Saudi Arabia tops sovereign wealth spending league with $31.5bn investment spree
11 months, 3 weeks ago

Saudi Arabia tops sovereign wealth spending league with $31.5bn investment spree

The Telegraph  

Elsewhere, the PIF spent $4.9bn last April to buy Californian mobile game developer Scopely, while 2023 also saw it become a major shareholder in Japan’s Nintendo. The PIF had a relatively modest presence on the global stage until it was reformulated eight years ago by Crown Prince Mohammed Bin Salman, Saudi Arabia’s de facto ruler. The Crown Prince, who is known as MBS, has made the sovereign wealth fund central to his “Vision 2030” plan, which aims to diversify Saudi Arabia from oil as net zero leads to declining demand. Saudi’s wealth fund bought Newcastle United Football Club in 2021 and has spent heavily to attract some of the world’s most high-profile players to the Saudi Pro League. Mr Bin Salman has acknowledged the term, saying in a Fox News interview: “I don’t care.” He said: “If sportswashing increases my GDP by 1pc then I will continue doing sportswashing.” As well as investments abroad, Saudi Arabia has been investing heavily in plans to reshape its domestic economy, including a scheme to spend half a trillion dollars on a new city called Neom.

Saudi Arabia Pif  spree  global  fund  investment  tops  spent  pif  heavily  saudi  arabia  wealth  sovereign  spending  prince  league  salman  315bn

History of this topic

All Saudi top-tier football clubs to go private: ministry
5 months, 2 weeks ago

All Saudi top-tier football clubs to go private: ministry

The Hindu  

The Saudi Pro League’s remaining 14 football clubs are up for privatisation, the sports ministry said, after the sale of four top teams sparked a billion-dollar spending spree on foreign stars. Saudi Arabia’s Public Investment Fund, the top oil exporter’s sovereign wealth vehicle, took a majority stake in Al Hilal, Al Nassr, Al Ahli and Al Ittihad last year. Saudi …

Saudi Arabia’s investment fund has been set an impossible task
7 months, 1 week ago

Saudi Arabia’s investment fund has been set an impossible task

Live Mint  

About a decade ago, a flashy, deep-pocketed investor made an appearance. Saudi Arabia’s Public Investment Fund had a mandate to go big, and was ready to: it picked up a $3.5bn stake in Uber, placed $45bn in the world’s largest technology-investment fund, SoftBank’s Vision Fund, and provided half the capital for a $40bn infrastructure fund run by Blackstone, a private-equity …

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund
9 months, 2 weeks ago

Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

Associated Press  

DUBAI, United Arab Emirates — Saudi Arabia’s crown prince transferred another 8% of shares in the kingdom’s oil giant Saudi Aramco to the country’s prominent sovereign wealth fund on Thursday. The country’s sovereign wealth fund known as the Public Investment Fund, or PIF, has been a key element of Mohammed’s plans, known as Saudi Vision 2030. “The transfer of part …

Future of golf in Saudi hands after £2.4bn American investment in PGA Tour
10 months, 3 weeks ago

Future of golf in Saudi hands after £2.4bn American investment in PGA Tour

The Telegraph  

The Saudis have been handed the chance to unify professional male golf after an American consortium, headed by the owners of Liverpool FC, made an investment in the PGA Tour that could reach £2.4 billion. The deal with the Strategic Sports Group comes eight months after plans were announced for a merger between the PGA Tour and LIV Golf, which …

Saudi Arabia eyes stakes in $30 Billion Indian Premier League
1 year, 1 month ago

Saudi Arabia eyes stakes in $30 Billion Indian Premier League

Op India  

Saudi Arabia which has made substantial investments in professional sports clubs in various sports has now indicated interest in purchasing a multibillion-dollar share in the Indian Premier League, which is the richest tournament in international cricket, reported Bloomberg on Friday, November 3. According to persons acquainted with the situation, Crown Prince Mohammed bin Salman’s advisors have discussed transferring the Indian …

Saudi Arabia is trying to disrupt soccer’s world order. The reasons why might surprise you
1 year, 3 months ago

Saudi Arabia is trying to disrupt soccer’s world order. The reasons why might surprise you

CNN  

CNN — Editor’s Note: A version of this story appears in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Saudi Crown Prince Mohammed bin Salman says he doesn’t “care” about the country’s investment in sport being described as sportswashing. Patricia de Melo Moreira/AFP/Getty Images By attracting some of the world’s biggest stars to …

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal
1 year, 3 months ago

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors …

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal
1 year, 3 months ago

Senator subpoenas Saudis for documents on LIV-PGA Tour golf deal

Associated Press  

WASHINGTON — The chairman of a Senate investigations subcommittee issued a subpoena Wednesday for documents on Saudi Arabia’s new golf partnership with the PGA Tour, saying the kingdom had to be more transparent about what he said was its $35 billion in investments in the United States. The move is the latest to challenge Saudi Arabia’s assertion that as a …

Saudi Arabian fund buys stake in PFL mixed martial arts league
1 year, 3 months ago

Saudi Arabian fund buys stake in PFL mixed martial arts league

Al Jazeera  

Fund created by Saudi sovereign wealth fund invests in MMA promotion company and will create a regional tournament. A company formed by Saudi Arabia’s sovereign wealth fund has acquired a minority stake in the United States’ Professional Fighters League and will create a regional tournament as the kingdom’s sports investment push expands into mixed martial arts. The acquisition announced on …

Dates, Coffee and Camels—Saudi Arabia’s Sovereign-Wealth Fund Bets Big at Home
1 year, 4 months ago

Dates, Coffee and Camels—Saudi Arabia’s Sovereign-Wealth Fund Bets Big at Home

Live Mint  

Saudi Arabia’s sovereign-wealth fund made a global splash with investments in SoftBank’s Vision Fund, Newcastle United soccer club and professional U.S. golf. It is a long-term investor that “creates significant opportunities for the private sector through unlocking new sectors, localizing knowledge, and building strategic economic partnerships," the fund said. “By acting as a cornerstone investor, PIF’s size and long investment …

Saudi wealth fund creates firm to attract top sports events
1 year, 4 months ago

Saudi wealth fund creates firm to attract top sports events

The Hindu  

The Saudi sovereign wealth fund on Sunday announced a new sports investment company designed to draw “major global events” to the kingdom, which has spent recent months luring top football stars. The company, SRJ Sports Investments, “will invest in acquiring and creating new sports events IP, commercial rights of popular and prominent sports competitions and hosting major global events in …

Saudi Arabia, football’s big disruptors. The story of the money, the motive and the hidden disputes
1 year, 6 months ago

Saudi Arabia, football’s big disruptors. The story of the money, the motive and the hidden disputes

New York Times  

“All roads lead to one man. At the World Cup, football’s greatest stage, Bin Salman was conspicuous, attending matches, sitting next to Gianni Infantino, and announcing a national holiday after Saudi Arabia beat Argentina. On Monday, they announced a revamped Saudi Pro League, with the country’s sovereign wealth fund, PIF, taking ownership of the country’s four largest clubs — Al …

Why has Saudi sovereign fund taken over kingdom’s football clubs?
1 year, 6 months ago

Why has Saudi sovereign fund taken over kingdom’s football clubs?

Al Jazeera  

As more international players join Saudi league, country announces launch of investment and privatisation project in a bid to grow the sport. “Now, they are trying to culturally transform these organisations from being state dependent into being much more purposeful strategic and businesslike organisations.” According to the state-run Saudi Press Agency, the process aims to encourage the sport’s growth by …

With Saudi-PGA deal, once-shunned crown prince makes dramatic move to extend kingdom’s influence
1 year, 6 months ago

With Saudi-PGA deal, once-shunned crown prince makes dramatic move to extend kingdom’s influence

Associated Press  

WASHINGTON — After years of isolation over his human rights abuses, Saudi Arabia’s crown prince is elevating his standing in the United States in part by diving into American sports, business and culture. Republican Sen. Lindsey Graham, who in 2018 had promised a “tsunami” of opposition against the crown prince over Saudi Arabia’s killing of U.S.-based journalist Jamal Khashoggi, tweeted …

Saudi-backed Newcastle is back in the Champions League, what it does next could be thrilling
1 year, 7 months ago

Saudi-backed Newcastle is back in the Champions League, what it does next could be thrilling

Associated Press  

MANCHESTER, England — Backed by Saudi riches, Newcastle United is back in the Champions League and ready to rub shoulders with European soccer’s elite once more. A return to the Champions League after a 20-year wait paves the way for Newcastle to compete for the world’s top players. With the addition of Champions League soccer next season, Newcastle’s squad could …

Can Saudi Arabia reap economic dividends through its “sportswashing” binge?
1 year, 7 months ago

Can Saudi Arabia reap economic dividends through its “sportswashing” binge?

The Hindu  

Published : May 11, 2023 15:27 IST - 5 MINS READ The outsized role Saudi Arabia now has in global sport was on display recently in a major row involving Lionel Messi, the world’s most distinguished footballer. This tactic is often used by companies and governments with poor environmental or human rights records, exploiting people’s love of sports to ‘wash’ …

Saudi-backed Newcastle's ownership called into question
1 year, 8 months ago

Saudi-backed Newcastle's ownership called into question

Hindustan Times  

The ownership of Saudi-backed Newcastle was under renewed scrutiny on Tuesday when Premier League chief executive Richard Masters was asked by a member of the British parliament if the league was investigating the club’s backers. Ownership of Saudi-backed Newcastle was under renewed scrutiny The question came in light of fresh uncertainty about who controls Newcastle, which was bought for $409 …

Saudi-backed Newcastle’s ownership called into question
1 year, 8 months ago

Saudi-backed Newcastle’s ownership called into question

Associated Press  

MANCHESTER, England — The ownership of Saudi-backed Newcastle was under renewed scrutiny on Tuesday when Premier League chief executive Richard Masters was asked by a member of the British parliament if the league was investigating the club’s backers. The question came in light of fresh uncertainty about who controls Newcastle, which was bought for $409 million in 2021, with Saudi …

Premier League urged to review Saudi-Newcastle deal
1 year, 9 months ago

Premier League urged to review Saudi-Newcastle deal

Associated Press  

GENEVA — The Premier League was urged Thursday to review a legally binding promise made by the owners of English soccer club Newcastle in 2021 that Saudi Arabia’s sovereign wealth fund was separate from the country’s government. An American court document filed by lawyers for Saudi-backed LIV Golf in a case against the PGA Tour revealed this week claimed the …

Gulf states use new oil riches to gain regional influence
2 years, 1 month ago

Gulf states use new oil riches to gain regional influence

CNN  

Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman, last week announced that the nation’s wealth fund, the Public Investment Fund, is establishing five regional companies worth $24 billion across the Middle East. In …

Saudi sovereign-wealth fund joins 100-year bond club
2 years, 2 months ago

Saudi sovereign-wealth fund joins 100-year bond club

Live Mint  

Saudi Arabia braved turbulent markets to join the small club of issuers that have borrowed for 100 years from investors, with its sovereign-wealth fund selling the ultralong debt as part of a $3 billion bond-market debut. The three-part sale of green bonds tapped global investors for funds that will help support projects at the heart of Crown Prince Mohammed bin …

Man United stake offered to Saudi Arabia PIF before Newcastle takeover
2 years, 2 months ago

Man United stake offered to Saudi Arabia PIF before Newcastle takeover

Daily Mail  

Saudi Arabia's Public Investment Fund were offered a 30 per cent stake in a Premier League club - believed to be Manchester United - for £700million before they bought Newcastle United. Yasir Al-Rumayyan, the governor of the Saudi Arabian Public Investment Fund, has revealed they were offered a 30 per cent stake in a Premier League club in 2019 The …

Saudis Give $2 Billion To Jared Kushner's Fund After Cozy Trump Ties: Report
2 years, 8 months ago

Saudis Give $2 Billion To Jared Kushner's Fund After Cozy Trump Ties: Report

Huff Post  

LOADING ERROR LOADING A fund led by the Saudi crown prince contributed over $2 billion to Jared Kushner’s new $2.5 billion investment fund in the wake of cozy ties with the Trump administration, The New York Times reported Sunday. Saudi Arabia’s $620 billion Public Investment Fund made the move despite serious concerns about risks investing in Kushner’s fledgling Affinity Partners …

Saudi Arabia gives 4% of Aramco worth $80B to fund
2 years, 10 months ago

Saudi Arabia gives 4% of Aramco worth $80B to fund

The Hindu  

Saudi Arabia said Sunday it will transfer 4% of the stock in the state-run oil giant Aramco to a sovereign wealth fund, an infusion valued at nearly $80 billion as the kingdom tries to overhaul its energy-dependent economy. Saudi Crown Prince Mohammed bin Salman, the assertive son of King Salman, made the decision to transfer the stock, the state media …

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund
2 years, 10 months ago

Saudi Arabia transfers $80 billion Aramco stake to kingdom’s wealth fund

Hindustan Times  

Saudi Arabia transferred a stake worth about $80 billion in state oil giant Aramco to the kingdom’s wealth fund as part of plans to boost its assets under management to over $1 trillion in four years. Saudi Arabia said it will transfer 4% of its stock in the state-run oil giant Aramco to its state investment fund, a nearly $80 …

Exclusive: Golf's rebel Saudi-backed Asian Tour is coming to London
2 years, 10 months ago

Exclusive: Golf's rebel Saudi-backed Asian Tour is coming to London

The Telegraph  

The Saudi golf revolution is coming to Hertfordshire. The Kingdom will on Tuesday announce the details of the 10-strong International Series with the unprecedented stop near London set to be seen as a direct, and rather cheeky, attack on the European Tour. This will be the first time that the Asian Tour will ever have staged an event on away …

Firstpost Explains: Sportswashing and why Saudi Arabia's involvement in Newcastle takeover is murky
3 years, 2 months ago

Firstpost Explains: Sportswashing and why Saudi Arabia's involvement in Newcastle takeover is murky

Firstpost  

Saudi Arabia have gone from hosting boxing bouts, horse racing, wrestling, Formula 1 races to now owning Premier League club Newcastle United. In Newcastle’s case, a consortium of Saudi Arabia’s Public Investment Fund, Britain’s PCP Capital Partners and RB Sports and Media are behind convincing Premier League and Mike Ashley to sell the North-East England club for a reported 300 …

Amanda Staveley: Public face of Newcastle United's Saudi Arabian takeover
3 years, 2 months ago

Amanda Staveley: Public face of Newcastle United's Saudi Arabian takeover

Firstpost  

An indication of the circles in which British financier Amanda Staveley moves is the rumour that she once turned down a marriage proposal from Prince Andrew, Queen Elizabeth II’s third child. Newcastle: Amanda Staveley, the British financier who steered the Saudi-led takeover of Premier League club Newcastle United, is a well-connected operator who specialises in marrying Gulf money with opportunities …

Premier League club Newcastle bought by Saudi sovereign fund
3 years, 2 months ago

Premier League club Newcastle bought by Saudi sovereign fund

Associated Press  

LONDON — Saudi Arabia’s sovereign wealth fund completed a buyout of Premier League club Newcastle on Thursday, giving hope to fans dreaming of a first title in almost a century but concerning human rights activists that the kingdom had gained a foothold in the world’s richest soccer league. “The Premier League has now received legally binding assurances that the Kingdom …

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