ROSHN seeks investors for new stadium
Saudi Arabia’s ROSHN Group is seeking private investors for the Aramco Stadium, one of the venues set to host matches during the 2034 FIFA World Cup, according to a report citing three people familiar with the plans.
The fundraising effort comes as Saudi state-backed companies increasingly look to external investors to support the kingdom’s extensive pipeline of infrastructure, tourism, and sporting developments.
They have appointed JPMorgan to manage an equity fundraising process for the stadium, two of the sources told the report.
PIF and ROSHN have also been assessing interest from private investors, according to a third source.
They did not respond to requests for comment. JPMorgan and Saudi Aramco declined to comment.
The transaction is expected to use a lease and leaseback arrangement, according to the report.
Under the proposed structure, ROSHN would establish a dedicated vehicle holding the stadium’s leasehold. The developer and participating investors would jointly own the vehicle, with investors contributing capital upfront.
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Those investors would then receive a long-term income stream through a share of lease payments made by Saudi Aramco, while ROSHN would release capital that could be redirected towards its other projects.
This model would resemble previous transactions involving Saudi Aramco’s oil and gas pipeline infrastructure, which attracted investors including EIG Global Energy Partners and Global Infrastructure Partners, now part of BlackRock.
The Aramco Stadium is scheduled for completion by the end of 2026 and is expected to host its first match in January, the sources said.
Located in Al Khobar in Saudi Arabia’s Eastern Province, the 47,000-seat Aramco Stadium is among 15 venues planned or being redeveloped across five cities for the 2034 FIFA World Cup.
The kingdom also plans to provide 132 training venues for the competition.
Saudi Arabia’s hosting of the tournament is a central part of its wider Vision 2030 strategy, which aims to diversify the economy and expand industries including tourism, entertainment, and sport.
PIF has invested heavily across international and domestic sport, including football, boxing, tennis, Formula E, and esports.
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However, lower-than-expected oil prices and rising expenditure have increased pressure on government finances and prompted Saudi entities to explore additional sources of private capital.
Some major projects have already faced delays.
Trojena, the mountain resort being developed as part of NEOM, was initially expected to host the 2029 Asian Winter Games.
Saudi officials are increasingly encouraging private investors to participate in state-backed assets and projects.
In April, Kingdom Holding Company agreed to acquire a 70 percent stake in Saudi Pro League club Al Hilal from PIF.
US investor Ben Harburg also acquired Al Kholood as part of the kingdom’s wider effort to privatise football clubs.
Reuters reported in May that PIF was holding discussions with investors over the potential sale of a minority stake in Newcastle United as part of plans to raise funding for the English club’s proposed stadium development.
