Saudi Arabia's ROSHN Group is seeking private investors for the Aramco Stadium, one of the key venues planned for the 2034 FIFA World Cup, according to people familiar with the matter. The state-backed real estate developer is looking to unlock capital as it continues to support the kingdom's large-scale economic transformation programme under Vision 2030. 
The fundraising effort comes as Saudi Arabia faces increasing pressure on its public finances due to a widening budget deficit and lower global oil prices. In response, government-backed entities are increasingly turning to private capital to help finance projects across infrastructure, logistics, tourism and sports while reducing dependence on state funding. 
According to Reuters sources, ROSHN, which is owned by Saudi Arabia's Public Investment Fund (PIF), has appointed JPMorgan to manage the equity fundraising process. Two people familiar with the matter said the investment bank is leading the exercise, while another source said both PIF and ROSHN have been assessing investor interest in the stadium project. 
Aramco and JPMorgan declined to comment on the matter. ROSHN and PIF did not respond to Reuters' requests for comment. 
The Aramco Stadium is expected to be completed by the end of this year and is scheduled to host its first football match in January next year. The 47,000-seat stadium is located in Al Khobar and is among the venues selected for the 2034 FIFA World Cup. 
Saudi Aramco operates the stadium under a 25-year concession agreement, while ROSHN remains the owner and developer of the project. 
People familiar with the discussions said the proposed fundraising is expected to follow a lease and leaseback structure. Under this model, ROSHN would establish a special investment vehicle that would hold the stadium leasehold. Investors would acquire a stake in the vehicle by providing capital upfront, while ROSHN would continue to retain ownership alongside them. 
The structure would allow ROSHN to release capital tied up in the project and redirect those funds towards other developments. In return, investors would receive a long-term income stream through a share of lease payments made by Aramco. 
The proposed structure is similar to infrastructure transactions previously completed by Saudi Aramco for its oil and gas pipeline assets. Those deals attracted major global infrastructure investors, including EIG Global Energy Partners and Global Infrastructure Partners, which is now part of BlackRock. 
The fundraising initiative reflects Saudi Arabia's broader strategy of increasing private sector participation in projects linked to Vision 2030. Over the past several years, PIF has invested heavily in sports, supporting initiatives across football, Formula E, boxing, tennis and e-sports as part of efforts to diversify the country's economy beyond oil. 
Hosting the 2034 FIFA World Cup remains one of the flagship objectives under Vision 2030. Saudi Arabia is building or renovating 15 stadiums across five cities for the tournament, along with developing 132 training facilities. The tournament will also be the first FIFA World Cup to be hosted by a single nation under the expanded 48-team format, creating additional infrastructure and operational requirements. 
The kingdom, however, has faced increasing challenges in delivering some of its large-scale projects. Lower-than-expected oil revenues and higher spending have placed pressure on government finances, leading authorities to explore alternative funding models for several developments. 
One example is Trojena, the mountain tourism destination within the NEOM development, which has experienced delays despite originally being planned to host the 2029 Asian Winter Games. 
Saudi Arabia has already begun opening sports assets to private investment. Earlier this year, Kingdom Holding Company agreed to acquire a 70% stake in Saudi Pro League football club Al Hilal from PIF. Last year, American investors acquired Saudi club Al Kholood as part of the country's wider sports privatisation programme. 
In another indication of this strategy, Reuters reported in the past week that PIF has also been exploring the sale of a minority stake in English Premier League club Newcastle United to support financing plans linked to the club's stadium development. 
Source Reuters