Foreign companies hoping to capitalise on Saudi Arabia’s SAR100 billion ($26.6 billion) World Cup preparations must be registered in the kingdom, according to the chief executive of a leading Saudi-based investment company.
“Don’t waste time offering services from abroad,” said Mohammed AlQahtani, CEO at Saudi Arabia Holding Company, a private equity firm in Riyadh, in a social media post on Monday.
Saudi Arabia was awarded the rights to host the 2034 Fifa World Cup earlier this month.
The successful bid includes the building of 11 new stadiums, with a capacity exceeding 775,000 seats. The King Salman Stadium in the capital Riyadh, venue for the opening and closing ceremonies, will host 92,000 fans.
Three of the 15 stadiums required are already under construction in preparation for hosting the AFC Asian Cup in 2027.
AlQahtani said Saudi Arabia is also preparing 134 training facilities for the 48 teams, while adding 175,000 new hotel rooms, taking the total provision to 232,000 rooms.
The Saudi government is allocating SAR60 billion annually to support the sports sector.
“While government entities like the Public Investment Fund and Aramco are leading many projects, significant opportunities remain for the private sector to collaborate on facilities, training centres and event operations,” said AlQahtani.
But he said registration in the country is a must to participate in the projects.
“Whether you are involved in construction, contracting, ticketing, acoustics, engineering, or any other related fields, being locally registered is a key requirement to access these opportunities,” said AlQahtani.
The country’s regional headquarters programme came into operation at the start of 2024, forcing international companies wanting to win government contracts worth SAR1 million or more to have their regional HQ in the Saudi capital, Riyadh.
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