Saudi Arabia’s 2034 World Cup: A Catalyst for Economic Transformation

As the official announcement approaches on December 11 for the host of the 2034 FIFA World Cup, all eyes are on Saudi Arabia, as this monumental sporting event is poised to bring about a transformative economic shift, aligning with the Kingdom’s vision of fostering a diversified and sustainable economy.
The tournament is expected to have a significant impact on Saudi Arabia’s local economy, driving foreign investments and revitalizing sectors such as tourism, transportation, and infrastructure. Additionally, it will serve as a catalyst for major projects like NEOM and Qiddiya, reinforcing the Kingdom’s position as a global destination and supporting the goals of Vision 2030, which emphasizes economic diversification and the expansion of non-oil sectors.
On Saturday, FIFA announced that the Saudi bid to host the 2034 World Cup achieved a technical evaluation score of 419.8 out of 500, the highest score ever awarded in FIFA’s history for a World Cup bid. This milestone reflects Saudi Arabia’s leadership and ongoing transformation into a hub of innovation and development.
The Kingdom officially submitted its bid in July at a FIFA ceremony in Paris. Experts believe that hosting the World Cup will attract millions of visitors worldwide, boosting key sectors such as hospitality, transportation, and entertainment. Furthermore, it is expected to attract substantial foreign investments in large-scale projects, including sports infrastructure and urban development.
Major Projects
Economic policy expert Ahmed Al-Shehri told Asharq Al-Awsat that hosting the tournament will significantly enhance Saudi Arabia’s tourism economy. The influx of millions of visitors is expected to boost revenue across sectors such as hotels, restaurants, transportation, and entertainment. He also noted that major projects like the Red Sea Project and Qiddiya will benefit from infrastructure upgrades, solidifying Saudi Arabia’s status as a global destination for tourism and investment.
Al-Shehri added that the event will strengthen international confidence in Saudi Arabia’s economy, encouraging foreign investors to channel capital into sectors such as sports, entertainment, and technology. He highlighted that infrastructure improvements, including transportation systems and sports facilities, will yield long-term benefits for the local economy and citizens.
Investment Partnerships
Economic analyst Rawan Bin Rubayan described hosting the World Cup as a historic opportunity with multifaceted benefits for the Saudi economy. Global events of this magnitude, she explained, enhance the Kingdom’s reputation as a leading investment and tourism destination while unlocking growth opportunities across various industries.
She highlighted that hosting the World Cup will increase Saudi Arabia’s appeal to international investors, particularly in sectors like hospitality, entertainment, transportation, and infrastructure. Constructing state-of-the-art stadiums and facilities will foster major investment partnerships and position Saudi Arabia among the world’s top organizers of international sporting events.
Bin Rubayan emphasized how the event complements Vision 2030, which prioritizes economic diversification and supports flagship projects like NEOM, Qiddiya, and the Red Sea Project. These initiatives are expected to accommodate millions of visitors, ensuring their long-term sustainability through heightened global visibility and investment.
Boosting the Tourism Sector
Bin Rubayan pointed out that sectors such as tourism and hospitality—including hotels, restaurants, and local retail—are set to experience significant growth due to rising demand, which will stimulate the local economy and generate new job opportunities.
She also noted that infrastructure upgrades, including advanced road networks and mass transit systems, will leave a lasting legacy, benefiting future generations and improving overall quality of life, stressing that the event is expected to boost international confidence in the Saudi economy and create long-term strategic partnerships.
Bin Rubayan characterized the 2034 FIFA World Cup as a key driver of economic growth and a pivotal moment in Saudi Arabia’s journey toward achieving Vision 2030. She added that the tournament promises to foster a more diverse, resilient, and sustainable economy while reinforcing the Kingdom’s status as a global powerhouse in sports, tourism, and innovation.

Turkish inflation was higher than expected at 47.09% annually and 2.24% on a monthly basis in November, official data showed on Tuesday, potentially reducing the prospect of an interest rate cut later this month.

Prices of food and non-alcoholic drinks jumped 5.1% from the previous month, the Turkish Statistical Institute data showed, underlining the central bank's continued struggle against years of high inflation. Health-related prices rose 2.69%.

In a Reuters poll, the consumer price index inflation rate was expected to slow to 46.6% on an annual basis, while the monthly figure was seen at 1.91%, mainly due to food and medicine prices.

Although above expectations, annual inflation in November was at its lowest level since mid-2023. In October, annual inflation was 48.58% with the monthly rate at 2.88%.

The central bank has hiked rates by 4,150 basis points since June last year as part of an abrupt shift to economic orthodoxy, and has kept its policy rate steady at 50% since March.

It is watching monthly inflation closely as it decides when to cut its main interest rate, with expectations having grown in recent weeks that easing could come as soon as December.

Delaying rate cuts until next year, after "critical decisions" on the minimum wage and other administered prices "would be more appropriate", said Haluk Burumcekci, founding partner at Burumcekci Consulting, of an expected Jan. 1 rise to minimum wage.

But he added the central bank's latest policy statement "suggests that rate cuts are a serious option" for December.

After its policy meeting last month, the bank said it would set its rate to ensure the tightness required by the projected disinflation path, setting the stage for a cautious easing cycle.

The bank had also predicted that food would elevate overall inflation in November. Turkish Vice President Cevdet Yilmaz said on Tuesday that while food inflation remained high, aside from that there was a broadly more positive trend.

The Turkish lira was little changed after the data at 34.7505 to the dollar, having earlier touched a record low.

Economists had flagged medicine prices as an inflation driver in November since the government late last month hiked by 23.5% the euro rate for imported medicines.

The domestic producer price index was up 0.66% month-on-month in November for an annual rise of 29.47%, according to the data.

The Reuters poll showed annual inflation falling to 44.8% by year-end, close to the central bank's target of 44%. It also showed inflation falling to 26.5% at end-2025, compared to the central bank's view of 21%.

Saudi Arabia’s 2034 World Cup: A Catalyst for Economic Transformation