Saudi Arabia unveiled a new company that it says will manage the operations of its burgeoning network of arenas, as it gears up for the 2034 men’s soccer World Cup.
Radia, a joint venture between Public Investment Fund-owned SURJ Sports, Live Nation, and Oak View Group, is expected to help promote the kingdom’s new wave of music and sports events to global audiences. The deal was first reported by Semafor in April.
The Saudi sovereign wealth fund has reduced spending on some sports projects, instead prioritizing infrastructure such as ports and data centers. But entertainment remains a priority: The kingdom is building a $1.4 billion Royal Opera House and a 20,000-seat arena in Diriyah, a UNESCO World Heritage site undergoing a $63 billion redevelopment, alongside a Formula 1 race track and entertainment areas outside of Riyadh.