FIFA signs $1B deal with Saudi Arabia fund to invest in stadium construction

FIFA has signed a deal with the government-backed Saudi Fund for Development that could unlock $1 billion in loans for stadium construction around the globe.

The agreement provides finance to build and rehabilitate sports grounds and related infrastructure, particularly in poorer countries. It deepens links between soccer’s governing body and Saudi Arabia, which will host the 2034 men’s World Cup and has already invested billions in the sport.

The deal also comes amid growing scrutiny of Gulf influence over world soccer. Riyadh argues it is investing in sports as a way to diversify its economy away from oil, dismissing accusations of “sportswashing.”

FIFA President Gianni Infantino is a regular visitor to Saudi Arabia these days and was also at the White House during Crown Prince Mohammed bin Salman’s recent visit, looming in the background of Ronaldo’s viral selfie.