RIYADH: The International Islamic Trade Finance Corporation has signed a €40 million ($45.43 million) Murabaha financing agreement with the African nation of Comoros to support its energy sector, the Saudi Press Agency reported.
A member of the Islamic Development Bank Group, ITFC stated that the funding will ensure a stable supply of refined petroleum products and help drive growth in vital sectors such as agriculture, manufacturing, and services.
The agreement aligns with the UN’s Sustainable Development Goal 7, which focuses on ensuring universal access to affordable, reliable, sustainable, and modern energy by 2030.
It aims to increase renewable energy adoption, enhance fuel efficiency, and expand infrastructure in developing countries..
This financing deal addresses Comoros’ immediate energy needs while enhancing its resilience to global supply disruptions by guaranteeing uninterrupted fuel access for its economy.
ITFC has a long-standing track record of delivering trade finance solutions to member countries, particularly those with developing economies.
Its latest agreement with Comoros reflects a broader commitment to strengthening cooperation with African nations and supporting inclusive, sustainable development across the region.
ITFC has provided Comoros with over $657 million in total financing since its inception in 2008, underscoring a strong and enduring partnership.
This latest Murabaha deal is part of a broader $330 million framework agreement signed in September 2023, which is expected to meet up to 100 percent of Comoros’ annual petroleum needs — a transformative step toward national energy security and long-term development.
ITFC serves as the trade finance arm of the Islamic Development Bank Group and has provided over $83 billion in financing to OIC member countries. Its mission is to promote trade, improve socio-economic conditions, and offer member countries access to finance and trade development tools.
Murabaha, a widely used Islamic finance structure, complies with Shariah law by avoiding interest-based lending. It is commonly employed for trade finance purposes, including the procurement of energy products, raw materials, and equipment — making it especially relevant in development-driven financing, such as this agreement with Comoros.
Trump says US ships should be allowed to travel through the Panama and Suez canals for free
“American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform
Updated 27 April 2025
AFP
WASHINGTON: US President Donald Trump on Saturday urged free transit for American commercial and military ships through the Panama and Suez canals, tasking his secretary of state with making progress “immediately.”
Trump has for months been calling for the United States to take control of the Panama Canal but his social media post also shifted focus onto the vital Suez route.
“American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals!” he wrote on his Truth Social platform.
He claimed both routes would “not exist” without the United States and said he had asked Secretary of State Marco Rubio to “immediately take care of” the situation.
Egypt’s Suez Canal, a key waterway linking Europe and Asia, accounted for about 10 percent of global maritime trade before attacks by Yemen’s Houthi rebels on shipping routes in the Red Sea and Gulf of Aden.
The Iran-backed rebels began targeting vessels after the start of the Gaza war, claiming solidarity with Palestinians, forcing ships to take a long and costly detour around the southern tip of Africa.
Egypt said last year its canal revenues had plunged 60 percent, a loss of $7 billion.
The US military has been attacking Houthi positions since January 2024, but those assaults have intensified under Trump, with almost daily strikes in the past month.
Trump has vowed that military action would continue until the Houthis are no longer a threat to shipping.
Saudi PIF assets triple with 390% surge since 2016, 2030 target raised
Record-breaking growth fuels job creation, sector expansion, and a powerful shift beyond oil
Updated 26 April 2025
Nadin Hassan
RIYADH: Saudi Arabia’s Public Investment Fund has recorded a 390 percent surge in assets under management since the launch of Vision 2030, according to the initiative’s latest annual report.
PIF’s assets have soared from $160 billion in 2016 to $941.3 billion in 2024, surpassing its annual target of $880 billion and underscoring the fund’s rapid growth trajectory under the Kingdom’s transformative agenda.
Building on this momentum, the wealth fund has revised its 2030 goal, raising its asset management target from $1.87 trillion to $2.67 trillion. The updated ambition reflects the fund’s strengthened position and growing influence in shaping Saudi Arabia’s future economy.
Between 2016 and 2024, PIF posted a compound annual growth rate of 22 percent, highlighting its consistent ability to generate strong returns while advancing national development priorities.
Driving forces behind PIF’s expansion
Following its restructuring under Vision 2030, PIF has transformed from a traditional sovereign wealth fund into a globally recognized driver of economic diversification and innovation.
The fund’s growth has been propelled by a proactive, diversified investment approach, with 40 percent of its portfolio allocated to Saudi companies and giga-projects. Simultaneously, it has made strategic international investments across high-potential sectors.
This balanced strategy has contributed to the expansion of priority industries within the Kingdom, including tourism, mining, culture, logistics, and technology, supporting efforts to build a resilient, diversified economy.
Economic impact and sectoral growth
PIF’s strategic investments have not only boosted economic growth but also stimulated private sector participation, created employment opportunities, and attracted foreign direct investment.
By 2024, the fund’s initiatives had contributed to the creation of 1.1 million jobs, a significant leap from 77,700 direct and indirect jobs recorded in 2021. Over the same period, the number of companies established with PIF’s support more than doubled, rising from 45 to 93 across 13 strategic sectors.
The fund achieved 48 percent local content across its projects by 2024, highlighting its strong commitment to driving domestic economic growth.
Between 2021 and the third quarter of 2024, PIF attracted more than $37.33 billion in private investments across a range of initiatives, according to the report.
Through its Private Sector Hub initiative, it published over 200 opportunities during this period, representing a total investment value of $10.67 billion.
In addition, more than 300 contractors have been pre-qualified, and over 200 small and medium-sized enterprises have been trained to collaborate with companies across PIF’s portfolio.
PIF’s role in strengthening Saudi Arabia’s non-oil economy has been pivotal.
According to the report, non-oil sectors accounted for 51 percent of the Kingdom’s real gross domestic product by 2024, a key milestone in achieving Vision 2030 goals.
The fund’s influence is evident in the launch of several megaprojects aimed at redefining the Kingdom’s economic landscape, ranging from world-class tourism destinations to advanced industrial zones.
PIF also played a crucial role in advancing financial sector reforms. The number of licensed asset managers in Saudi Arabia rose sharply from just five in 2019 to 36 in 2024, reflecting the Kingdom’s growing investment landscape and financial market sophistication.
Strengthening financial resilience
The fund has reinforced its financial base to support its ambitious investment strategy, highlighted by the transfer of 8 percent of Aramco shares. This move reduced the government’s direct ownership in the oil giant to 82.186 percent, enhancing PIF’s asset strength and investment capacity.
In addition, PIF secured $15 billion in syndicated credit facilities from 23 global financial institutions, significantly boosting its liquidity and financial flexibility. These initiatives align with PIF’s strategic objectives of developing new sectors, localizing knowledge and technology, and generating sustainable, high-quality employment opportunities across the Kingdom.
Global recognition
PIF’s transformation has not gone unnoticed on the international stage. The fund was named the world’s No.1 sovereign wealth fund brand by Brand Finance, with its brand value estimated at $1.1 billion.
Adding to its accolades, PIF swept four awards at the 2024 Middle East Bonds, Loans & Sukuk Conference, including Best Sukuk Deal, Best Landmark Deal, Best Semi-Sovereign Treasury and Funding Team, and Best Deal in Islamic Capital Markets.
Capital markets expansion
Saudi Arabia’s capital markets have grown in tandem with PIF’s rise, playing a critical role in broadening the nation’s economic base since the launch of Vision 2030.
Regulatory reforms—such as updates to the Companies Law and Government Tenders and Procurement Law—have enhanced transparency, strengthened investor confidence, and paved the way for a surge in initial public offerings.
The Saudi Exchange has seen remarkable expansion, with the number of listed companies increasing from 205 in 2019 to 353 in 2024. Foreign investor ownership more than doubled, reaching $112.8 billion in 2024 compared to $52.8 billion in 2019, while non-Saudi portfolio ownership grew from $29.3 billion in 2016 to $131.5 billion.
The number of individual portfolios on the Saudi Exchange also rose sharply, climbing from 9.2 million in 2016 to 13 million by 2024.
Meanwhile, Tadawul’s market capitalization (excluding Aramco) grew from 66.5 percent of GDP in 2019 to 86.7 percent in 2024, indicating the increasing maturity and depth of Saudi Arabia’s capital markets. The banking sector mirrored this growth, with total assets rising from $693.3 billion in 2019 to $1.12 trillion by the second quarter of 2024.
These developments have positioned Saudi Arabia’s financial sector as one of the most dynamic and accessible in the region, offering expanded opportunities for both local and global investors.
Reflecting this confidence, international credit rating agencies reaffirmed Saudi Arabia’s strong economic outlook in 2024. Moody’s assigned an AA3 rating, Fitch rated the Kingdom at “A+,” and S&P Global Ratings gave it an “A/A-1” rating, all with stable outlooks.
Beyond Vision 2030
As the Kingdom prepares to enter the final phase of Vision 2030 delivery in 2026, the focus will increasingly shift toward building a sustainable and resilient private sector. Key priorities include reducing reliance on government support while fostering growth through regulatory enhancements, infrastructure development, and targeted investments.
Saudi Arabia envisions the private sector playing a leading role in advancing the economy, particularly in high-impact fields such as advanced manufacturing, artificial intelligence, and the digital economy.
By empowering private enterprises, the Kingdom aims to achieve its target of generating 65 percent of GDP from private sector activities, positioning it as a critical driver of sustainable growth in the decades beyond Vision 2030.
Saudi Arabia’s webook.com eyes billion-dollar valuation, global expansion
Updated 26 April 2025
Nour El-Shaeri
RIYADH: Saudi Arabia-based event booking platform webook.com has unveiled an ambitious roadmap aimed at achieving a billion-dollar valuation and a future listing on the stock exchange.
Positioning itself as the “ultimate super app for fun,” the company is rapidly expanding its offerings beyond event ticketing. New services include flight and hotel bookings, restaurant reservations, sports facility access, and live streaming. The platform is also leveraging cutting-edge technology and forging strategic partnerships to accelerate its global reach.
In an interview with Arab News, Nadeem Bakhsh, CEO of webook.com, highlighted the company’s growth strategy, structured around four key pillars: diversification, innovation, globalization, and automation.
“Our goal is to become the ultimate super app for fun worldwide, helping people discover and book experiences that bring them together,” Bakhsh said.
Strategic blueprint for growth
Webook.com’s roadmap—referred to internally as DIGA—outlines a methodical approach to scaling the business and establishing a global presence.
The first pillar, diversification, focuses on broadening revenue streams by integrating travel and hospitality services such as flights, hotels, and dining. The company is also fostering fan communities to deepen user engagement.
Innovation plays a central role, with webook.com deploying advanced technologies to streamline the user experience. New features include ticket auctions, built-in resale options, anti-scalping protections, and interactive community tools, all designed to offer a secure and seamless platform.
Under its globalization initiative, webook.com has already launched operations in eight countries and continues to grow its international team to support further expansion.
Meanwhile, automation is enabling the company to scale efficiently. By optimizing its engineering and operational infrastructure, webook.com aims to deliver a frictionless customer experience while supporting its broader growth ambitions.
Rapid international expansion and user growth
The event platform is rapidly expanding its international footprint, claiming a user base of more than 7 million across 160 countries and access to over 520 global events since its launch.
The company credits its rapid growth to an unwavering focus on user experience and strategic collaborations.
Nadeem Bakhsh, CEO of webook.com.
“User experience is at the heart of our success,” said Bakhsh. “We have built a strong design and research team that benchmarks best practices from industries such as banking, e-commerce, transport, and social networks.”
In addition to refining its platform’s usability, webook.com has developed tailored tools for event organizers and partners, ensuring system stability even during peak demand.
“Unlike recently publicized high-profile concerts like Taylor Swift and Coldplay, where overwhelming demand left fans frustrated, our infrastructure guarantees high performance,” the CEO noted.
Lifestyle integration, dining partnerships
Expanding its footprint beyond ticketing, webook.com is weaving lifestyle services into its ecosystem. A notable partnership with dining reservation platform Servme aims to enhance the post-event experience by linking event attendees with nearby restaurants in Saudi Arabia.
“We have 8 million users, many of whom actively seek entertainment and dining experiences,” Bakhsh said. “During peak season, we process an average of 100,000 tickets per day, with a high of 150,000 on a single day. Each ticket presents an opportunity to upsell dining options.”
Using data-driven personalization, webook.com recommends dining venues based on users’ tastes and spending habits.
“Seamless integration allows users to book restaurants near their event venue effortlessly, enhancing their overall experience while driving traffic to restaurant partners,” Bakhsh explained.
Boosting digital streaming capabilities
In parallel, the platform is advancing its digital streaming features, bolstered by exclusive rights to Riyadh Season events.
“Our streaming service is built on a scalable infrastructure that can handle millions of users simultaneously,” Bakhsh said.
To enrich the virtual experience, the company is integrating interactive features such as live polls, real-time chat, and merchandise auctions during concerts.
“Our goal is to offer a virtual front-row experience, ensuring users never miss a moment, whether they are at the venue or streaming remotely,” Bakhsh said.
Looking ahead, webook.com is also building out pay-per-view capabilities for sports events, including boxing, and exploring multi-angle viewing to create a more immersive streaming experience.
Tackling fraud and enhancing security
Ticket fraud remains a widespread issue in the live events industry, and webook.com is taking aggressive measures to address it. Over the past year, the platform has nullified 40,000 black market tickets and shut down more than 5,000 fraudulent accounts.
“We have also launched a verified resale platform, which has facilitated the sale of over 200,000 tickets through official channels,” said Bakhsh.
In addition to digital safeguards, the company is pursuing legal action against major black market platforms.
“While fraudsters continuously adapt, our dedicated anti-fraud team works proactively to stay ahead, ensuring a safe and seamless experience for our users,” he added.
Strengthening sports ticketing presence
Webook.com has recently secured a three-year partnership with the Roshn Saudi League to manage ticket sales for football matches, reinforcing its role in the sports sector.
“This partnership aligns perfectly with our mission to be the gateway for entertainment,” Bakhsh said. “It allows us to strengthen our presence in sports ticketing while providing fans with a seamless booking experience on one platform.”
Future plans include exclusive fan content, loyalty programs, and community-driven in-app features.
“For the league, it ensures a reliable and fraud-free ticketing system while expanding reach through webook.com’s growing user base,” he said.
From local roots to global vision
The company’s journey began under its original name, Halayalla, which Bakhsh said was limiting in terms of international reach.
“Our former and original brand had a very local flair but didn’t translate internationally and wasn’t descriptive as to what we do,” he explained.
Following extensive market research and testing, the company rebranded to webook.com, a move that significantly boosted its global recognition and credibility.
IPO preparations underway
As part of its long-term vision, webook.com is actively preparing for an initial public offering. The company is enhancing its internal governance, aligning with global regulatory standards, and bringing in experienced leadership.
“Over the past year and a half, we have been hiring a CFO with IPO experience and engaging a top consultancy for an IPO readiness assessment,” Bakhsh said.
“Our three-to-four-year timeline for the listing is carefully structured, with every step aligned to ensure a smooth transition to becoming a publicly traded company.”
The company is also working with leading consultants to streamline operations and ensure full transparency under public market scrutiny.
Looking ahead
With operations already established in Morocco and Bahrain, webook.com is now focused on Europe as it charts its five-year growth trajectory.
“Our vision is to make webook.com a household name from Hawaii to Tokyo,” Bakhsh said.
To achieve this, the company plans continued investments in technology, talent, brand development, and platform security—while keeping customer satisfaction at the forefront.
“We remain committed to delivering the best possible experience for our users as the super app for fun,” he said, adding: “Our priority is ensuring users can easily discover, book, and enjoy world-class events effortlessly.”
With its momentum building, webook.com is poised to reshape the global event booking landscape through innovation, security, and a customer-first approach.
Saudi Arabia’s Vision 2030 enters final phase with strong momentum
Kingdom achieves 93 percent of key performance indicators — fully or partially — in nine years
Updated 27 April 2025
Nadin Hassan
RIYADH: Saudi Arabia’s Vision 2030 initiative has seen remarkable progress, with 93 percent of its key performance indicators either fully or partially met since its launch nine years ago, according to the latest official assessment.
The Vision 2030 program, which aims to diversify the economy, empower citizens, and foster a vibrant environment for both local and international investors, is evaluated through the performance of its Vision Realization Programs and national strategies.
These tools are central to the initiative’s execution and are assessed based on two main criteria: the advancement of initiatives and the performance of measurable indicators.
The latest annual report for 2024 reveals that of the 374 key performance indicators at the third level, 299 were fully achieved, with 257 of these surpassing their original targets. Another 49 indicators came close to full achievement, reaching between 85 and 99 percent of their goals.
Saudi Arabia's King Salman lays the foundation stone at the Qiddiya entertainment park near Riyadh on April 28, 2018. (SPA/File)
This progress demonstrates the effectiveness of long-term planning combined with strategic execution, contributing to transformative changes across the country. The success of Vision 2030’s Level-3 indicators indicates strong alignment between national planning and real-world implementation in various sectors.
Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. To ensure continued success, corrective actions are being taken to adjust both initiatives and performance metrics, with a focus on accelerating implementation and keeping the Vision’s objectives firmly within reach.
Strong delivery across initiatives
This performance aligns with strong delivery across Vision 2030’s portfolio of initiatives. As of 2024, 85 percent of all initiatives were either completed or progressing on track.
Out of 1,502 total initiatives launched under the Vision, 674 were completed and another 596 were advancing as scheduled.
This translates to an unusually high success rate for a transformation effort of this scale and complexity.
Saudi Arabia Formula One Grand Prix at the Jeddah Corniche Circuit on April 19, 2025. (AFP)
Each of these initiatives contributes to larger national priorities, ranging from housing and healthcare to digital innovation, clean energy, and cultural development.
Their successful implementation reflects years of investment in institutional capacity, coordination frameworks, and performance monitoring systems, much of which was built during the vision’s first and second phases.
A decade of economic reforms
These latest achievements are rooted in nearly a decade of groundwork, reforms, and phased rollouts that began in 2016 when Vision 2030 was first unveiled.
The first five years focused on stabilizing the macroeconomic base and introducing structural reforms, while the second phase emphasized scaling and acceleration.
The result is a development model that is now attracting international attention for its consistency and ambition.
The private sector’s role in the economy has also continued to expand. (AFP/File)
Between 2016 and 2024, Saudi Arabia undertook sweeping structural reforms to reduce its oil dependency, boost private sector engagement, and unlock new economic engines.
This included targeted policy interventions in tourism, logistics, mining, and tech — areas now becoming core drivers of non-oil growth.
The private sector’s role in the economy has also continued to expand, with its contribution to GDP reaching 47 percent in 2024, exceeding the year’s target of 46 percent.
In 2024, real non-oil GDP grew by 3.9 percent compared to 2023, driven by continued investment expansion in non-oil sectors, which saw a 4.3 percent increase in activity.
By the fourth quarter of 2024, the unemployment rate among Saudis dropped to 7 percent — meeting the Vision 2030 target six years ahead of schedule. This milestone marks an improvement from 12.3 percent at the end of 2016. At the same time, average annual inflation remained low at 1.7 percent, ranking among the lowest in G20 economies.
This is a result of the efforts made to achieve an economic policy that balances growth with healthy inflation rates.
Foreign direct investment inflows reached SR77.6 billion in 2024, signaling growing international confidence in the Saudi market.
Optimism in the non-oil private sector was also reflected in the Purchasing Managers’ Index, which stood at 58.1 in the fourth quarter of 2024. This was a result of developments throughout the year and was driven by an increase in new orders.
Global recognition
Global institutions such as the International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank have revised Saudi growth forecasts upward, and all three major credit rating agencies — Moody’s, Fitch, and S&P — affirmed the Kingdom’s sovereign strength with stable outlooks.
The Public Investment Fund has continued to play a central role in financing and driving large-scale development.
Its assets under management have reached SR3.53 trillion by the end of 2024 — more than tripled since the launch of Vision 2030 — exceeding their annual target.
The fund’s assets have made remarkable progress, growing by more than 390 percent from 2016 to 2024, with a compound annual growth rate of 22 percent, exceeding its annual target. This increase is primarily attributed to the fund’s proactive investment strategy across various sectors.
Detailed metrics also capture tangible outcomes, such as increased hospital capacity, the rollout of digital services, and the issuance of tourism licenses. (SPA)
In parallel, the value of Saudi Arabia’s discovered mineral resources has soared to SR9.4 trillion, a 92 percent increase from 2016 estimates, which stood at SR4.9 trillion.
By the end of 2024, the number of achieved investment opportunities surged to 1,865, surpassing the year’s target of 1,197.
Globally, Saudi Arabia has improved its standing in multiple international benchmarks.
It now ranks 16th in the International Institute for Management Development’s World Competitiveness Index, up 20 places since 2017.
The Kingdom has also made progress in digital governance, climbing 25 positions in the UN E-Government Development Index since 2016 to secure 6th place globally — bringing it within reach of its Vision 2030 goal to be among the top five nations.
These rankings highlight the Kingdom’s efforts to digitize services, modernize institutions, and improve public sector performance.
Social and sectoral progress
Social indicators have also advanced steadily. The homeownership rate climbed to 65.4 percent in 2024, exceeding the target of 64 percent for that year.
As part of the long-term goal to plant 10 billion trees, environmental programs have exceeded expectations. Around 115 million trees were planted as of 2024, while 188,000 hectares of degraded land were successfully rehabilitated.
The number of volunteers exceeded 1.2 million by the end of 2024, surpassing the 2030 target of 1 million.
Pilgrims arriving at Jeddah’s King Abdulaziz Airport for the annual Hajj. (AN photo by Nada Hameed)
The Kingdom’s expanded e-visa systems and upgraded infrastructure helped drive a historic rise in international pilgrim numbers.
Saudi Arabia recorded 16.92 million foreign Umrah pilgrims in 2024 — its highest ever, far exceeding the annual target of 11.3 million.
Adding to the momentum, Saudi Arabia is set to welcome the premier competition of the world’s most popular sport as the official host of the 2034 FIFA World Cup.
Looking ahead
Much of this progress was supported by the evolution of Vision Realization Programs, which were introduced in the early phase of Vision 2030 as medium-term delivery mechanisms.
Over time, these programs enhanced cross-government coordination, accelerated execution, and helped exceed multiple national targets.
Today, there are 10 VRPs operating across strategic sectors such as health, digital transformation, and tourism, as well as financial services and sustainability, each contributing to the delivery of Vision 2030’s core pillars of a vibrant society, a thriving economy, and an ambitious nation.
The next five years will be critical not only in achieving remaining goals but in sustaining the momentum well beyond the 2030 horizon. (SPA)
As the final stretch of Vision 2030 approaches, the Kingdom’s focus remains on institutional resilience, measurable outcomes, and global competitiveness.
While challenges remain in some areas, the combination of high delivery rates, adaptive governance, and strong financial management has positioned Saudi Arabia as a case study in long-term national transformation.
The next five years will be critical not only in achieving remaining goals but in sustaining the momentum well beyond the 2030 horizon.
FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say
Updated 25 April 2025
Nirmal Narayanan
RIYADH: Hosting the FIFA World Cup in 2034 is expected to transform Saudi Arabia'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.
Saudi Arabia’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 Saudi Arabia’s Vision 2030 initiative, as the Kingdom is steadily diversifying its economy by reducing its decade-long reliance on oil revenues.
Saudi Arabia’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 Saudi Arabia’s tourism sector. For Saudi Arabia, 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 Saudi Arabia 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 Saudi Arabia’s economic diversification, attracting over 10 million international visitors.
Thibault added that the event is also expected to accelerate Saudi Arabia’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 Saudi Arabia, 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. Saudi Arabia 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 Saudi Arabia 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.
Saudi Arabia 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 Saudi Arabia 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. Saudi Arabia’s smart city and transport investments will ensure similar long-term benefits.”
Elevating diplomatic and bilateral relationship
The Oliver Wyman official further said that hosting such global events could help Saudi Arabia strengthen its bilateral relationship with several countries.
Saudi Arabia 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, Saudi Arabia 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 Saudi Arabia’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 Saudi Arabia’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 Saudi Arabia 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 Saudi Arabia 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 Saudi Arabia 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.”
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.”
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.”
Thibault also expressed similar views and said that logistics, crowd management and infrastructure development are crucial for Saudi Arabia 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.
