Saudi World Cup 2034 creates long-term projects pipeline
10 October 2023
Commentary
Colin Foreman
Editor
Saudi Arabia’s official confirmation that it will bid to host football’s Fifa 2034 World Cup gives the kingdom’s projects market a long-term pipeline of work.
Over the past six years, the country’s projects have focused on Vision 2030, and there have been niggling doubts that the market could slow down once that date arrives.
Construction companies that built infrastructure for Dubai’s Expo 2020 and Doha’s World Cup 2022 experienced frantic market activity in the years leading up to the event. However, this was followed by a prolonged period of inactivity with few – if any – major contract awards.
For the sector, the prospect of a 2034 World Cup in Saudi Arabia extends the pipeline of project activity by four years.
It is the second time in recent weeks that Saudi Arabia has made noise about projects beyond 2030.
In an interview with the US’ Fox News in September, Crown Prince Mohammed bin Salman al-Saud said he will shift his attention to Vision 2040, which he plans to launch in 2027 or 2028.
Talk of projects post-2030 is crucial for Saudi Arabia’s attempts to develop contracting and supply chain capacity. Over the past two years, concern among project developers has grown that they will not be able to secure enough resources to complete their projects.
When asked about investing in construction, a barrier typically cited by companies is the lack of a visible pipeline. The argument is that without clear project opportunities in the future, their investments may not generate sufficient returns.
With Saudi Arabia now pushing the project pipeline out to 2034 and then to 2040, this hurdle has become much easier to jump.
| Saudi growth dips while project activity soars |
Oil production cuts trim public sector growth, but private sector thrives
*=Year-to-date | Sources: IMF, MEED Projects, MEED
MEED’s October 2023 special report on Saudi Arabia includes:
> COMMENT: Riyadh reshapes its global role
> POLITICS: Saudi Arabia looks both east and west
> SPORT: Saudi Arabia’s football vision goes global
> ECONOMY: Riyadh prioritises stability over headline growth
> BANKS: Saudi banks track more modest growth path
> UPSTREAM: Aramco focuses on upstream capacity building
> DOWNSTREAM: Saudi chemical and downstream projects in motion
> POWER: Riyadh rides power projects surge
> WATER: Saudi water projects momentum holds steady
> GIGAPROJECTS: Gigaproject activity enters full swing
> TRANSPORT: Infrastructure projects support Riyadh’s logistics ambitions
> JEDDAH TOWER: Jeddah developer restarts world’s tallest tower
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