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By Hadeel Al-Sayegh and Federico Macchioni

DUBAI, July 16 (Reuters) - Saudi Arabia's Roshan Group is seeking investors for Aramco's stadium, one of the venues for the 2034 FIFA World Cup, as the state-backed firm looks to raise capital for projects within the kingdom's economic transformation strategy, three sources told Reuters.

As the Saudi government seeks to address its growing budget deficit, government agencies are increasingly turning to foreign capital to help finance logistics, tourism and sports projects, with the aim of reducing the economy’s dependence on oil and gas revenues.

Sources familiar with the matter, who asked not to be identified because it is not public, said that Roshan, which is owned by Saudi Arabia’s $1.2 trillion Public Investment Fund, has hired JPMorgan Chase to manage the process of raising the necessary funds for the stadium.

A third source added that the Public Investment Fund and Roshan Company are conducting a survey of private sector investors on the feasibility of investing in the stadium.

Aramco and JPMorgan declined to comment, while Roshan and the Public Investment Fund did not respond to requests for comment.

The stadium deal reflects the pipeline deal structure.

The Aramco stadium is scheduled to be completed by the end of this year and to host its first match in January.

The stadium is operated by Saudi Aramco, the state-owned oil giant, under a 25-year concession, while Roshan acts as the project owner and developer.

Sources indicated that the deal Roshan is pursuing is expected to follow a "lease-and-leaseback" structure.

Similar deals to raise financing for infrastructure, which Aramco used for its oil and gas pipeline assets, attracted investors including BlackRock subsidiaries EIG Global Energy Partners and Global Infrastructure Partners.

Under this model, Roshen will create a leasehold management entity that it will share with investors who will provide upfront funding.

This deal will see investors inject new capital into the project, enabling Roshan to redirect its funding to other areas. In return, the investors will receive a long-term income stream in the form of a share of lease payments from Aramco.

Saudi Arabia is struggling to complete its flagship projects.

As part of the economic reform plan "Vision 2030", the Public Investment Fund has injected huge investments into the field of sports, including Formula E racing, boxing, tennis, and esports, as well as football.

The 2034 World Cup finals represent a major event for the Kingdom and a top priority for the economic transformation plan.

Riyadh is working on building or renovating 15 stadiums in five cities in preparation for the competitions, including the Aramco stadium, which can accommodate 47,000 spectators in the city of Khobar in the east of the Kingdom, in addition to 132 training fields.

The 2034 finals will be the first time a single country hosts the tournament in its expanded format of 48 teams, which Saudi Sports Minister Prince Abdulaziz bin Turki al-Faisal said this week represents a unique challenge.

But excessive spending and lower-than-expected global oil prices, which have reduced state revenues, have left Saudi Arabia struggling to complete some of its flagship projects.

For example, the luxurious mountain resort of Trogina, part of the giant desert city of Neom, was scheduled to host the 2029 Asian Winter Games, but it has faced delays.

Riyadh now hopes that private sector investors will step in to help bridge part of the deficit, and the deal involving Aramco's stadium will not be the first involving Saudi-owned sports assets.

Kingdom Holding Company signed an agreement in April to acquire a 70 percent stake in Al-Hilal football club, which plays in the Saudi Professional League, from the Public Investment Fund. A US investor acquired the smaller Al-Kholoud club last year as part of a broader privatization drive.

Reuters reported in May that the Public Investment Fund was in talks with investors about acquiring a minority stake in Newcastle United as part of its plans to raise money for the club's stadium.