Saudi Arabia cuts spending on stadium construction for 2034 World Cup

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), plans to reduce spending on stadium construction for the 2034 FIFA World Cup, The Guardian reports.

Saudi Arabia has unveiled plans centred on four cities—Riyadh, Jeddah, Al Khobar and Abha—as well as a Neom stadium, which is to be built within the still-unrealised futuristic megaproject known as The Line, a 500-metre-high city designed to run on renewable energy. Construction of three arenas has already begun, but industry sources told The Guardian that several stadium projects are facing delays.

According to the newspaper, architectural firms have been asked to resubmit tender bids after their designs were deemed “too expensive”. Contractors were also warned that work would not begin on schedule. The PIF, however, said that the situation remains unchanged.

The projects are being implemented as part of the Vision 2030 programme, which aims to diversify the economy and develop healthcare, education, infrastructure and tourism. Funding is channelled through the PIF, which still relies heavily on oil revenues. In December, state oil company Aramco cut oil prices amid falling demand and an oversupply in OPEC countries.

Saudi Arabia was confirmed as the host of the 2034 World Cup last winter. The tournament is scheduled to take place in November–December.

By Vugar Khalilov