Know the 2023 net worth of the Saudi Public Investment Fund
Saudi Arabia’s Public Investment Fund is a rising star in the realm of global sports, making high-profile investments in leagues and athletes everywhere.
What is the Saudi Arabia Public Investment Fund (PFI), net worth, value, owner, CEO, sports investments
The PIF, run by Yasir Al-Rumayyan and directed by Crown Prince Mohammed bin Salman Al-Saud, has made significant investments recently in Formula 1, the English Premier League, boxing, and, probably most controversially, LIV Golf.
Today I am opening a probe into the PGA Tour merger as Chair of the Permanent Subcommittee on Investigations.
I am demanding information from PGA & LIV on how they came to this agreement with the Saudi Public Investment Fund & how this new entity will be structured & operated. pic.twitter.com/zR5AhwU3PS
— Richard Blumenthal (@SenBlumenthal) June 12, 2023
The breakaway circuit, which was established in 2021 as a direct rival to the PGA Tour, attracted some of the best golfers in the world and revolutionised the sport in ways that had never been done before. On June 6, LIV Golf, the PGA Tour, and the DP World Tour announced a merger to globalise golf on an unprecedented scale. This was part of another significant shakeup.
According to the proposed conditions of the agreement, Al-Rumayyan would serve as the venture’s chairman and the PIF will provide financial support for each of the trips. Depending on how much it spends, that will give the fund, which apparently controls more than 90% of LIV Golf, a sizable minority share in the combined company.
Regardless, the PIF has the potential to significantly expand its impact on golf. What is the PIF precisely, and why has it made such significant investments in sports projects recently? Everything you need to know about the fund, the people in charge of it, and its alleged purpose is available in The SportsGrail:
What is PIF?
State-owned sovereign wealth fund (SWF) for the Kingdom of Saudi Arabia is called the Public Investment Fund. It is one of the richest countries in the world. By royal proclamation, the fund was established in 1971 at the request of King Faisal bin Abdulaziz Al-Saud. The PIF’s stated goal is to invest in domestic and international projects that will benefit the Saudi economy. Since bin Salman assumed the role of Saudi Arabia’s de facto ruler in 2015, it has been more aggressive in its investment decisions.
It is also a crucial element of bin Salman’s “Saudi Vision 2030,” his strategy to lessen the nation’s reliance on oil while diversifying its economy via investments in infrastructure, tourism, health, and education. According to reports, he wants the PIF’s holdings to reach $2 trillion by 2030. Saudi Arabia has been criticised for allegedly using the PIF to finance a “sportswashing” effort to cover up its past of human rights abuses and present the nation in a more favourable light.
From $150 billion of assets in 2015, Public Investment Fund (PIF) now manage around $650 billion of assets. It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia and the wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler since 2015.
What is a sovereign wealth fund?
A sovereign wealth fund (SWF) is a fund that is owned or run by the government and is used to invest the nation’s savings, often on a worldwide level. Stocks, bonds, real estate, precious metals, and other alternative investments are frequently included in the financial assets.
SWFs are generally financed by money from commodity exports and reserves of foreign currency held by central banks. There is a chance that a nation might have many sovereign wealth funds.
| Rank | Fund | Country | Assets (USD) |
| 1. | Norway Government Pension Fund Global | Norway | $1.37 trillion |
| 2. | China Investment Corporation | China | $1.35 trillion |
| 3. | SAFE Investment Company | China | $1.02 trillion |
| 4. | Abu Dhabi Investment Authority | Emirate of Abu Dhabi | $850 billion |
| 5. | Kuwait Investment Authority | Kuwait | $750 billion |
| 6. | GIC Private Limited | Singapore | $690 billion |
| 7. | Public Investment Fund | Saudi Arabia | $650 billion |
Who is in charge of the PIF?
The governor of the PIF is Yasir Al-Rumayyan, the chairman of the future PGA-LIV amalgamated company. He has been in that role since 2015. Al-Rumayyan is the chairman of Newcastle United in the English Premier League in addition to his position as PIF governor. Additionally, he had a role in luring two of the best football players in the world, Karim Benzema and Cristiano Ronaldo, to the Saudi Professional League.
Al-Rumayyan, 53, holds a number of prominent positions outside of athletics, including chairman of Saudi Aramco, a state-owned oil company, and board member of SoftBank, a Japanese corporation. He worked for Uber in a similar capacity. Bin Salman, who was appointed crown prince in 2017, serves as the PIF’s chairman. Since 2015, he has served as Saudi Arabia’s de facto ruler, and many believe that he is mostly to blame for the majority of the PIF’s recent investments.
PIF investments in sports
Since bin Salman was appointed crown prince in 2017, the PIF has invested in sports on many occasions. Here is a quick timeline that starts in 2018:
- Hosting boxing title fights (2018-22)
- PIF purchase of Newcastle United (October 2021)
- Founding of LIV Golf (October 2021)
- Founding of F1 Saudi Arabian Grand Prix (December 2021)
- Cristiano Ronaldo signs with Saudi Pro League’s Al-Nassr (Dec. 30, 2022)
- Saudi Arabia bids to host 2030 World Cup (Feb. 7, 2023)
- Saudi Arabia to host 2023 Club World Cup (Feb. 15, 2023)
- PIF purchases three SPL teams (June 5, 2023)
- PGA Tour-LIV Golf merger (June 6, 2023)
- Karim Benzema and N’Golo Kante sign with PIF-owned Al-Ittihad (June 7, 2023)