SURJ Sports Investment, a company of Saudi Arabia's Public Investment Fund (PIF), announced on Thursday the launch of the joint venture 'Radia' to support the growth of sports infrastructure by managing, operating, and marketing sports and entertainment venues and areas in the Kingdom, in partnership with Live Nation and Oak View Group.

Radia will operate as a strategic platform that brings together a wide range of global expertise in the field, 'to deliver the highest level according to the highest global standards, in management, facility operation, marketing, content provision, as well as advisory services related to this field, to keep pace with and meet the growing demand for stadiums, halls, and sports complexes that have already been developed, in addition to facilities currently under development to keep up with new developments and events'.

Radia will act as a platform for integrated management services for sports facilities in the Kingdom, covering all stages of these facilities, areas, and sports and entertainment complexes, from the initial design and planning stages to overseeing development, operation, and marketing. Radia aims 'to enhance the Kingdom's global standing in sports and live experiences, and provide more business and growth opportunities for all stakeholders in the field, including owners and operators of event centers, organizers, various sports clubs, as well as the local communities where events are held'.

Through the use of digital solutions, data-driven analytics, enhancing the fan experience, and focusing on facility sustainability, Radia will contribute to 'transforming new infrastructure into vibrant and commercially thriving destinations'.

Radia will operate as a platform for integrated management services for sports facilities in the Kingdom (SURJ).

Zafer Campbell will assume the position of CEO of Radia, having 'played a key role in developing the company's business model, and will lead its launch and execute its long-term growth strategy'.

The launch of Radia aligns with the Public Investment Fund's commitment to supporting the growth and development of the sports and entertainment sectors in the Kingdom. The sports sector is one of the strategic sectors within the tourism, travel, and entertainment portfolio of the Fund's strategy for the 2026-2030 period. The value of the sports sector in the Kingdom is expected to exceed 82 billion Saudi riyals ($22 billion) by 2030.

For his part, Danny Townsend, CEO of SURJ Sports Investment, said: 'The new partnership marks a milestone in SURJ's journey to enhance the growth and development of the sports sector in the Kingdom, and to contribute to creating an impact and leaving a sustainable legacy for future generations. Partnering with two of the world's leading players in this sector enhances SURJ's ability to innovate in the design of stadiums and sports facilities, and to deliver exceptional experiences for the audience. This new partnership boosts the growth of the sports ecosystem in the Kingdom, develops its infrastructure, enhances its access to world-class experiences, and contributes to ensuring readiness to host and organize all major global events and activities.'

John Reid, Chairman of Live Nation for Europe, Middle East and Africa, said: 'Live Nation has been operating in the Kingdom since 2017, and this collaboration is an extension of this long-term commitment. By leveraging our expertise in facility operations and live event organization, we will contribute to developing integrated facilities and experiences that meet the needs of artists, athletes, audiences, and the industry ecosystem as a whole. Through this partnership, we aim to contribute to building a sustainable live events environment in the Kingdom, based on delivering world-class experiences and promoting long-term sector growth.'

Chris Granger, CEO of Oak View Group, also said: 'World-class sports and entertainment venues are important economic and cultural drivers, creating jobs, attracting tourism, and stimulating development... More importantly, they create spaces that connect communities, foster communication, and create shared moments and experiences that span generations. At Oak View Group, we are proud to partner with SURJ and Live Nation on the Radia project, and together we look forward to achieving a sustainable impact, delivering exceptional experiences, and enhancing the status of these venues as destinations that reflect local pride and global presence in Saudi Arabia.'

Radia will contribute to 'supporting the growth of the sports sector in Saudi Arabia by fostering collaboration and sustainability, and placing fans at the heart of its operations, thereby enhancing the development of a world-class sports and entertainment ecosystem'.