RIYADH: Saudi Arabia has unveiled a major initiative to open up key sports venues to private sector investment, signaling a significant step forward in the Kingdom’s efforts to transform the industry.

Announced by the Ministry of Sport, the Sports Facilities Investment Project offers private investors access to three of the nation’s premier sports complexes: King Abdullah Sports City and Prince Abdullah Al-Faisal Sports City in Jeddah, and King Abdulaziz Sports City in Makkah.

Under the initiative, a range of five-year renewable contracts will be made available, the Saudi Press Agency reported. These include naming rights, leasing arrangements for non-match day use, and contracts to manage, operate, and maintain the venues.

The move supports Vision 2030, Saudi Arabia’s national strategy to diversify its economy and position the country as a global destination for sports, tourism, and entertainment.

With the 2034 FIFA World Cup on the horizon, the government is stepping up efforts to attract private capital into its burgeoning sports sector.

According to SPA, the initiative is part of “modern operational models that aim to raise facility efficiency, improve service quality, broaden commercial opportunities, and enhance the fan experience.”

Saudi Arabia’s sports industry is currently valued at $8 billion and is projected to grow to $22.4 billion by 2030, fueled by investments in sports clubs, academies, facilities, and equipment.

The government has already identified 20 high-priority investment opportunities within the sector, with a combined potential value of up to $20 billion.

Hosting the 2034 World Cup is expected to further accelerate this growth, with forecasts indicating over 10 million international visitors, 1.5 million new jobs, and an economic boost of $9 billion to $14 billion to the national GDP. The tournament will be staged across 15 stadiums in cities including Riyadh, Jeddah, Alkhobar, Abha, and the futuristic city of NEOM.

Interested investors are encouraged to submit proposals via the government’s “Furas” investment portal during the designated application period.

Officials described the project as a strategic gateway into one of the Kingdom’s most dynamic and fast-growing industries.

RIYADH: Saudi Arabia’s Tadawul All Share Index decreased on Monday, losing 33.66 points, or 0.29 percent, to close at 11,405.28.     

The total trading turnover of the benchmark index was SR4.8 billion ($1.2 billion), as 50 stocks advanced and 191 retreated.     

The Kingdom’s parallel market, Nomu, dropped 155.91 points, or 0.56 percent, to close at 27,499.65. This comes as 27 of the listed stocks advanced while 47 retreated.     

The MSCI Tadawul Index also decreased by 1.62 points, or 0.11 percent, to close at 1,454.93.      

TASI’s top performer was Al-Baha Investment and Development Co., which surged by 6.74 percent to reach SR3.96.    

Other top performers included Saudi Printing and Packaging Co., which gained 5.14 percent to close at SR11.86, and the National Co. for Learning and Education, which rose 4.82 percent to SR156.60.  

Fawaz Abdulaziz Alhokair Co. was also among the top performers, increasing 4.40 percent to SR17.54.     

Middle East Specialized Cables Co. saw the steepest decline, with its share price easing 5.83 percent to SR31.50. 

National Gas and Industrialization Co. also saw its stock prices decline 4.71 percent to SR76.80. United Electronics Co. also dropped to SR85.90, a 4.66 percent decrease.    

Alinma Bank announced plans to issue US dollar-denominated sustainable additional Tier 1 capital certificates, following a board resolution passed on May 5, 2025, authorizing the CEO to execute the process. 

The issuance, conducted through a special purpose vehicle, will target eligible investors in Saudi Arabia and abroad. It aims to bolster the bank’s Tier 1 capital and support general banking activities.  

The final size and terms will depend on market conditions, with the transaction subject to regulatory approvals and applicable legal requirements. 

Abu Dhabi Islamic Bank PJSC, Alinma Capital, and Emirates NBD Bank PJSC have been appointed as joint lead managers for the offer. Goldman Sachs International, J.P. Morgan Securities plc, and Standard Chartered Bank will also serve in the same capacity. 

Alinma’s share price dropped 1.97 percent to settle at SR27.40.  

Separately, Saudi Ground Services Co. signed a Shariah-compliant banking facility agreement with Banque Saudi Fransi for up to SR300 million. 

Dated May 15, the flexible credit line allows the company to draw funds as needed to meet working capital requirements. 

The facility is valid through April 30, 2026, with an option to renew for one year, and is secured by a promissory note. 

Saudi Ground Services said the facility aims to boost liquidity, support working capital needs, and back its strategic growth plans. 

SGS saw a 1.03 percent drop in its share price to settle at SR48.20.