When Saudi Arabia won the rights to host the 2034 FIFA World Cup, government leaders celebrated it as a “historic opportunity” to highlight the kingdom to the world. But more recent economic figures from the Public Investment Fund (PIF) present a different narrative. One of the increasing financial stresses, excessive dependence on fluctuating oil revenues, and high-risk expenditure priorities imperil the kingdom itself.
In its 2024 annual report, the PIF—a sovereign wealth fund that finances many of Crown Prince Mohammed bin Salman’s ambitious projects—admitted to an $8 billion write-down on its so-called “gigaprojects,” including NEOM.
This represents a 12.4% drop in value compared to 2023, bringing gigaproject investments down to 211 billion riyals ($56.2 billion). For an undertaking such as the FIFA World Cup—traditionally one of the costliest global spectacles to host—this monetary reality should be a stark warning beacon of impending doom.
Vision 2030 Is Already Struggling
Saudi Arabia’s Vision 2030 initiative wanted to diversify the economy beyond oil dependency through investment in tourism, tech, and futuristic cities such as NEOM. But per Reuters, sections of NEOM have already been reduced or canceled outright due to cost overruns, operational challenges, and declining oil revenues.
The estimated cost of NEOM of $500 billion to $1.5 trillion is eye-watering, but 2024 brought a sudden slowdown in spending as the Saudi budget deficit ballooned. If the kingdom has been unable to pay for its flagship development initiative, why invest in an even more expensive and urgent project such as the World Cup? Granting Saudi Arabia, the World Cup merely incentivizes profligate spending priorities that sacrifice citizens’ long-term well-being.
Oil Prices Might Crash World Cup Funding
Saudi Arabia’s economy continues to rely on oil for more than 60% of government income (World Bank, 2024). The PIF portfolio remains highly reliant on Saudi Aramco dividend payments—and global crude prices are forecasted to fall in the late 2020s because of lower demand through renewable energy expansion (IEA forecast).
If the oil revenues fall below the $80–85 per barrel “fiscal breakeven” point that Saudi Arabia requires to meet its budget, World Cup preparations will either compel more borrowing or reductions in core services. The 2034 World Cup could turn into a debt-funded ego trip at the cost of sustainable economic stability.
World Cup Costs Have Bankrupted Hosts Before
It costs a lot to host a FIFA World Cup:
- Brazil 2014 spent $15 billion, with some stadiums now lying vacant.
- Russia 2018 cost $11.6 billion despite the infrastructure already in place.
- Qatar 2022 was said to have topped $200 billion, albeit including wider infrastructure expenditure.
Saudi Arabia, targeting a match or beat of Qatar’s size, could see costs run far more than $100 billion, over and above Vision 2030 commitments. Considering that the PIF has already cut gigaproject investment by 25% over two years, these plans appear seriously unsustainable. FIFA ought not risk another financially ruinous mega-event in a nation already suffering to deliver on projects promised.
Debt Levels Are Rising Rapidly
The PIF has been using debt to finance projects close to $10 billion in public bonds and $7 billion in private loans in 2024 alone. Saudi Arabia’s public debt could increase from 26% of GDP in 2023 to more than 37% by 2028 if expenditure trends persist, the IMF cautions.
Tacking on World Cup obligations will steepen this debt curve, burdening future generations with repayment for arenas that could receive little more than sporadic use after the tournament. The football world should not be complicit in saddling a host country with debt for transient prestige.
Sportswashing Over Substance
Saudi Arabia’s drive to host international sports—LIV Golf, Newcastle United ownership, Formula 1 racing is all part of what human rights monitors refer to as “sportswashing“: using sport to clean up international image.
Amnesty International has stated,
“The Saudi government is using high-profile events as a deliberate strategy to divert attention from its appalling human rights record.”
As journalists are imprisoned, activists muffled, and executions remain alarmingly high (172 in 2022 alone, Human Rights Watch), handing the World Cup to Saudi Arabia sends the message that human rights are secondary to fiscal brawn. Football isn’t about fair play, but condoning authoritarian whitewash.
Opportunity Cost: Citizens Pay the Price
As the PIF invests billions in image-enhancing events, regular Saudis have real economic hardships:
- Youth unemployment is at more than 16% (GASTAT, 2024).
- Shortages of affordable housing continue to be a primary urban problem.
- Reforms in education and healthcare are behind progress report targets in Vision 2030.
Each riyal invested in stadiums is a riyal not invested in addressing such urgent needs. The World Cup’s lavish capital projects, stadiums, high-end hotels, and transportation systems can otherwise finance critical programs like vocational training for young people, hospital developments, or subsidized housing schemes.
This disinvestment exacerbates social disparities and tasks citizens with footing the bill for a show that serves mostly to promote international PR and political image. The World Cup will siphon money away from social development into sports spectacle, further entrenching inequality.
Global Precedent Matters
In boycotting Saudi Arabia 2034, the football community would be taking a stand—not simply against the individual host country, but against the trend of awarding events to states as PR shields.
When FIFA awarded Qatar 2022, it disregarded warnings of migrant worker fatalities, heat hazard risks, and cost overruns. It’s on the verge of doing it again, in defiance of obvious early indications of financial excess and image management authoritarianism. A “no” to Saudi Arabia sends a signal that sustainability, accountability, and rights come first in future World Cup bids.
Take a Stand: Save Football’s Reputation
The $8 billion write-down on Saudi Arabia’s megaprojects reveals the kingdom’s financial vulnerability and mismanagement. Granting the 2034 FIFA World Cup on these terms would incentivize irresponsible spending, human rights abuses, and sportswashing agendas.
It’s time for fans, human rights defenders, and football communities around the world to make their voices heard. Tell your voice, call for FIFA to rethink, and refuse to let the beautiful game be exploited for political whitewashing. Be part of the movement, speak out, and protect the dignity of football.