 10 million international visitors.

Thibault added that the event is also expected to accelerate º£½ÇÖ±²¥â€™s national strategies in tourism, transport, and quality of life, creating opportunities in construction, hospitality, fan engagement, and talent development — all while mobilizing private sector investment. 




Argentina won the World Cup the only other time the competition was held in the region — Qatar in 2022. Getty

The Oliver Wyman official further said that hosting events such as the FIFA World Cup could boost the gross domestic product of º£½ÇÖ±²¥, as well as creating immense job opportunities. 

“On a macroeconomic level, past World Cups have contributed up to 10 percent GDP growth, as seen in South Africa 2010, while creating tens of thousands of jobs. º£½ÇÖ±²¥ can maximize its investment impact by aligning with local businesses and PIF-backed companies, ensuring long-term economic gains and positioning itself as a global sports and business hub,†said Thibault. 

Max Klante, managing director and partner of Boston Consulting Group, said that major sporting events such as the 2034 World Cup, Formula 1, and the upcoming Asian games, will serve as an entry point for global audiences, showcasing º£½ÇÖ±²¥ as a travel destination.

“They provide a platform to highlight the Kingdom’s culture, heritage, and landscapes to the world while showcasing new and exciting entertainment and cultural experiences such as eSports and adventure extreme sports. The integration of sports, media, entertainment, and culture boosts international visibility and fosters long-term tourism growth,†said Klante. 

º£½ÇÖ±²¥ has already hosted several major sporting events, including the WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, and Formula E. 

The Kingdom has also witnessed E-Prix, the International Handball Federation Super Globe and the Saudi International Meeting for Disabilities Sport, as well as organizing the auction of players for the 2025 Indian Premier League, a major cricketing event which features 10 professional clubs. 

Long-term impacts

According to Pienovi, hosting major sporting events will not only boost tourism in the Kingdom but will also support the country’s infrastructure growth for the long term. 

“Beyond the tournament, the country will benefit from long-term infrastructure improvements, smart venue advancements, and the rise of new entertainment hubs that will attract visitors for years to come,†said Pienovi. 

Thibault said that hosting such events will help º£½ÇÖ±²¥ establish itself as a premier sports destination globally, strengthen global ties, attract international business, and enhance the Kingdom’s geopolitical influence. 

 “When executed strategically, major sporting events leave a lasting impact beyond the tournament itself. Mega-events drive billions in tourism, investment, and job creation. The 2012 London Olympics, for example, contributed $17 billion to the UK economy, proving their long-term financial impact,†said Thibault. 

He added: “In terms of urban transformation, such events accelerate infrastructure development and reshape cities. The Sochi 2014 Winter Olympics revitalized an entire region, turning legacy resorts into prime real estate. º£½ÇÖ±²¥â€™s smart city and transport investments will ensure similar long-term benefits.â€Â 

Elevating diplomatic and bilateral relationship

The Oliver Wyman official further said that hosting such global events could help º£½ÇÖ±²¥ strengthen its bilateral relationship with several countries. 

º£½ÇÖ±²¥ is already a diplomatic leader, ranking 18th in the Global Soft Power Index 2024 and has already hosted key forums including the G20 Summit and the World Economic Forum. 

“Mega-events further enhance global ties by bringing nations together through sport, fostering cultural exchange, trade, and investment partnerships. By attracting global leaders, º£½ÇÖ±²¥ can deepen international collaborations, expand economic alliances, and position itself as a key player in global sports diplomacy,†said Thibault. 

Klante also expressed identical views and said that successfully hosting global tournaments will enhance º£½ÇÖ±²¥â€™s standing as a reliable and capable partner on the world stage.

“The ability to deliver top-tier sporting events creates unique opportunities for diplomatic engagement and strengthens economic and cultural ties with other nations. Stronger ties promote global understanding, security and prosperity,†added the BCG official. 

Klante added that hosting major international events will establish º£½ÇÖ±²¥â€™s credibility in sports management and global event organization, while also opening opportunities for developing long-term partnerships with international teams, leagues, and sports federations.

He further said that such events in º£½ÇÖ±²¥ could also boost the morale in the Kingdom, and the country will see more sporting heroes in the coming years. 

“The ability to host major events inspires our youth to follow in the footsteps of their sports heroes. This strengthens engagement in sports, be this football, eSports, athletics or formula car racing. By inspiring the youth of today we lay the foundation for the top athletes of tomorrow,†said Klante. 




A drone show in Riyadh after º£½ÇÖ±²¥ was announced as the host nation for the FIFA World Cup 2034 on December 11. Getty

Potential challenges

Experts who talked with Arab News also talked about the potential challenges º£½ÇÖ±²¥ could face as the Kingdom gears up to face global sporting events. 

According to Pienovi, the challenge for the Kingdom lies in integrating cutting-edge technology for seamless fan interactions — whether it’s AI-driven crowd management, frictionless ticketing, or hyper-personalized digital experiences. 

“Fans now expect an immersive, waitless, and contactless experience, powered by AI, AR/VR, and digital personalization. Implementing biometric entry, tech-driven loyalty programs and real-time engagement solutions will be key to delivering a next-level experience,†said Pienovi. 

He added: “The challenge is not just in adopting these technologies but in making them intuitive, frictionless, and scalable across multiple venues.â€

The Globant official believes that ensuring seamless connectivity across all platforms — from real-time streaming to AR-powered second-screen experiences — will be crucial for reaching international audiences and keeping fans engaged beyond the stadium. 

Klante underscored the vitality of strengthening the transport systems in the Kingdom, as well as, bolstering the logistical prowess, and said that “world-class events require complex logistical planning, complex integration and seamless execution.â€

He added: “Ensuring global accessibility, efficient transport, and a smooth visitor experience will be critical to success. A focus must always be placed on how the visitor journey interacts with the various city and intercity transport solutions — creating a unified experience like no other.â€Â 

Thibault also expressed similar views and said that logistics, crowd management and infrastructure development are crucial for º£½ÇÖ±²¥ to seamlessly host mega events like FIFA World Cup. 

The Oliver Wyman official added that managing transport, security, and emergency response requires advanced planning, with mega-projects including NEOM and Qiddiya integrating AI-driven security and real-time crowd monitoring. 

“The challenge lies in balancing speed with sustainability. Legacy planning is key to avoiding underutilized venues, ensuring stadiums transition into training hubs, community centers, or professional league facilities,†added Thibault.


Closing Bell: Saudi main index rises to close at 10,956

Closing Bell: Saudi main index rises to close at 10,956
Updated 27 July 2025

Closing Bell: Saudi main index rises to close at 10,956

Closing Bell: Saudi main index rises to close at 10,956

RIYADH: º£½ÇÖ±²¥â€™s Tadawul All Share Index rose on Sunday, gaining 10.42 points, or 0.10 percent, to close at 10,956.22.

Total trading turnover of the benchmark index reached SR3.46 billion ($924 million), with 145 stocks advancing and 97 declining.

Similarly, the Kingdom’s parallel market Nomu climbed 92.76 points, or 0.34 percent, to close at 26,991.01, as 47 stocks advanced while 39 retreated.

The MSCI Tadawul Index also posted gains, adding 1.89 points, or 0.13 percent, to finish at 1,409.96.

The top performer of the day was Tourism Enterprise Co., with its share price surging 9.91 percent to close at SR1.22.

Other notable gainers included BAAN Holding Group Co., which rose 9.63 percent to SR2.39, and Raydan Food Co., which advanced 6.67 percent to SR14.24.

On the downside, Buruj Cooperative Insurance Co. recorded the biggest loss, falling 4.11 percent to SR18.20. 

Fawaz Abdulaziz Alhokair Co. dropped 3.03 percent to SR29.46, while Saudia Dairy and Foodstuff Co. declined 2.84 percent to SR266.40.

In corporate disclosures, the National Agricultural Development Co. reported its consolidated financial results for the six-month period ending June 30. According to a Tadawul statement, the company posted a net profit of SR218.6 million, up 2.5 percent year on year. 

The increase was attributed to higher revenue and treasury income, along with changes in cost of sales, selling and marketing expenses, impairment losses, financing costs, and other income and expenses.

NADEC shares ended the session at SR21.02, down 0.81 percent.

Meanwhile, Yanbu National Petrochemical Co. announced a net profit of SR58.2 million for the first half of the year, marking an 82 percent year-on-year decline.

The drop was primarily due to lower average selling prices across all products and higher input costs, despite increased sales volumes and stable operational performance.

Yanbu shares rose 2.88 percent, closing at SR29.42.

Sabic Agri-Nutrients Co. also released its interim financial results, reporting a net profit of SR2.04 billion for the first half of the year, reflecting a 32.2 percent increase compared to the same period last year. 

The growth was driven by a 22 percent rise in sales, along with an increase in share of results from associates and joint ventures.

However, the rise was partially offset by higher costs of goods sold, mainly due to increased feedstock prices.

SABIC Agri-Nutrients Co. shares closed at SR117, up 2.15 percent.


GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
Updated 27 July 2025

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion

GCC economy grows 1.5% to $588bn in Q4 2024 on non-oil expansion
  • Qatar recorded the highest real GDP growth at 4.5%
  • UAE followed at 3.6% and º£½ÇÖ±²¥ at 2.8%

RIYADH: The Gulf Cooperation Council’s economy grew 1.5 percent year on year in the fourth quarter of 2024, reaching $587.8 billion, driven by a surge in non-oil activity, official data showed. 

According to the GCC Statistical Center, the increase from $579 billion in the fourth quarter of 2023 highlights the region’s ongoing shift toward diversification, with non-oil sectors contributing 77.9 percent of total output, while oil accounted for 22.1 percent. 

Among non-oil sectors, manufacturing contributed 12.5 percent, wholesale and retail trade 9.9 percent, construction 8.3 percent, and public administration and defense 7.5 percent. Finance and insurance made up 7 percent, real estate 5.7 percent, and other activities a combined 27 percent. 

The region’s economic shift is driven by national reform plans, including º£½ÇÖ±²¥â€™s Vision 2030, the UAE’s Economic Vision 2030, Oman’s Vision 2040, and Qatar’s National Vision 2030, aimed at reducing reliance on oil by expanding sectors like tourism, logistics, finance, and technology, and boosting private sector and foreign investment. 

The statistical center said: “This report on the quarterly GDP estimates in the GCC countries is issued based on the data made available by the member states, with a reference of May 2025.†

At the real GDP level, the GCC economy grew 2.4 percent in the fourth quarter of 2024, with non-oil GDP expanding by 3.7 percent, while oil GDP contracted by 0.9 percent, reflecting voluntary OPEC+ production cuts. 

Among member states, Qatar recorded the highest real GDP growth at 4.5 percent, followed by the UAE at 3.6 percent and º£½ÇÖ±²¥ at 2.8 percent, the report showed. 

The region also maintained stable price levels, with overall inflation averaging 2.1 percent across the bloc during the quarter. Qatar and Oman registered the lowest inflation rates at 1.1 percent and 1.5 percent, respectively, while Bahrain recorded the highest at 3.3 percent. 

In its latest update, the Institute of Chartered Accountants in England and Wales, in collaboration with Oxford Economics, raised its 2025 GCC growth forecast to 4.4 percent, up from a prior estimate of 4 percent, citing stronger oil output and resilient non-oil sector activity. 

The International Monetary Fund projects the GCC economy to expand by 3 percent in 2025, led by º£½ÇÖ±²¥ and the UAE, and supported by sustained infrastructure investment and policy reforms. 


Jeddah port receives LNG-powered MV BYD HEFEI 

Jeddah port receives LNG-powered MV BYD HEFEI 
Updated 27 July 2025

Jeddah port receives LNG-powered MV BYD HEFEI 

Jeddah port receives LNG-powered MV BYD HEFEI 

RIYADH: Jeddah Islamic Port has received the motor vessel BYD HEFEI, a dual-fuel roll-on/roll-off carrier with a 7,000-unit capacity for vehicles and heavy equipment. 

The vessel’s arrival at the Red Sea Gateway Terminal reflects the port’s readiness to handle next-generation maritime traffic and supports the Kingdom’s broader push to enhance supply chain efficiency under Vision 2030. 

Operated at the RSGT — º£½ÇÖ±²¥â€™s first Build-Operate-Transfer terminal, partly owned by the Public Investment Fund and global logistics firm DP World — the MV BYD HEFEI highlights the Kingdom’s ongoing efforts to modernize terminals and advance sustainability initiatives.

The ship is powered by eco-friendly dual-fuel technology and is designed to meet the latest environmental and operational efficiency standards. 

“This reflects the port’s readiness to accommodate various types of vessels and highlights its advanced operational capabilities,†according to the Saudi Ports Authority, also known as Mawani. 

Strategically positioned near global shipping lanes, Jeddah Islamic Port handles over 65 percent of º£½ÇÖ±²¥â€™s seaborne imports, playing a central role in the Kingdom’s National Transport and Logistics Strategy. 

The integration of liquefied natural gas-powered vessels aligns with the NTLS goals and the Saudi Green Initiative, which aim to reduce emissions and promote clean energy in the transportation sector. 

As ports across the UAE, Oman, and major global hubs like Singapore and Rotterdam invest in similar capabilities, Jeddah’s adoption of dual-fuel infrastructure bolsters its regional competitiveness and positions it firmly in the worldwide shift toward sustainable maritime logistics. 

As part of its strategic efforts to strengthen maritime connectivity and diversify trade routes, Mawani has significantly expanded shipping services at Jeddah Islamic Port in 2025. 

Among the newly added services is FRS1, operated by CSTAR LINE, which connects Jeddah to Chinese ports — Ningbo, Shanghai, and Nansha — as well as Aqaba in Jordan and Ain Sokhna in Egypt, with a capacity of up to 2,000 twenty-foot equivalent units. 

In addition, the LRX service by CMA CGM began operations in July, linking Jeddah with key ports in the Levant and Eastern Mediterranean, including Latakia, Iskenderun, Mersin, and Beirut, with a TEU capacity of 2,826. 

Earlier in the year, the IM2 service, jointly operated by Emirates Line and Wan Hai, was introduced, connecting Jeddah to Mundra, Alexandria, and Mersin, with capacity for 2,800 TEUs. 

Sea Lead launched its RESIN service in June 2025, facilitating trade between Jeddah and Nhava Sheva, Ain Sokhna, Djibouti, and Jebel Ali, with a handling capacity of 1,000 TEUs. 

Meanwhile, CMA CGM’s MEDEX service now connects Jeddah to 12 ports across the Middle East, South Asia, and Europe, including Abu Dhabi, Karachi, Colombo, and Piraeus, as well as Malta, Genoa, Fos, Barcelona, and Valencia. 

These service expansions underscore Jeddah Islamic Port’s role as a growing transshipment and trade hub. 

In 2024, the terminal, considered the busiest on the Red Sea and a critical gateway for º£½ÇÖ±²¥â€™s trade, handled 5.58 million containers, marking a 12.6 percent year-over-year increase and positioning it 32nd globally by container volume. 


º£½ÇÖ±²¥ sees record 144% rise in new mining exploration licenses in H1

º£½ÇÖ±²¥ sees record 144% rise in new mining exploration licenses in H1
Updated 27 July 2025

º£½ÇÖ±²¥ sees record 144% rise in new mining exploration licenses in H1

º£½ÇÖ±²¥ sees record 144% rise in new mining exploration licenses in H1
  • Total volume of investments in licenses exceeds SR134 million
  • Total number of mining and small-mine exploitation licenses currently active stands at 239

RIYADH: º£½ÇÖ±²¥ issued a record number of new mining exploration licenses in the first half of 2025, marking a 144 percent year-on-year rise, official data showed. 

A total of 22 licenses were issued during the period, up from just nine in the same period last year, reflecting growing investor interest and the government’s push to build a more competitive and attractive mining sector, according to a statement from the Ministry of Industry and Mineral Resources. 

The rise aligns with the rapid growth of the Kingdom’s mining industry, a central pillar in its Vision 2030 diversification strategy. º£½ÇÖ±²¥ aims to increase the sector’s contribution to gross domestic product from $17 billion to $75 billion by 2035. The effort is backed by plans to accelerate exploration and development of the Kingdom’s estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion). 

“The official spokesman for the Ministry of Industry and Mineral Resources, Jarrah bin Mohammed Al-Jarrah, explained that the number of companies investing in the new mining exploitation licenses issued during the first half of this year reached 23 mining companies, including 16 companies obtaining mining licenses for the first time,†the ministry said.

It added: “The total volume of investments in these licenses exceeds SR134 million, and they cover an area of 47 sq. km.†

The ministry’s spokesperson said the projects covered by these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores, including salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. 

Al-Jarrah also said the total number of mining and small-mine exploitation licenses currently active in the Kingdom stands at 239. These include 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite, and 207 Category B licenses for industrial minerals, including silica sand, gypsum, limestone, salt, and clay. 

Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer told Asharq Business that the Kingdom’s mining reforms have helped attract $32 billion in investments across projects involving iron, phosphate, aluminum, and copper. He added that this accounts for nearly one-third of º£½ÇÖ±²¥â€™s target to attract $100 billion in mining investments by 2030. 

The vice minister said mineral exploration spending in the Kingdom has quadrupled since 2018, reaching $100 per sq. km, with an annual growth rate of 32 percent, significantly above the global average of 6 to 8 percent. 

Al-Mudaifer also said mineral exploration spending in the Kingdom has quadrupled since 2018, now reaching $100 per sq. km — an annual growth rate of 32 percent, significantly outpacing the global average of 6 to 8 percent. 


º£½ÇÖ±²¥ taps French bank to expand local debt market

º£½ÇÖ±²¥ taps French bank to expand local debt market
Updated 27 July 2025

º£½ÇÖ±²¥ taps French bank to expand local debt market

º£½ÇÖ±²¥ taps French bank to expand local debt market

RIYADH: The Saudi Ministry of Finance and the National Debt Management Center have signed an agreement appointing France’s Societe Generale as a primary dealer for the Kingdom’s local debt instruments, according to an official statement.

Societe Generale will join five other international institutions already operating as primary dealers, namely BNP Paribas, Citigroup, and Goldman Sachs, as well as J.P. Morgan, and Standard Chartered Bank.

As part of ongoing efforts to deepen and diversify its domestic debt market under Vision 2030, the Ministry of Finance and the NDMC have taken new steps to strengthen the role of international and local institutions in supporting sukuk and bond issuance.

“This agreement fits within the Financial Sector Development Program strategy as a step toward achieving the objectives of Saudi Vision 2030 by strengthening financial sector institutions and advancing the financial market,†NDMC stated.

The NDMC stated that the deal reaffirms its role in enhancing access to local debt markets by diversifying the investor base. This approach aims to ensure sustainable access to the secondary market and support its growth.

“It is noteworthy that applications for subscription in the primary market for the government's local debt instruments are submitted to the NDMC through the appointed primary dealers on a scheduled monthly basis where these dealers receive the applications submitted by investors,†the statement said.

The French bank will also be added to the list of 10 local institutions participating in the program, including Saudi National Bank, Saudi Awwal Bank, and AlJazira Bank, as well as Alinma Bank, AlRajhi Bank, Albilad Capital, AlJazira Capital, AlRajhi Capital, Derayah Financial Co., and Saudi Fransi Capital.

The Kingdom’s sukuk market has witnessed significant growth in recent years, underpinned by its strategic role in the Kingdom’s Vision 2030 economic diversification plans. In the first quarter of 2025, corporate bond and sukuk issuance more than doubled to $37 billion, up from $15.5 billion in the same period of 2020.

º£½ÇÖ±²¥ accounted for more than 60 percent of all sukuk and bond issuance across the Gulf Cooperation Council during that period, according to the Kuwait Financial Center, also known as Markaz.

The NDMC surpassed the $1 billion threshold with its May sukuk issuance, raising SR4.08 billion ($1.08 billion)—a 9.09 percent increase from April and a 54.5 percent rise compared to March’s SR2.64 billion.

In June, the NDMC raised SR2.355 billion, marking a decline from May but demonstrating typical monthly funding fluctuations.

The July issuance rebounded sharply to SR5.02 billion, an increase of 113.6 percent month on month. That issuance was split into tranches maturing in 2029, 2032, 2036, and 2039.

According to S&P Global, the Kingdom’s domestic debt markets are expected to expand further amid Vision 2030 reforms, with sovereign and corporate issuance at 20.7 percent of gross domestic product and corporate debt alone rising from 1.9 percent in 2020 to 3.4  percent in early 2025.