FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

The World Cup will showcase Saudi Arabia to the world. Shutterstock
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Updated 25 April 2025
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FIFA World Cup 2034 a ‘game changer’ for Saudi tourism, experts say

RIYADH: Hosting the FIFA World Cup in 2034 is expected to transform Saudi Arabia's tourism sector and accelerate the nation’s economic diversification, experts said. 

The Kingdom was awarded the competition by the sport’s international governing body in December, and is set to hold the event in 15 stadiums across five cities. 

Saudi Arabia’s sports tourism sector has been witnessing rapid growth since the launch of Vision 2030 nine years ago, with the Kingdom drawing 2.5 million visitors through 80 international events in the last four years, Tourism Minister Ahmed Al-Khateeb said in February. 

Bolstering the tourism sector is one of the crucial goals outlined in Saudi Arabia’s Vision 2030 initiative, as the Kingdom is steadily diversifying its economy by reducing its decade-long reliance on oil revenues. 

Saudi Arabia’s ambitious National Tourism Strategy aims to attract 150 million visitors by the end of this decade. 




Cristiano Ronaldo is one of a host of footballing superstars who now play in the Saudi league. Getty

Speaking to Arab News, Federico Pienovi, chief business officer and CEO of New Markets at Globant, said that the mega football event presents immense opportunities for the Kingdom to develop multiple sectors.

“Hosting the FIFA World Cup is a game-changer for Saudi Arabia’s tourism sector. For Saudi Arabia, FIFA World Cup 2034 represents a key milestone in its Vision 2030 strategy, accelerating economic diversification beyond oil by boosting tourism, hospitality, infrastructure, and smart city development,” said Pienovi. 

He added that the tournament accelerates the Kingdom’s tourist number ambitions by putting Saudi Arabia on the map for future leisure and business tourism.

Guillaume Thibault, partner and head of sports and entertainment at Oliver Wyman for India, the Middle East and Africa, echoed similar views and said the football gala will be a major catalyst for Saudi Arabia’s economic diversification, attracting over 10 million international visitors.

Thibault added that the event is also expected to accelerate Saudi Arabia’s national strategies in tourism, transport, and quality of life, creating opportunities in construction, hospitality, fan engagement, and talent development — all while mobilizing private sector investment. 




Argentina won the World Cup the only other time the competition was held in the region — Qatar in 2022. Getty

The Oliver Wyman official further said that hosting events such as the FIFA World Cup could boost the gross domestic product of Saudi Arabia, as well as creating immense job opportunities. 

“On a macroeconomic level, past World Cups have contributed up to 10 percent GDP growth, as seen in South Africa 2010, while creating tens of thousands of jobs. Saudi Arabia can maximize its investment impact by aligning with local businesses and PIF-backed companies, ensuring long-term economic gains and positioning itself as a global sports and business hub,” said Thibault. 

Max Klante, managing director and partner of Boston Consulting Group, said that major sporting events such as the 2034 World Cup, Formula 1, and the upcoming Asian games, will serve as an entry point for global audiences, showcasing Saudi Arabia as a travel destination.

“They provide a platform to highlight the Kingdom’s culture, heritage, and landscapes to the world while showcasing new and exciting entertainment and cultural experiences such as eSports and adventure extreme sports. The integration of sports, media, entertainment, and culture boosts international visibility and fosters long-term tourism growth,” said Klante. 

Saudi Arabia has already hosted several major sporting events, including the WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, and Formula E. 

The Kingdom has also witnessed E-Prix, the International Handball Federation Super Globe and the Saudi International Meeting for Disabilities Sport, as well as organizing the auction of players for the 2025 Indian Premier League, a major cricketing event which features 10 professional clubs. 

Long-term impacts

According to Pienovi, hosting major sporting events will not only boost tourism in the Kingdom but will also support the country’s infrastructure growth for the long term. 

“Beyond the tournament, the country will benefit from long-term infrastructure improvements, smart venue advancements, and the rise of new entertainment hubs that will attract visitors for years to come,” said Pienovi. 

Thibault said that hosting such events will help Saudi Arabia establish itself as a premier sports destination globally, strengthen global ties, attract international business, and enhance the Kingdom’s geopolitical influence. 

 “When executed strategically, major sporting events leave a lasting impact beyond the tournament itself. Mega-events drive billions in tourism, investment, and job creation. The 2012 London Olympics, for example, contributed $17 billion to the UK economy, proving their long-term financial impact,” said Thibault. 

He added: “In terms of urban transformation, such events accelerate infrastructure development and reshape cities. The Sochi 2014 Winter Olympics revitalized an entire region, turning legacy resorts into prime real estate. Saudi Arabia’s smart city and transport investments will ensure similar long-term benefits.” 

Elevating diplomatic and bilateral relationship

The Oliver Wyman official further said that hosting such global events could help Saudi Arabia strengthen its bilateral relationship with several countries. 

Saudi Arabia is already a diplomatic leader, ranking 18th in the Global Soft Power Index 2024 and has already hosted key forums including the G20 Summit and the World Economic Forum. 

“Mega-events further enhance global ties by bringing nations together through sport, fostering cultural exchange, trade, and investment partnerships. By attracting global leaders, Saudi Arabia can deepen international collaborations, expand economic alliances, and position itself as a key player in global sports diplomacy,” said Thibault. 

Klante also expressed identical views and said that successfully hosting global tournaments will enhance Saudi Arabia’s standing as a reliable and capable partner on the world stage.

“The ability to deliver top-tier sporting events creates unique opportunities for diplomatic engagement and strengthens economic and cultural ties with other nations. Stronger ties promote global understanding, security and prosperity,” added the BCG official. 

Klante added that hosting major international events will establish Saudi Arabia’s credibility in sports management and global event organization, while also opening opportunities for developing long-term partnerships with international teams, leagues, and sports federations.

He further said that such events in Saudi Arabia could also boost the morale in the Kingdom, and the country will see more sporting heroes in the coming years. 

“The ability to host major events inspires our youth to follow in the footsteps of their sports heroes. This strengthens engagement in sports, be this football, eSports, athletics or formula car racing. By inspiring the youth of today we lay the foundation for the top athletes of tomorrow,” said Klante. 




A drone show in Riyadh after Saudi Arabia was announced as the host nation for the FIFA World Cup 2034 on December 11. Getty

Potential challenges

Experts who talked with Arab News also talked about the potential challenges Saudi Arabia could face as the Kingdom gears up to face global sporting events. 

According to Pienovi, the challenge for the Kingdom lies in integrating cutting-edge technology for seamless fan interactions — whether it’s AI-driven crowd management, frictionless ticketing, or hyper-personalized digital experiences. 

“Fans now expect an immersive, waitless, and contactless experience, powered by AI, AR/VR, and digital personalization. Implementing biometric entry, tech-driven loyalty programs and real-time engagement solutions will be key to delivering a next-level experience,” said Pienovi. 

He added: “The challenge is not just in adopting these technologies but in making them intuitive, frictionless, and scalable across multiple venues.”

The Globant official believes that ensuring seamless connectivity across all platforms — from real-time streaming to AR-powered second-screen experiences — will be crucial for reaching international audiences and keeping fans engaged beyond the stadium. 

Klante underscored the vitality of strengthening the transport systems in the Kingdom, as well as, bolstering the logistical prowess, and said that “world-class events require complex logistical planning, complex integration and seamless execution.”

He added: “Ensuring global accessibility, efficient transport, and a smooth visitor experience will be critical to success. A focus must always be placed on how the visitor journey interacts with the various city and intercity transport solutions — creating a unified experience like no other.” 

Thibault also expressed similar views and said that logistics, crowd management and infrastructure development are crucial for Saudi Arabia to seamlessly host mega events like FIFA World Cup. 

The Oliver Wyman official added that managing transport, security, and emergency response requires advanced planning, with mega-projects including NEOM and Qiddiya integrating AI-driven security and real-time crowd monitoring. 

“The challenge lies in balancing speed with sustainability. Legacy planning is key to avoiding underutilized venues, ensuring stadiums transition into training hubs, community centers, or professional league facilities,” added Thibault.


Saudi Arabia opens three sports facilities to private investment

Updated 19 May 2025
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Saudi Arabia opens three sports facilities to private investment

RIYADH: Saudi Arabia has unveiled a major initiative to open up key sports venues to private sector investment, signaling a significant step forward in the Kingdom’s efforts to transform the industry.

Announced by the Ministry of Sport, the Sports Facilities Investment Project offers private investors access to three of the nation’s premier sports complexes: King Abdullah Sports City and Prince Abdullah Al-Faisal Sports City in Jeddah, and King Abdulaziz Sports City in Makkah.

Under the initiative, a range of five-year renewable contracts will be made available, the Saudi Press Agency reported. These include naming rights, leasing arrangements for non-match day use, and contracts to manage, operate, and maintain the venues.

The move supports Vision 2030, Saudi Arabia’s national strategy to diversify its economy and position the country as a global destination for sports, tourism, and entertainment.

With the 2034 FIFA World Cup on the horizon, the government is stepping up efforts to attract private capital into its burgeoning sports sector.

According to SPA, the initiative is part of “modern operational models that aim to raise facility efficiency, improve service quality, broaden commercial opportunities, and enhance the fan experience.”

Saudi Arabia’s sports industry is currently valued at $8 billion and is projected to grow to $22.4 billion by 2030, fueled by investments in sports clubs, academies, facilities, and equipment.

The government has already identified 20 high-priority investment opportunities within the sector, with a combined potential value of up to $20 billion.

Hosting the 2034 World Cup is expected to further accelerate this growth, with forecasts indicating over 10 million international visitors, 1.5 million new jobs, and an economic boost of $9 billion to $14 billion to the national GDP. The tournament will be staged across 15 stadiums in cities including Riyadh, Jeddah, Alkhobar, Abha, and the futuristic city of NEOM.

Interested investors are encouraged to submit proposals via the government’s “Furas” investment portal during the designated application period.

Officials described the project as a strategic gateway into one of the Kingdom’s most dynamic and fast-growing industries.


PIF convenes 1,000 global executives in Riyadh to shape next phase of governance

Updated 19 May 2025
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PIF convenes 1,000 global executives in Riyadh to shape next phase of governance

  • Discussions centered around redefining board impact in the national transformation
  • The Directors’ Gathering, launched in 2023, is a key pillar of PIF’s corporate excellence agenda

JEDDAH: Saudi Arabia’s Public Investment Fund gathered over 1,000 top executives in Riyadh for its second Directors’ Gathering, unveiling new governance priorities amid rapid portfolio expansion. 

The event, which brought together representatives from approximately 220 portfolio firms — including over 100 established by PIF itself — focused on enhancing board performance, aligning strategic priorities, and promoting cross-sector synergies to deepen collaboration across the fund’s growing portfolio. 

Discussions were centered around redefining board impact in the context of national transformation, strengthening oversight in a changing risk landscape, and navigating new governance challenges posed by artificial intelligence and emerging technologies, according to a press release. 

The event comes as PIF accelerates its dual mandate of advancing Saudi Arabia’s economic diversification and generating long-term global returns. Since its 2015 transformation, the fund has grown into a globally influential investor, managing $941.3 billion in assets in 2024 and playing a key role in Vision 2030. 

Speaking to the delegates, PIF Governor Yasir Al-Rumayyan, highlighted PIF’s vision and that the roles of boards include three main priorities: brainstorming and setting strategy, ensuring the right governance frameworks are in place for management, and monitoring performance, with a view to the ever-changing macro-economic context and evolving innovations. 

“He stressed that this could transform challenges into opportunities to lead, grow and innovate,” the release added. 

Al-Rumayyan also urged directors to view PIF and its 220 companies as a unified ecosystem, emphasizing the importance of leveraging the group’s collective capabilities. He added that collaboration should be considered the primary measure of success. 

The Directors’ Gathering, launched in 2023, is a key pillar of PIF’s corporate excellence agenda and serves as a platform for knowledge exchange and governance development not only within its portfolio but across Saudi Arabia’s business ecosystem. 

PIF was ranked as the world’s second most active sovereign investor by deal value in February, committing $3 billion in global transactions, according to Global SWF, a data platform tracking sovereign wealth fund activity. 

In a fireside chat titled “Aligning the Economic Vision,” Minister of Economy and Planning Faisal Al-Ibrahim, who also sits on the the sovereign wealth fund’s board, said the existence of PIF portfolio companies and the related ecosystem is in itself a form of resilience, according to a post on the fund’s official X account. 

Al-Ibrahim added: “We are transforming our economy and restructuring the Saudi economy to create more engines of growth, more drivers of progress, and a diversified set of growth sources.”   

In another fireside chat titled “Evolving Investment Strategy,” Head of the Global Capital Finance Division and Head of the Investment Strategy and Economic Insights Division at PIF, Fahad Al-Saif, said the fund is responsible for investing in assets that generate maximum economic impact for Saudi Arabia while also maximizing financial returns for the fund. 

“This is done within a robust framework, across duration for us to become a generational fund in the future,” he said in another X post by PIF. 


Closing Bell: Saudi indices close in red at 11,405 

Updated 19 May 2025
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Closing Bell: Saudi indices close in red at 11,405 

  • Parallel market Nomu dropped 155.91 points to close at 27,499.65
  • MSCI Tadawul Index decreased by 1.62 points to end at 1,454.93

RIYADH: Saudi Arabia’s Tadawul All Share Index decreased on Monday, losing 33.66 points, or 0.29 percent, to close at 11,405.28.     

The total trading turnover of the benchmark index was SR4.8 billion ($1.2 billion), as 50 stocks advanced and 191 retreated.     

The Kingdom’s parallel market, Nomu, dropped 155.91 points, or 0.56 percent, to close at 27,499.65. This comes as 27 of the listed stocks advanced while 47 retreated.     

The MSCI Tadawul Index also decreased by 1.62 points, or 0.11 percent, to close at 1,454.93.      

TASI’s top performer was Al-Baha Investment and Development Co., which surged by 6.74 percent to reach SR3.96.    

Other top performers included Saudi Printing and Packaging Co., which gained 5.14 percent to close at SR11.86, and the National Co. for Learning and Education, which rose 4.82 percent to SR156.60.  

Fawaz Abdulaziz Alhokair Co. was also among the top performers, increasing 4.40 percent to SR17.54.     

Middle East Specialized Cables Co. saw the steepest decline, with its share price easing 5.83 percent to SR31.50. 

National Gas and Industrialization Co. also saw its stock prices decline 4.71 percent to SR76.80. United Electronics Co. also dropped to SR85.90, a 4.66 percent decrease.    

Alinma Bank announced plans to issue US dollar-denominated sustainable additional Tier 1 capital certificates, following a board resolution passed on May 5, 2025, authorizing the CEO to execute the process. 

The issuance, conducted through a special purpose vehicle, will target eligible investors in Saudi Arabia and abroad. It aims to bolster the bank’s Tier 1 capital and support general banking activities.  

The final size and terms will depend on market conditions, with the transaction subject to regulatory approvals and applicable legal requirements. 

Abu Dhabi Islamic Bank PJSC, Alinma Capital, and Emirates NBD Bank PJSC have been appointed as joint lead managers for the offer. Goldman Sachs International, J.P. Morgan Securities plc, and Standard Chartered Bank will also serve in the same capacity. 

Alinma’s share price dropped 1.97 percent to settle at SR27.40.  

Separately, Saudi Ground Services Co. signed a Shariah-compliant banking facility agreement with Banque Saudi Fransi for up to SR300 million. 

Dated May 15, the flexible credit line allows the company to draw funds as needed to meet working capital requirements. 

The facility is valid through April 30, 2026, with an option to renew for one year, and is secured by a promissory note. 

Saudi Ground Services said the facility aims to boost liquidity, support working capital needs, and back its strategic growth plans. 

SGS saw a 1.03 percent drop in its share price to settle at SR48.20.  


Saudi Arabia’s PIF expands global footprint with new Paris office 

Updated 19 May 2025
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Saudi Arabia’s PIF expands global footprint with new Paris office 

  • PIF invested $84.7 billion across Europe between 2017 and 2024
  • French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony

RIYADH: Saudi Arabia’s sovereign wealth fund is expanding its global presence with a new subsidiary company office in Paris.  

The Paris office marks the Public Investment Fund’s latest effort to deepen ties in Europe, following previous openings in New York, London, Hong Kong, and Beijing, underscoring the fund’s commitment to strengthening its presence in key international markets. 

This comes as PIF invested $84.7 billion across Europe between 2017 and 2024, contributing $52 billion to the continent’s gross domestic product and generating over 254,000 direct and indirect jobs. In France alone, its investments totaled $8.6 billion, adding $4.8 billion to GDP and creating 29,000 jobs. 

“PIF is an active, long-term investor in the world’s most innovative and transformational industries, businesses, and markets. This new office will enable PIF to further strengthen its partnerships in the region,” the fund said in a release. 

French President Emmanuel Macron and PIF Gov. Yasir Al-Rumayyan will headline the opening ceremony of the fund’s Paris office, coinciding with the “Choose France” summit that began on May 19 in the capital. 

The event will also draw senior officials and leading business figures, underscoring the strategic significance of PIF’s investment in France.

The 8th edition of the “Choose France” summit, held at the Palace of Versailles, is expected to secure €20 billion ($22.47 billion) in commitments across key sectors such as defense, energy, and industry, surpassing last year’s €15 billion, according to Reuters.

Ahead of the 2025 summit, €17 billion in projects were already pledged, including a €6.4 billion data center investment by US logistics firm Prologis and €1 billion from fintech Revolut for expansion.  

Other major announcements are expected from Amazon, UAE’s MGX, and rare earth firm Less Common Metals, alongside a €100 million drone factory by Portugal’s Tekever, Reuters reported. 

The PIF Tower in the King Abdullah Financial District in Riyadh stands as the tallest building. International High-Rise Award 2022/23

According to UN Trade and Development, France retained its top spot in 2024 for the sixth consecutive year, attracting 1,025 projects despite a 14 percent decline. It remained ahead of the UK with 853 projects and Germany with 608. France captured 19 percent of all foreign investment into Europe, slightly above its 18.7 percent share in 2019 — highlighting its continued appeal to investors despite global economic uncertainty.

“The addition of Paris also aligns with PIF’s strategy to drive global economies and lead the economic transformation of Saudi Arabia,” the fund added in the release. 

Since 2017, PIF has backed around 220 portfolio companies and supported the creation of 103 new firms, contributing to global economic activity and employment. The fund has generated over 1.1 million jobs worldwide and maintains a focus on forming strategic partnerships with innovative players across sectors.  

In February, the PIF ranked as the world’s second most active sovereign investor by deal value, committing $3 billion in global transactions.  

Global SWF, a data platform tracking activity in the sector, reported that the Kingdom’s PIF emerged as the most active sovereign wealth fund, completing three overseas deals through its portfolio companies. 


Egypt achieves 3.9% growth in first half of fiscal year, prime minister says

Updated 19 May 2025
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Egypt achieves 3.9% growth in first half of fiscal year, prime minister says

  • Comments came after Mostafa Madbouly held a meeting with IMF deputy managing director
  • Central Bank of Egypt expects the annual inflation rate to slow down during 2025 and 2026

RIYADH: Egypt has achieved real growth of 3.9 percent in the first half of the current fiscal year, signaling positive resilience of the economy, Prime Minister Mostafa Madbouly revealed.

In media statements following a meeting with the Deputy Managing Director of the International Monetary Fund Nigel Clarke, Madbouly noted that private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December.

He also clarified that Egypt’s fiscal year runs from July 1 to June 30 of the following year.

The figures align with global credit rating agency Moody’s decision in February to affirm the North African country’s Caa1 long-term foreign and local currency ratings with a positive outlook, citing improved debt service prospects, stronger foreign exchange reserves and lower borrowing costs following the Egyptian pound’s devaluation and flotation.

Egypt’s Prime Minister Mostafa Madbouly said the country is witnessing a downward trend in debt. Egyptian Cabinet/Facebook 

According to the newly released statement, Madbouly said: “The Egyptian economy has proven its resilience and ability to absorb the very significant external shocks that Egypt, like other countries around the world, has been exposed to in the recent period.”

He added: “This was confirmed by the IMF’s certification that Egypt is proceeding at a steady pace on the path of economic reform.”

The prime minister further noted that non-oil exports also witnessed a growth of approximately 33 percent during the first nine months of the year.

He highlighted that these indicators have supported strong growth in key productive sectors, such as industry, communications and information technology, tourism, and others, helping to boost investor confidence in the Egyptian economy.

“Furthermore, we have witnessed a decline in unemployment rates to less than 7 percent, which is the lowest rate witnessed in Egypt today throughout history,” Madbouly said.

Deputy Managing Director of the International Monetary Fund Nigel Clarke said Egypt has made tangible and clear progress regarding its macroeconomic reform program. Egyptian Cabinet/Facebook 

He also explained that inflation rates and indicators in Egypt have declined significantly, noting that last month saw inflation rates fall to 13.9 percent, compared to more than 37 percent during the same period last year.

According to the Prime Minister, the country is also witnessing a downward trend in debt. Madbouly pointed out that the general budget deficit has also decreased over the past 10 months to 6.5 percent, compared to 6.7 percent.

He noted that the Egyptian state aims to reduce debt to approximately 85 percent of gross domestic product by the end of June, compared to 96 percent in June 2023.

The prime minister went on to affirm the state’s commitment to continuing its path of economic reform and exerting maximum efforts, thanking the IMF and its task force.

Madbouly highlighted the successful completion of four previous reviews under the current program and noted that the fifth review is now underway, in coordination with the fund’s task force.

Governor of the Central Bank of Egypt Hassan Abdalla, Prime Minister Mostafa Madbouly, and Deputy Managing Director of the International Monetary Fund Nigel Clarke. Egyptian Cabinet/Facebook 

The IMF’s Clarke emphasized that Egypt has made tangible and clear progress regarding its macroeconomic reform program.

“This is an Egyptian program that has resulted in a strong decline in inflation and unemployment rates, while foreign exchange reserves have increased, along with the availability and abundance of foreign currencies. This is no longer a problem as it was before,” he said, adding: “We have also witnessed a steady increase in GDP growth rates, as the Egyptian economy continues on its path toward stability.” 

The deputy managing director of the IMF went on to say that these significant positive results achieved by the Egyptian economic reform program were due to the bold decisions and actions of the government.

He noted that these reforms include the transition to a flexible exchange rate system, the adoption of a monetary policy based on economic stability, and the intensive efforts being made to mobilize domestic revenues to ensure a sustainable and stable fiscal policy.

In the same context, Clarke shed light on how the progress in Egypt’s economic reform program also includes the social dimension and provides support to the neediest groups.

Egypt’s Prime Minister Madbouly said private sector investment rose by 80 percent, while foreign direct investment increased by approximately 17 percent during the period from July to December. Egyptian Cabinet/Facebook 

“I welcome these reforms that have led to these positive results,” he said, calling for continued implementation of the economic reform program.
The official also addressed the increase in the percentage of financing provided to the private sector and the growth in the private sector’s share of GDP, stressing that all of this was a direct response to the improvement and stability witnessed in the macroeconomic environment.

Clarke further justified that a rapid transition to a more sustainable economic standard requires a model in which the private sector leads growth and economic activity.

“This is already the current path, and we are moving forward together to accelerate it, reducing the state’s role in economic activity, making room for the private sector, and promoting equal opportunities for various economic sectors,” he said.

The IMF’s deputy managing director added: “This will enhance economic dynamism and attract both local and international investment. It will also lead to further progress and prosperity for the Egyptian economy, and, most importantly, it will lead to a more sustainable economic model.”

Deputy Managing Director of the International Monetary Fund Nigel Clarke expressed his optimism that the Egyptian economy would achieve positive results in the future. Egyptian Cabinet/Facebook 

During his speech, Clarke also addressed the economic shocks that have become a defining feature of today’s global landscape, emphasizing that the region’s most critical issue is its economic resilience in the face of these disruptions.

Toward the end of his talk, the deputy managing director expressed the IMF’s appreciation for the long-standing partnership with Egypt, a key member of the fund. He stressed that the IMF continues to support Egypt in completing the implementation of bold economic reforms, which will contribute to achieving positive outcomes for the country and its people.

The Central Bank of Egypt expects the annual inflation rate to slow down during 2025 and 2026 compared to the sharp decline witnessed in the first quarter of this year, according to the bank’s monetary policy report.

‎The newly released report reveals that the Central Bank of Egypt expects an inflation rate of 14 percent to 15 percent on average in 2025 and 10 percent to 12.5 percent ​​in 2026. The bank has attributed the slowdown in the annual rate of inflation decline in 2025 and 2026 to the relatively slow decline in non-food inflation.

‎The entity also expects inflation to stabilize around its current levels until the first half of 2026 before resuming its downward path, the report noted.