Saudi Wealth Fund Unit in Talks for Joint Venture with US Firms on Arenas

A sports investment company owned by Saudi Arabia's Public Investment Fund is in discussions to form a joint venture with two US operators to manage a network of arenas and stadiums in the kingdom, according to people familiar with the matter. The joint venture, named Radia, would involve Oak View Group, which developed arenas for the National Hockey League’s Seattle Kraken and New York Islanders, and Live Nation, a ticketing company currently facing US antitrust scrutiny.

The partnership is expected to promote music events in Saudi Arabia to global audiences and may include sports tournaments hosted in the country. An agreement could be announced as soon as next month. Saudi Arabia is scheduled to host the 2034 World Cup and plans to build 11 new stadiums while updating four existing ones.

The flagship venue, the King Salman International Stadium in Riyadh, is planned to seat more than 90,000 spectators and serve as an entertainment hub.

The kingdom is constructing 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. Riyadh is also developing entertainment arenas alongside a Formula 1 race track at Qiddiya, a new complex on the outskirts of the city.

The city has been growing as a destination for music tours, hosting concerts by artists including Benson Boone, Guns N’ Roses, Metallica, and Hans Zimmer.

and Live Nation

have previously collaborated on developing and operating a stadium at the University of Texas at Austin. Live Nation and Oak View Group did not respond to requests for comment. The exact scope of the US operators’ involvement was not immediately clear.