Latest news with #MinistryOfSport
Zawya
25-05-2025
- Business
- Zawya
Teneo appoints Abdulmajeed Y. Alshamekh as a Managing Director in Riyadh, Saudi Arabia
Riyadh – Teneo, the global CEO advisory firm, today announced the appointment of Abdulmajeed Y. Alshamekh as a Managing Director in the firm's Riyadh office. Abdulmajeed is a seasoned investment and strategy executive with deep expertise in public-private partnerships (PPP), Build-Operate-Transfer (BOT) structuring, large-scale investment transactions and government advisory across the region. At Teneo, Abdulmajeed will work across multiple business lines, both in Saudi Arabia and the wider region. His experience will be particularly invaluable to Teneo's new Capital Projects & Infrastructure team in their PPP and private finance initiative implementation engagements. Teneo has been operating in the Kingdom of Saudi Arabia for over ten years and continues to accelerate the build out of its team, service offering and client base across the country. Prior to joining Teneo, Abdulmajeed served as Investment Portfolio Director at the Saudi Ministry of Sport, where he led high-impact PPP and real estate initiatives. Earlier in his public sector career, Abdulmajeed played a key role at the Saudi Ministry of Municipal and Rural Affairs, leading several major PPP transactions. He has advised several central government bodies while serving as a Deputy Minister advisor at the Ministry of Economy and Planning. His committee engagements include the National Incentives Committee, the FDI Committee, the LUCID Purchase Agreement Committee and the RCRC Trade Balance Committee. Abdulmajeed also worked in the Vision2030 Office at the Saudi Ministry of Commerce, where he supported the Minister of Commerce as an advisory board member and oversaw key PMO tasks tied to Vision 2030 initiatives. Prior to his government experience, Abdulmajeed advised on M&A transactions valued at SAR 1.4 billion with AlKhair Capital and co-managed three mutual funds on TASI as a financial analyst and assistant fund manager at Saudi Kuwaiti Finance House. Nick McDonagh, Senior Managing Director and Teneo's regional leader in the Middle East, said: 'We are delighted to welcome Abdulmajeed to Teneo. His experience across government, investment, sports and infrastructure significantly strengthens our range of capabilities and senior team in the Kingdom. We expect Abdulmajeed to play a major role in Teneo's continued support of clients navigating one of the world's most ambitious and dynamic economic transformations.' Matthew Wilde, Co-CEO of Teneo's Middle East Financial Advisory business, added: 'Abdulmajeed's appointment reflects our ongoing commitment to investing in talent that aligns with our clients' evolving needs. His unique leadership and market insight will be instrumental in helping clients deliver on complex mandates and achieve strategic impact under Vision 2030 and beyond.' Abdulmajeed Alshamekh said: "I'm very excited to join Teneo and to continue to help tell Saudi Arabia's story. We have a great opportunity to grow our multi-disciplinary advisory offering on the ground in the Kingdom – from strategic and financial communications to financial advisory, investment structuring and management consulting. The calibre of Teneo's team, their culture and their unique platform means the firm is perfectly placed to accelerate the ambitions of its clients in Saudi Arabia and beyond.' About Teneo Teneo is the global CEO advisory firm. We partner with our clients globally to do great things for a better future. Drawing upon our global team and expansive network of senior advisors, we provide advisory services across our five business segments on a stand-alone or fully integrated basis to help our clients solve complex business challenges. Our clients include a significant number of the Fortune 100 and FTSE 100, as well as other corporations, financial institutions and organizations. Our full range of advisory services includes strategic communications, investor relations, financial transactions and restructuring, management consulting, physical and cyber risk, organizational design, board and executive search, geopolitics and government affairs, corporate governance and ESG. The firm has more than 1,600 employees located in 40+ offices around the world.
Arab News
19-05-2025
- Business
- Arab News
Saudi Arabia opens three sports facilities to private investment
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.
Zawya
19-05-2025
- Business
- Zawya
AECOM appointed to oversee King Fahad Sport City redevelopment in Riyadh
AECOM announced on Monday that it has been appointed by Saudi Arabia's Ministry of Sport to provide site supervision consultancy services for the redevelopment of King Fahad Sport City in Riyadh. The project is part of Saudi Arabia's broader preparations to host two major international events — the AFC Asian Cup in 2027 and the FIFA World Cup in 2034. AECOM said in a statement that it will support the stadium's transformation into a venue that meets FIFA's requirements and international best practices for sports infrastructure, drawing on its global experience in delivering complex sports venues. The firm's construction management division, AECOM Hunt, will also play a consulting role in the project. Known for its portfolio of sports and entertainment facilities across the U.S., AECOM Hunt will contribute expertise in managing large-scale venue transformations. (Writing by Deva Palanisamy; Editing by Anoop Menon) (
