Local firm Saudi Binladin Group (SBG) has secured a $533m credit facility from Saudi Awwal Bank to finance the construction of the King Fahd Sports City project in Riyadh. Construction began in December last year, when Saudi Arabia’s Sports Ministry awarded SBG the project’s main contract. The scope covers the expansion works to increase the stadium’s capacity from 68,752 seats to 92,000. In July 2023, the ministry invited construction companies to submit prequalification documents for the main construction contracts for the schemes that are part of its capital projects programme. The next main element of the ministry’s programme is the construction of 30 new training grounds and facilities near the stadiums that will be used for the 2027 AFC Asian Cup. Saudi Arabia was officially selected to host the 2034 Fifa World Cup through an online convention of Fifa member associations at the Fifa congress on 11 December. Saudi Arabia formally kicked off the participation process in October 2023, when it announced that it planned to bid to host the event. At the time, it was announced that the Saudi Arabian Football Federation would lead the 2034 World Cup bid. The kingdom officially submitted its bid to host the World Cup 2034 to the Federation Internationale de Football Association (Fifa) in July last year. Later the same month, Saudi Arabia was effectively confirmed as the 2034 Fifa World Cup host after Australia, the only other bidder for the tournament, withdrew from the race. (ICE RIYADH)

Fonte notizia: Meed