Saudi Arabia prepares for World Cup 2034
23 November 2023
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> World Cup 2034 shows Saudi goals can be achieved
> The frontrunners for the Saudi World Cup 2034 stadiums
> Read the December 2023 edition of MEED Business Review

It happened so fast. One month after saying it would bid to host football’s 2034 Fifa World Cup, Saudi Arabia was effectively confirmed as the host after the only other potential bidder for the tournament withdrew from the race.
Fifa had invited member associations from the Asian Football Confederation and Oceania Football Confederation to bid for the 2034 event by the end of October.
Saudi Arabia formally announced in early October that the Saudi Arabian Football Federation will lead its bid to host the tournament. Then on 31 October, which was the deadline for submitting bids, Football Australia issued a statement saying that the country will not bid for the 2034 tournament.
“We have explored the opportunity to bid to host the Fifa World Cup and – having taken all factors into consideration – we have reached the conclusion not to do so for the 2034 competition,” said the body that governs the sport in Australia.
Bidding process
The official selection of Saudi Arabia as the 2034 host is expected to be confirmed in late 2024.
“The Fifa administration will conduct thorough bidding and evaluation processes for the 2030 and 2034 editions of the Fifa World Cup, with the hosts to be appointed by Fifa Congresses expected to take place by the fourth quarter of 2024,” Fifa said in its statement on 31 October, which confirmed Saudi Arabia as the sole bidder for the 2034 World Cup.
During the bidding process, “the Fifa administration will conduct a targeted dialogue with bidders, to ensure complete, comprehensive bids are received and evaluated against the minimum hosting requirements as also previously approved by the Fifa Council,” the statement continued.
“This dialogue will focus on the defined priority areas of the event vision and key metrics, infrastructure, services, commercial and sustainability and human rights.”
The bid must include a minimum of 14 stadiums, of which at least four should be existing structures
Transformative effect
Experience from previous World Cups, including the most recent in Qatar in 2022, has shown how transformative the tournament can be for a country. “There is obviously an event at a particular point in time, but we have learnt not to look at it as an event itself, because there are all these activities that happen before and beyond the event,” says Kourosh Kayvani, partner at consultancy HKA.
“It is really about a programme of change in the country.
“This includes social change, economic change, and all of these things are ultimately achieved through the process of working towards the event, delivering it and then legacy.”
Building infrastructure
The most prominent part of the infrastructure is the stadiums.
The bid must include a minimum of 14 all-seater stadiums, of which at least four should be existing structures. The capacity must be at least 80,000 seats for the opening and final matches, and for the semi-finals there must be at least 60,000 seats. For all other matches, at least 40,000 seats are needed.
Saudi Arabia is already upgrading and building stadiums as part of its preparations for hosting the 2027 AFC Asian Cup. In June, the Sports Ministry invited construction firms to submit prequalification documents for contracts to build sports stadiums as part of its SR10.1bn ($2.7bn) capital projects programme.
The schemes are split into four elements. The largest of these, and the most immediate, is the construction of a new stadium to the north of Riyadh and the upgrade of five existing football stadiums.
The projects will increase the capacity of the King Fahd Stadium in Riyadh to 92,000 seats, expand the seating capacity of Riyadh’s Prince Faisal bin Fahd Stadium to 45,000, increase the capacity of Prince Mohammed bin Fahd Stadium in Dammam to 30,000 seats and raise the seating capacity of Prince Saud bin Jalawi Stadium in Al-Khair to 45,000. New Riyadh Stadium, a sustainable, 45,000-seater venue in the north of Riyadh, will also be constructed.
Other football stadium projects are also progressing. In October, the Saudi Arabian Football Federation awarded an early works contract to the local Al-Osais Contracting for the construction of its new stadium in Dammam. It will have the capacity to accommodate 40,000 spectators.
The new stadium will be built in the Dammam Sports City area, where the facilities of the Al-Ettifaq Football and Al-Nahda Club teams are based.
Consultants have also been invited by the Public Investment Fund (PIF) to bid for a contract to provide project and asset management services for the operation and upgrade of its King Abdullah Sports City Stadium on the outskirts of Jeddah. It is the home ground of football team Al-Ittihad Saudi Club, which won its ninth championship in the 2022-23 season.
The 62,000-seater stadium was built by a joint venture of Belgium’s Six Construct and the local Al-Muhaidib Trading & Contracting. The team was awarded the estimated SR2bn ($533m) contract in 2011. Saudi Aramco developed the stadium on behalf of the government.
In July 2022, Jeddah Central Development Company signed design and engineering contracts for the stadium at the Jeddah Central project. The design contract was awarded to GMP International and the engineering contract was awarded to Khatib & Alami.
A stadium built 300 metres above the ground between the two buildings that form part of The Line at Neom is also planned and has featured in Neom’s marketing campaigns.
As well as stadiums, Saudi Arabia will also have to invest in supporting infrastructure such as transportation networks and hotels. For the Qatar World Cup, projects including the Doha Metro network and a raft of hotel and resort developments were completed ahead of the tournament.
“It was the first time that the World Cup was held in one city,” says Alexey Milovanov, who oversaw the construction of eight stadiums in Qatar for the 2022 tournament and, before that, was involved in building stadiums for the 2018 Fifa World Cup in Russia.
Cities across the kingdom will host the Saudi World Cup, which will make it more like the 2014 Brazil World Cup and the 2018 Russia World Cup, which were hosted by countries with large land areas and multiple centres of population.
“For these World Cups you have to think about how to move people from one city to another, what the accommodation is like in each city, and then there are all the security requirements,” Milovanov says.
Saudi Arabia will also have to invest in supporting infrastructure such as transportation networks and hotels
Football investments
Becoming the sole bidder for the 2034 World Cup is the latest milestone in Saudi Arabia’s concerted strategy to become a leading force in the growing business of global football. Speaking at the Future Investment Forum in Riyadh in October, Fifa president Gianni Infantino described the sport as a $200bn-a-year economy.
The first clear sign of Riyadh’s football-focused strategy came in October 2021 when a consortium led by the PIF completed the full acquisition of UK football club Newcastle United from St James Holdings.
The investment group, which also includes PCP Capital Partners and RB Sports & Media, finalised the long-awaited deal after having secured approval from the English Premier League. The deal was estimated to be worth $415m.
Saudi football vision goes global
In November 2022, Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud attended the World Cup opening ceremony in Qatar. He sat with and embraced Qatari Emir Sheikh Tamim bin Hamad al-Thani during the event, a move that emphasised the strengthening ties between the two nations.
A few days later, the Saudi national team stunned the world when it beat event tournament winner Argentina 2-1 during a group stage match.
Portuguese footballer Cristiano Ronaldo joined the Saudi Arabian club Al-Nassr in December 2022. The club reportedly paid over $200m to sign the player. Within days, Al-Nassr’s Instagram account had grown from 800,000 followers to over 6 million.
In June 2023, PIF moved to boost the popularity of the kingdom’s domestic league by investing in four Saudi football clubs – Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal. They were converted into companies, predominantly owned by PIF and complemented by non-profit foundations.
The move was followed by a summer of intense football transfer activity, which included Brazilian star Neymar signing for Al-Hilal.
Morocco plans six stadium projects for 2030 World Cup
More tournaments
The Middle East has more to cheer about than just a Saudi World Cup. Morocco, as part of a joint bid with Spain and Portugal, has been confirmed as the sole bidder to host the 2030 World Cup.
Fifa has confirmed that the bid is the sole candidate for 2030, and to celebrate 100 years since the first World Cup in 1930, which was held in Uruguay, three matches of the 2030 tournament will be hosted in South America.
For football fans in the region who cannot wait that long, Saudi Arabia will host the 20th Fifa Club World Cup in December – a tournament contested by the best club teams from each continent.
Main image: Portugal captain Cristiano Ronaldo joined the Saudi Arabian club Al-Nassr in December 2022
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Caution governs Jordanian bank lending12 June 2026

In a region where geopolitical turbulence has amplified by an order of magnitude, Jordan is managing to stand out as a beacon of relative stability, with the Hashemite kingdom’s banking sector acting as a case in point.
Lending has grown in recent years, with credit up by an average 4.9% between 2020 and 2025, according to the Central Bank of Jordan (CBJ) – a faster rate than average nominal GDP growth of 2.3% over the same period.
The IMF took care to note an increase in credit to the private sector in its latest Article IV assessment of Jordan, standing at 80.1% of GDP at end-2024, compared to just 66.6% 10 years earlier.
Banks in the kingdom ended 2025 in a liquid state, but caution remains the watchword for local lenders. The loan-to-deposit relationship bears that out. For that year, deposits ended up 7.1% to JD50bn ($70.5bn), while credit facilities were up just 3.7% to JD36.1bn ($50.9bn).
Analysts see this as a case of Jordanian banks being prudent, given the tricky operating environment and limited lending opportunities, rather than banks being excessively defensive.
According to Christos Theofilou, an analyst at Moody’s Investors Service, it is cautious lending in fraught macroeconomic conditions.
“On the one hand, we’ve seen a structurally strong and stable deposit base that has been growing more compared to lending. That indicates a certain degree of limited risk appetite, but also the fact that, given the challenging operating conditions, there were limited business opportunities in the market,” says Theofilou.
Liquidity banked
Jordan’s banks look able to withstand further shocks, given solid capital positions and relatively strong earnings performances. Arab Bank, the largest lender, saw net profits grow 12% last year to $1.13bn, despite a highly charged geopolitical situation across Jordan and the neighbouring Palestinian territories.
As Moody’s notes, Jordanian banks’ funding base remains stable, with banks mainly deposit-funded – with deposits at 67% of total assets as of December 2025 – mostly comprising well-diversified retail deposits. The ratings agency noted that banks retain the capacity to increase lending without relying on more volatile and costly external funding, as indicated by the 72% loan-to-deposit ratio.
The earnings outlook in Jordan may be better than other banking sectors in the immediate region, but this does not translate into a picture of booming profits going forward.
“Profits should remain resilient, but we’re not expecting any significant improvement,” says Theofilou. “We have the challenging operating conditions, and the lower interest rates that have come down over the past few years. On the other hand, banks have had lower provisioning in the past 12 to 18 months compared to the period prior to that.”
Asset quality remains a strong point, despite some weakening over recent years. Moody’s sees non-performing loans (NPLs) falling below 5.5% this year from 5.8% in June 2025.
However, the continuing Iran conflict and its deleterious regional impacts – including on the West Bank, where about 9% of Jordanian banks’ loans are located – suggest that bank exposures to troubled sectors will require focus.
Concentration bites
Another challenge is the banks’ high credit concentration among large corporates, with a noted high exposure to real estate.
Commercial and residential real estate loans accounted for 17.4% of total credit facilities as of year-end 2024, while residential mortgages accounted for 40.9% of household credit. Regulatory oversight may limit the impacts – the CBJ caps loans for real estate at 20% of local currency customer deposits.
The real estate exposures are meaningful, but Moody’s views overall concentration risk as more material rather than real estate risk per se.
“So, on the one hand, Jordanian banks have real estate loans, both commercial and residential, slightly below a fifth of the total credit facilities,” says Theofilou. “Banks also face challenges in quickly disposing of properties, but within the context of a relatively lengthy foreclosure process. On the flipside, we see Jordanian banks having fairly high collateralisation, so they do hold a lot of collateral against the real estate exposures.”
The CBJ has earned plaudits for its regulatory oversight, with the IMF lauding its strengthening of the Financial Stability Committee, while refocusing its role on macroprudential policies and systemic risks.
Jordanian banks’ brisk uptake of digital technologies has also been a positive.
Last year, digital payment systems in Jordan recorded over 184 million digital transactions, exceeding $38bn in value. The CBJ has introduced an AI regulatory framework for the sector and the authorities are now working to burnish the country’s credentials as a fintech hub, based on a 90% plus internet penetration.
In the year ahead, Jordanian banks will be looking to find exposures to new lending opportunities, given the past risk aversion that has prevented them from building stronger growth avenues.
Projects beckon
Big new infrastructure projects could yet come to the fore as bankable opportunities for local players. For example, the National Water Carrier Project, costed at $5.8bn and aiming to increase water supply by 40%, is looking to achieve financial close this summer. It is the type of project that could prove significant in helping diversify local lenders’ exposure away from real estate towards infrastructure.
“If we see a lot of these infrastructure projects requiring financing coming to the market, then we could see a bit of a pickup in lending growth as well,” says Theofilou.
New lending opportunities will come from large corporates and infrastructure-related lending. Those will play the key role in any significant pickup in credit growth, says the Moody’s analyst, in contrast to the small- and medium-enterprise (SME) sector, which poses a different challenge for banks.
“The SME segment does represent a potential growth opportunity and it’s supported by policy focus, however its expansion is constrained by the operating environment. The sector is exposed to high overall credit risks, and when conditions are challenging, banks tend to be more cautious in lending to the SME markets,” says Theofilou.
So long as the regional conflict persists, banks will be inclined more towards caution than exuberance in their lending approaches. And yet that strong and stable inclination may be what serves them best in a notably turbulent year in the Middle East’s recent history.
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Emirates to offer passengers insurance amid travel warnings12 June 2026
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Conflict to push global growth to post-pandemic low12 June 2026
The ongoing conflict in the Middle East is expected to drag global economic growth to its lowest level since the Covid-19 pandemic, with Gulf states bearing the heaviest burden of any region, the World Bank Group has warned in its latest Global Economic Prospects report.
Global growth is forecast to slow to 2.5% in 2026, down from 2.9% in 2025, with forecasts downgraded for two-thirds of economies. Economies in the Gulf directly affected by the conflict are expected to see growth collapse from 3.9% in 2025 to nearly zero this year, marking the steepest regional decline.
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Emaar announces $55bn Dubai project12 June 2026
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Mohammed Alabbar, the founder of Emaar Properties, has released a statement saying that the Dubai-based real estate developer is about to announce a $55bn project in Dubai.
On his social media channels including Instagram and X, he said: “Emaar is preparing to unveil its most ambitious project yet: a development worth AED200bn (around $55bn), commanding an extraordinary vista that brings together, in a single frame, three of the city’s timeless icons – Burj Khalifa, Burj Al-Arab and Palm Jumeirah – complete with the finest essentials of modern living, in the city of Dubai.”
Emaar has delivered some of the world’s most ambitious real estate projects, including the world’s tallest tower, the 828-metre-tall Burj Khalifa, and the surrounding Downtown Dubai development.
Commenting on the new project, Alabbar added: “This is no ordinary new development. It is a landmark that takes its place in the legacy of the United Arab Emirates, writing a new chapter in the story of a nation that knows no limits to its ambition.”
In a statement on the Dubai Financial Market on 11 June, Emaar Properties said it “stands on the threshold of a historic announcement” and revealed more details about the project. It said it will have a total development value of AED200bn, with a gross floor area exceeding 4.5 million square metres.
It added that it will include a mix of landmark residential towers, signature villas and mansions, Grade-A commercial offices, world-class retail destinations, luxury hospitality, and civic and cultural amenities. Altogether, the development will accommodate a projected population of nearly 150,000 residents. The statement also said the development will be connected to proposed metro lines.
The exact location of the development was not revealed. Emaar has announced major projects in the past without giving precise locations. In June 2023, it announced the $20bn Oasis project. At the time, the details on the site’s location indicated it was situated in a prime location in Dubai, surrounded by high-end developments and within proximity to four international golf courses. It was later confirmed that the site sits between Damac Properties’ Lagoons development and Dubai Investment Park.
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