Latest news with #FifaWorldCup2034
Times
2 days ago
- Business
- Times
Saudi wealth fund suffers $8bn writedown on ‘giga-projects'
Saudi Arabia's sovereign wealth fund has written down $8 billion from the value of the country's 'giga-projects', including the futuristic Neom desert development. The Public Investment Fund (PIF) valued the projects at 211 billion riyal — about $56 billion — as of the end of 2024, more than 12 per cent lower than the 241 billion riyal valuation given to the projects in 2023. The writedowns come as many of the projects have faced delays and cost overruns and have reportedly been scaled back amid declining oil prices. • Fifa World Cup 2034: Saudi Arabia's plans for 11 new futuristic stadiums Neom, which includes a resort being built on the Red Sea coast, has faced repeated delays as the kingdom has prioritised other infrastructure projects. Ambitions for the project were scaled back last year, with at least one contractor laying off workers as the priority shifted from completing segments of The Line, the planned 170km linear city. Saudi Arabia had said The Line was initially meant to be launched in 2026, though the deadline appears increasingly unlikely. The country is also hosting a number of major sporting events in the coming years, including the 2034 Fifa World Cup. 'A more targeted investment programme and with longer timelines is actually positive given the weaker oil revenue backdrop and the large hosting event that Saudi Arabia has won,' Monica Malik, chief economist at Abu Dhabi Commercial Bank, said. 'These were won after Vision 2030 was designed and will need significant investment.' Nonetheless, the Vision 2030 giga-projects remain an important part of Crown Prince Mohammed bin Salman's plans to reduce the country's reliance on oil revenue. Neom is part of Vision 2030, Crown Prince Mohammed bin Salman's attempt to pivot Saudi away from reliance on oil revenue @DISCOVERNEOM PIF disclosed the writedowns in its 2024 annual report, which showed that gross assets under management rose by 19 per cent year-on-year to $913 billion. More than a third of PIF's investments were in Saudi companies last year. International investments accounted for 17 per cent of the fund's portfolio in 2024, down from 20 per cent in 2023. The fund's average annual returns fell from 8.7 per cent in 2023 to 7.2 per cent. Earlier this year it said that its net profits had fallen by 60 per cent due to higher interest rates, inflation and project impairments.
Malay Mail
26-05-2025
- Politics
- Malay Mail
No plan to lift alcohol ban, Saudi Arabia says amid speculation over 2034 Fifa World Cup
DUBAI, May 26 — A Saudi official denied yesterday media reports saying the kingdom, which is the birthplace of Islam, would lift its 73-year-old ban on alcohol, which is prohibited for observant Muslims. The reports, which did not cite any sources, suggested the kingdom would allow the controlled sale of alcohol as it prepares to host the 2034 Fifa World Cup. — AFP
Khaleej Times
26-05-2025
- Sport
- Khaleej Times
Saudi Arabia denies reports of lifting ban on alcohol
A Saudi official denied on Monday media reports saying the Kingdom, which is the birthplace of Islam, would lift its 73-year-old ban on alcohol, which is prohibited for observant Muslims. The multiple reports, which did not cite any sources, suggested the Kingdom would allow the controlled sale of alcohol as it prepares to host 2034 Fifa World Cup. Officials previously confirmed that the 2034 Fifa World Cup would be a sobering experience for soccer fans, with no alcohol available. And not just at the stadiums, but also at the hotels and elsewhere throughout the nation, the Saudi ambassador to the United Kingdom confirmed. Prince Khalid bin Bandar Al Saud said supporters travelling to the tournament will have to respect the customs of the host nation, where alcohol consumption is strictly forbidden. "Everyone has their own culture," he told the UK news site LBC. "We're happy to accommodate people within the boundaries of our culture but we don't want to change our culture for someone else." Alcohol availability was a talking point ahead of the 2022 World Cup in Qatar, where fans were only allowed to buy booze in hotels and designated fan parks but not inside the stadiums.
Gulf Insider
21-04-2025
- Business
- Gulf Insider
Boxing's New Capital? Saudi Arabia Channelling Don King Legacy
Saudi Arabia's vast investments are restoring boxing to the glamour and profile it enjoyed during the era of legendary promoter Don King, according to a senior official at one of the sport's main governing bodies. 'The biggest money is paid here and has been for two years now,' World Boxing Council President Mauricio Sulaiman said in an interview in Riyadh. 'The way things are now, it's like when boxing arrived in Vegas. They are bringing back the Don King era,' Sulaiman added, referring to the promoter behind some of boxing's biggest names, including Muhammad Ali and George Foreman. Driven by Turki Al Sheikh — a royal court adviser and chairman of the General Entertainment Authority — Saudi Arabia has poured millions into staging blockbuster fights over the past two years. That includes Tyson Fury's two bouts against Oleksandr Usyk in 2024, with combined prize pots well exceeding $100 million. The first of those fights — dubbed the Ring of Fire — was hosted at a glitzy event in Riyadh, attended by football superstar Cristiano Ronaldo and rapper Eminem, and generated 1.5 million pay-per-view buys. For comparison, one of Don King's most iconic promotions, the 1997 rematch between Mike Tyson and Evander Holyfield, drew nearly 2 million pay-per-view purchases. Riyadh's foray into boxing is part of a broader strategy under Crown Prince Mohammed Bin Salman to position Saudi Arabia as a global sports hub. The push aims to diversify the kingdom's economy, enhance quality of life and attract tourism. Saudi Arabia is also backing the creation of a new boxing promotion venture with TKO Group Holdings Inc., the parent company of WWE and the UFC. The kingdom has already shaken up sports like golf and football by luring top talent with lucrative deals and will host major events over the next decade — culminating in the Fifa World Cup 2034. Sulaiman was in Riyadh to attend the Riyadh Season WBC Boxing Grand Prix, a multiphase tournament scheduled throughout the year. These events could pave the way for deeper collaboration between Saudi Arabia and the WBC, one of boxing's four major sanctioning bodies. According to Sulaiman, the WBC and Saudi authorities are exploring future tournaments in the country, joint international events, and even the construction of a boxing museum. Talks are still in the early stages and outcomes remain uncertain, he said. The WBC chief expressed hope that Saudi Arabia's investments could eventually lead to greater unification within boxing — a fragmented sport with multiple titles and promoters — 'if it's correctly handled.' However, he acknowledged the challenge that promoters elsewhere will struggle to match the prize money on offer in the kingdom. That could force them to cooperate more, boost ticket sales, and explore streaming partnerships to stay competitive. Still, Sulaiman remains optimistic about the future of the sport.
Gulf News
21-04-2025
- Business
- Gulf News
Boxing's new capital? Saudi Arabia channelling Don King legacy
Riyadh: Saudi Arabia's vast investments are restoring boxing to the glamour and profile it enjoyed during the era of legendary promoter Don King, according to a senior official at one of the sport's main governing bodies. 'The biggest money is paid here and has been for two years now,' World Boxing Council President Mauricio Sulaiman said in an interview in Riyadh. 'The way things are now, it's like when boxing arrived in Vegas. They are bringing back the Don King era,' Sulaiman added, referring to the promoter behind some of boxing's biggest names, including Muhammad Ali and George Foreman. Big fights, big money Driven by Turki Al Sheikh — a royal court adviser and chairman of the General Entertainment Authority — Saudi Arabia has poured millions into staging blockbuster fights over the past two years. That includes Tyson Fury's two bouts against Oleksandr Usyk in 2024, with combined prize pots well exceeding $100 million. The first of those fights — dubbed the Ring of Fire — was hosted at a glitzy event in Riyadh, attended by football superstar Cristiano Ronaldo and rapper Eminem, and generated 1.5 million pay-per-view buys. For comparison, one of Don King's most iconic promotions, the 1997 rematch between Mike Tyson and Evander Holyfield, drew nearly 2 million pay-per-view purchases. Sport as strategy Riyadh's foray into boxing is part of a broader strategy under Crown Prince Mohammed Bin Salman to position Saudi Arabia as a global sports hub. The push aims to diversify the kingdom's economy, enhance quality of life and attract tourism. Saudi Arabia is also backing the creation of a new boxing promotion venture with TKO Group Holdings Inc., the parent company of WWE and the UFC. The kingdom has already shaken up sports like golf and football by luring top talent with lucrative deals and will host major events over the next decade — culminating in the Fifa World Cup 2034. Future plans with the WBC Sulaiman was in Riyadh to attend the Riyadh Season WBC Boxing Grand Prix, a multiphase tournament scheduled throughout the year. These events could pave the way for deeper collaboration between Saudi Arabia and the WBC, one of boxing's four major sanctioning bodies. According to Sulaiman, the WBC and Saudi authorities are exploring future tournaments in the country, joint international events, and even the construction of a boxing museum. Talks are still in the early stages and outcomes remain uncertain, he said. Push for unification The WBC chief expressed hope that Saudi Arabia's investments could eventually lead to greater unification within boxing — a fragmented sport with multiple titles and promoters — 'if it's correctly handled.'
