KSA multibillion-dollar investment firm: golf, football & more

Saudi Arabia is set to launch a multibillion-dollar sports investment company as part of its strategy to diversify its economy from oil revenue.

According to the Financial Times, the Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, will incorporate the sports group. The PIF has been making significant moves in the sports world, including partnerships with the PGA Tour and LIV Golf.

Saudi Arabia’s sports investments also include acquiring English football club Newcastle United and attracting international stars like Cristiano Ronaldo to its domestic football league.

Observers view these efforts as attempts to divert attention from the country’s human rights record, but Saudi Arabia sees it as part of a broader plan to reshape its economy and appeal to western tourists, positioning itself as a competitive vacation destination in the Middle East.

The futuristic $500 billion Neom megacity, developed by the PIF, is promoting various entertainment and sports activities to attract tourists and compete with established vacation spots in the region.