JPMorgan to help finance construction of Aramco Stadium

Saudi Arabia is looking to Wall Street to help finance its preparations for hosting the 2034 World Cup.

Riyadh-based ROSHN, a property development firm owned by Saudi Arabia’s Public Investment Fund, has hired JPMorgan to recruit outside investors for the Aramco Stadium, now under construction in the eastern city of Al Khobar, Reuters reports.

The deal would raise money to build the stadium through a lease-backed investment vehicle, with Aramco – the world’s biggest oil exporter – operating the 47,000-seat venue under a 25-year concession. Investors would provide upfront cash in exchange for a share of future lease payments, freeing ROSHN to recycle capital into other projects.

The financing structure borrows from Aramco’s model for its multibillion-dollar pipeline transactions, which drew infrastructure investors including EIG Global Energy Partners and Global Infrastructure Partners, which is owned by BlackRock. 

Saudi Arabia is racing to build or refurbish 15 World Cup stadiums as lower oil prices and mounting costs force the kingdom to lean more heavily on private capital. The PIF is trimming expenditures across its portfolio, cutting funds for LIV Golf after the 2026 season, shrinking the first phase of The Line, NEOM’s planned 170-kilometer linear city, and delaying its luxury mountain ski resort Trojena.