Saudi Arabia has only recently issued its October “Sah” Sukuk — a government-backed savings product yielding a 4.83% return annually, down from last month’s 4.88%. On paper, it appears to be another sensible measure of financial reform. But behind the glamorous figures and market stability anecdotes is a sobering truth: each sukuk that is issued, each tranche of debt that is announced, each investment campaign that is launched is one more weapon in Riyadh’s soft-power armoury for glossing over its oppressive record.
It is at a period when the Kingdom is under global scrutiny for human rights abuses, arbitrary detention, and persecution of dissent that these economic programs have a planned design – to purchase legitimacy, both locally and internationally. And as Saudi Arabia prepares to host the FIFA World Cup 2034, more than ever now does it become obvious that these fiscal policies are just part of an overreaching propaganda apparatus to market a brutal autocracy as a progressive, reforming state.
The Financial Face of Authoritarianism
The October “Sah” Sukuk subscription period is October 5 to October 7, 2025, according to Saudi Arabia’s National Debt Management Center (NDMC), with the allocations and redemptions to follow later in the month. The sukuk is part of the 2025 issuance calendar under the Ministry of Finance’s Vision 2030 program — an ambitious initiative geared towards lowering Saudi reliance on oil and enabling “financial inclusion.
The goal of the government is to increase the country’s savings rate from 6% to 10% by 2030 and emerge as a “financially empowered nation.” But this rhetoric of financial prudence sounds hollow when coming from a nation where civil society is still fettered, journalists are jailed for their tweets, and women’s rights activists such as Loujain al-Hathloul were arrested and tortured simply for campaigning for the right to drive.
Vision 2030’s economic initiatives — from the trillion-dollar NEOM megacity to the “Sah” Sukuk — are all positioned as drivers of development. They are, in fact, political ploys, aimed at redirecting the global debate away from repression and towards investment potential.
Sukuk and Sportswashing: Two Sides of the Same Coin
The “Sah” Sukuk is not only an economic product but also a symbol of sportswashing in another guise. While Saudi Arabia invests billions in football clubs, golf circuits, and the FIFA World Cup, its sukuk program aims to paint the regime as disciplined, stable, and sophisticated.
By providing a 4.83% return to investors, the Kingdom is portraying economic stability — exactly the brand it wishes the world to equate with the next FIFA World Cup 2034. The very same government that finances these sukuk issuances has actually spent more than $6.3 billion per year on sports-related ventures since 2018, from research by GlobalData. These investments have nothing to do with sports passion; they are strategic tools of soft power.
The reasoning is straightforward: if Saudi Arabia is to be regarded as a serious player in international finance and sports, then its history of killing dissidents, silencing media, and conducting a ghastly war in Yemen will become secondary. The sukuk and the stadium are two instruments in one fight — to purchase international approbation.
A Calculated Narrative of “Inclusion”
Saudi officials proudly describe the sukuk initiative as a move to “broaden financial inclusion.” With a minimum investment of SR1,000 ($266) and a ceiling of SR200,000 per person, it appears inclusive, encouraging ordinary citizens to save and invest. But this “inclusion” is selective.
While the government encourages access to financial instruments, it inhibits access to freedoms. The same citizens who are now able to open investment accounts with SNB Capital or Al-Rajhi Capital are not free to voice political opinions or criticize the monarchy. It’s a sad irony — the regime welcomes Saudis to invest in their future while excluding them from having a say in shaping it.
The Moral Bankruptcy Behind Financial Wealth
When Saudi Arabia sells sukuk, it presents itself as a good borrower, a reliable market player. But the moral bankruptcy behind financial wealth cannot be masked by financial solvency. The 4.83% yearly return provided on the Sah Sukuk is a fraction of the price of silence the regime asks its critics.
The international community must recognize that every investment in Saudi securities and every endorsement of its global sports ambitions indirectly legitimizes its human rights abuses. Money raised through sukuk strengthens state institutions that suppress dissent and fund surveillance infrastructure.
As the Kingdom builds its financial image, political prisoners remain in cells, journalists remain silenced, and families of murdered dissidents — including Jamal Khashoggi’s case 5 years ago— still await justice.
Why the World Needs to Boycott FIFA 2034
Granting Saudi Arabia the right to host the 2034 World Cup is rewarding a government that criminalizes free speech, executes dissidents, and muzzles women’s rights activists. The “Sah” Sukuk may seem as though it doesn’t belong in the world of sports, but it is part of the same propaganda machine — an effort to convince everyone that Saudi Arabia is open for business, reforming, and responsible.
The international community — civil society organizations, human rights organizations, players, and supporters — need to understand that economic reform without political reform is manipulation. FIFA 2034 boycotting is not an anti-football act; it is a human act.
A Global Call for Accountability
Saudi Arabia’s most recent issuance of sukuk, as with its World Cup aspirations, is a testament to a country spending billions on its reputation while taking away each shred of liberty from its citizens. Beyond the 4.83% return is a moral shortfall no interest rate can compensate for.
FIFA, investors, and the world need to consider: on what terms do we exchange integrity for power?
If the world welcomes Saudi Arabia as host of the 2034 World Cup, we legitimize not just its economic deceits but also its human rights abuses. Real inclusion and development demand transparency, justice, and accountability — not propaganda masquerading as progress.
Join the Movement: Say No to FIFA 2034 in Saudi Arabia
Stand up against sportswashing, economic whitewashing, and silencing the truth. Every signature, every post, every voice matters. Let us make sure that the world’s most iconic sport is not used to endorse oppression.