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Saudi Arabia PIF: What you need to know

June 10, 2023
in Newsbeat
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Saudi Arabia’s PIF: What you need to know

They’re behind a massive golf merger, they control Newcastle United and they’re bringing some of the biggest footballers in the world to the Middle East. If you’re not sure what Saudi Arabia’s Public Investment Fund (PIF) is all about, here’s a quick guide.

The PIF is a big pot of money – £514bn to be exact

It was created in 1971 so the government of Saudi Arabia could invest in things – basically a huge savings account for the country. The reason there’s so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.

It’s been used to bring big name footballers to Saudi Arabia

The PIF recently announced it’s taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn’t have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.

They have radically changed professional golf

PIF money was used last year to launch LIV Golf – a new tournament that upset the organisers of golf’s most well-known series, the PGA Tour and DP World Tour. After months of legal action and verbal attacks, the other leagues announced they’d joined forces with LIV to unite the sport.

It’s also in charge of Newcastle United

The PIF spends a lot of money abroad. According to reports, more than 60% of the funds go directly into supporting activities in Saudi Arabia. The rest of the money is invested elsewhere, such as the £300m takeover of Premier League club Newcastle United, which gave the fund control of the club.

Not everyone is impressed by the big sporting purchases

Saudi Arabia has been accused of numerous human rights violations and has strict laws restricting what women can do. Like other Middle East states it’s been heavily criticised for its anti-LGBT laws – homosexuality is punishable by death. They’ve been accused of investing millions into sport across the world to change public perception of the country – known as sportswashing. Golf star Rory McIlroy said he’s got “mixed emotions” about the golf merger.

The fund is controlled by Saudi Arabia’s prince

Mohammed bin Salman Al Saud was appointed Crown Prince of the country in 2017 – and in 2018 he was ranked as the eighth most powerful person in the world by Forbes magazine. He’s a controversial figure – the United States accused him of approving the murder of Saudi journalist Jamal Khashoggi, which Bin Salman has denied.

Some people think the state wants to host the World Cup

The official response from Saudi Arabia as to why they’re investing in sport now is that they want to encourage more people who live there to take it up. But other reports suggest it’s to help firm up a bid to host a men’s FIFA World Cup in the future.

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If you’re not sure what Saudi Arabia’s Public Investment Fund (PIF) is all about, here’s a quick guide.\u003c/p>\n \u003c/div> \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>The PIF is a big pot of money – £514bn to be exact\u003c/h3>\n \u003cp class=\”section__title\”>It was created in 1971 so the government of Saudi Arabia could invest in things – basically a huge savings account for the country. The reason there’s so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>It’s been used to bring big name footballers to Saudi Arabia\u003c/h3>\n \u003cp class=\”section__title\”>The PIF recently announced it’s taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn’t have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>They have radically changed professional golf\u003c/h3>\n \u003cp class=\”section__title\”>PIF money was used last year to launch LIV Golf – a new tournament that upset the organisers of golf’s most well-known series, the PGA Tour and DP World Tour. After months of legal action and verbal attacks, the other leagues announced they’d joined forces with LIV to unite the sport.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>It’s also in charge of Newcastle United\u003c/h3>\n \u003cp class=\”section__title\”>The PIF spends a lot of money abroad. According to reports, more than 60% of the funds go directly into supporting activities in Saudi Arabia. The rest of the money is invested elsewhere, such as the £300m takeover of Premier League club Newcastle United, which gave the fund control of the club.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>Not everyone is impressed by the big sporting purchases\u003c/h3>\n \u003cp class=\”section__title\”>Saudi Arabia has been accused of numerous human rights violations and has strict laws restricting what women can do. Like other Middle East states it’s been heavily criticised for its anti-LGBT laws – homosexuality is punishable by death. They’ve been accused of investing millions into sport across the world to change public perception of the country – known as sportswashing. Golf star Rory McIlroy said he’s got \”mixed emotions\” about the golf merger.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003cpicture>\n \u003csource srcset=\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\” media=\”(min-width: 800px)\”>\n \u003cimg src=\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\” alt=\”\” loading=lazy />\n \u003c/picture> \u003ch3 class=\”section__title\”>The fund is controlled by Saudi Arabia’s prince\u003c/h3>\n \u003cp class=\”section__title\”>Mohammed bin Salman Al Saud was appointed Crown Prince of the country in 2017 – and in 2018 he was ranked as the eighth most powerful person in the world by Forbes magazine. He’s a controversial figure – the United States accused him of approving the murder of Saudi journalist Jamal Khashoggi, which Bin Salman has denied.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>Some people think the state wants to host the World Cup\u003c/h3>\n \u003cp class=\”section__title\”>The official response from Saudi Arabia as to why they’re investing in sport now is that they want to encourage more people who live there to take it up. 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If you’re not sure what Saudi Arabia’s Public Investment Fund (PIF) is all about, here’s a quick guide.\”,\”card-1__title\”:\”The PIF is a big pot of money – £514bn to be exact\”,\”card-1__para\”:\”It was created in 1971 so the government of Saudi Arabia could invest in things – basically a huge savings account for the country. The reason there’s so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.\”,\”card-2__title\”:\”It’s been used to bring big name footballers to Saudi Arabia\”,\”card-2__para\”:\”The PIF recently announced it’s taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn’t have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.\”,\”card-3__title\”:\”They have radically changed professional golf\”,\”card-3__para\”:\”PIF money was used last year to launch LIV Golf – a new tournament that upset the organisers of golf’s most well-known series, the PGA Tour and DP World Tour. After months of legal action and verbal attacks, the other leagues announced they’d joined forces with LIV to unite the sport.\”,\”card-4__title\”:\”It’s also in charge of Newcastle United\”,\”card-4__para\”:\”The PIF spends a lot of money abroad. According to reports, more than 60% of the funds go directly into supporting activities in Saudi Arabia. The rest of the money is invested elsewhere, such as the £300m takeover of Premier League club Newcastle United, which gave the fund control of the club.\”,\”card-5__title\”:\”Not everyone is impressed by the big sporting purchases\”,\”card-5__para\”:\”Saudi Arabia has been accused of numerous human rights violations and has strict laws restricting what women can do. Like other Middle East states it’s been heavily criticised for its anti-LGBT laws – homosexuality is punishable by death. They’ve been accused of investing millions into sport across the world to change public perception of the country – known as sportswashing. Golf star Rory McIlroy said he’s got \\\”mixed emotions\\\” about the golf merger.\”,\”card-6__img-src–desktop\”:\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\”,\”card-6__img-src–mobile\”:\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\”,\”card-6__title\”:\”The fund is controlled by Saudi Arabia’s prince\”,\”card-6__para\”:\”Mohammed bin Salman Al Saud was appointed Crown Prince of the country in 2017 – and in 2018 he was ranked as the eighth most powerful person in the world by Forbes magazine. He’s a controversial figure – the United States accused him of approving the murder of Saudi journalist Jamal Khashoggi, which Bin Salman has denied.\”,\”card-7__title\”:\”Some people think the state wants to host the World Cup\”,\”card-7__para\”:\”The official response from Saudi Arabia as to why they’re investing in sport now is that they want to encourage more people who live there to take it up. 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If you’re not sure what Saudi Arabia’s Public Investment Fund (PIF) is all about, here’s a quick guide.\u003c/p>\n \u003c/div> \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>The PIF is a big pot of money – £514bn to be exact\u003c/h3>\n \u003cp class=\”section__title\”>It was created in 1971 so the government of Saudi Arabia could invest in things – basically a huge savings account for the country. The reason there’s so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>It’s been used to bring big name footballers to Saudi Arabia\u003c/h3>\n \u003cp class=\”section__title\”>The PIF recently announced it’s taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn’t have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>They have radically changed professional golf\u003c/h3>\n \u003cp class=\”section__title\”>PIF money was used last year to launch LIV Golf – a new tournament that upset the organisers of golf’s most well-known series, the PGA Tour and DP World Tour. After months of legal action and verbal attacks, the other leagues announced they’d joined forces with LIV to unite the sport.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>It’s also in charge of Newcastle United\u003c/h3>\n \u003cp class=\”section__title\”>The PIF spends a lot of money abroad. According to reports, more than 60% of the funds go directly into supporting activities in Saudi Arabia. The rest of the money is invested elsewhere, such as the £300m takeover of Premier League club Newcastle United, which gave the fund control of the club.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>Not everyone is impressed by the big sporting purchases\u003c/h3>\n \u003cp class=\”section__title\”>Saudi Arabia has been accused of numerous human rights violations and has strict laws restricting what women can do. Like other Middle East states it’s been heavily criticised for its anti-LGBT laws – homosexuality is punishable by death. They’ve been accused of investing millions into sport across the world to change public perception of the country – known as sportswashing. Golf star Rory McIlroy said he’s got \”mixed emotions\” about the golf merger.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003cpicture>\n \u003csource srcset=\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\” media=\”(min-width: 800px)\”>\n \u003cimg src=\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\” alt=\”\” loading=lazy />\n \u003c/picture> \u003ch3 class=\”section__title\”>The fund is controlled by Saudi Arabia’s prince\u003c/h3>\n \u003cp class=\”section__title\”>Mohammed bin Salman Al Saud was appointed Crown Prince of the country in 2017 – and in 2018 he was ranked as the eighth most powerful person in the world by Forbes magazine. He’s a controversial figure – the United States accused him of approving the murder of Saudi journalist Jamal Khashoggi, which Bin Salman has denied.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>Some people think the state wants to host the World Cup\u003c/h3>\n \u003cp class=\”section__title\”>The official response from Saudi Arabia as to why they’re investing in sport now is that they want to encourage more people who live there to take it up. 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If you’re not sure what Saudi Arabia’s Public Investment Fund (PIF) is all about, here’s a quick guide.\”,\”card-1__title\”:\”The PIF is a big pot of money – £514bn to be exact\”,\”card-1__para\”:\”It was created in 1971 so the government of Saudi Arabia could invest in things – basically a huge savings account for the country. The reason there’s so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.\”,\”card-2__title\”:\”It’s been used to bring big name footballers to Saudi Arabia\”,\”card-2__para\”:\”The PIF recently announced it’s taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn’t have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.\”,\”card-3__title\”:\”They have radically changed professional golf\”,\”card-3__para\”:\”PIF money was used last year to launch LIV Golf – a new tournament that upset the organisers of golf’s most well-known series, the PGA Tour and DP World Tour. After months of legal action and verbal attacks, the other leagues announced they’d joined forces with LIV to unite the sport.\”,\”card-4__title\”:\”It’s also in charge of Newcastle United\”,\”card-4__para\”:\”The PIF spends a lot of money abroad. According to reports, more than 60% of the funds go directly into supporting activities in Saudi Arabia. The rest of the money is invested elsewhere, such as the £300m takeover of Premier League club Newcastle United, which gave the fund control of the club.\”,\”card-5__title\”:\”Not everyone is impressed by the big sporting purchases\”,\”card-5__para\”:\”Saudi Arabia has been accused of numerous human rights violations and has strict laws restricting what women can do. Like other Middle East states it’s been heavily criticised for its anti-LGBT laws – homosexuality is punishable by death. They’ve been accused of investing millions into sport across the world to change public perception of the country – known as sportswashing. Golf star Rory McIlroy said he’s got \\\”mixed emotions\\\” about the golf merger.\”,\”card-6__img-src–desktop\”:\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\”,\”card-6__img-src–mobile\”:\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\”,\”card-6__title\”:\”The fund is controlled by Saudi Arabia’s prince\”,\”card-6__para\”:\”Mohammed bin Salman Al Saud was appointed Crown Prince of the country in 2017 – and in 2018 he was ranked as the eighth most powerful person in the world by Forbes magazine. He’s a controversial figure – the United States accused him of approving the murder of Saudi journalist Jamal Khashoggi, which Bin Salman has denied.\”,\”card-7__title\”:\”Some people think the state wants to host the World Cup\”,\”card-7__para\”:\”The official response from Saudi Arabia as to why they’re investing in sport now is that they want to encourage more people who live there to take it up. 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If you’re not sure what Saudi Arabia’s Public Investment Fund (PIF) is all about, here’s a quick guide.\u003c/p>\n \u003c/div> \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>The PIF is a big pot of money – £514bn to be exact\u003c/h3>\n \u003cp class=\”section__title\”>It was created in 1971 so the government of Saudi Arabia could invest in things – basically a huge savings account for the country. The reason there’s so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>It’s been used to bring big name footballers to Saudi Arabia\u003c/h3>\n \u003cp class=\”section__title\”>The PIF recently announced it’s taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn’t have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>They have radically changed professional golf\u003c/h3>\n \u003cp class=\”section__title\”>PIF money was used last year to launch LIV Golf – a new tournament that upset the organisers of golf’s most well-known series, the PGA Tour and DP World Tour. After months of legal action and verbal attacks, the other leagues announced they’d joined forces with LIV to unite the sport.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>It’s also in charge of Newcastle United\u003c/h3>\n \u003cp class=\”section__title\”>The PIF spends a lot of money abroad. According to reports, more than 60% of the funds go directly into supporting activities in Saudi Arabia. The rest of the money is invested elsewhere, such as the £300m takeover of Premier League club Newcastle United, which gave the fund control of the club.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>Not everyone is impressed by the big sporting purchases\u003c/h3>\n \u003cp class=\”section__title\”>Saudi Arabia has been accused of numerous human rights violations and has strict laws restricting what women can do. Like other Middle East states it’s been heavily criticised for its anti-LGBT laws – homosexuality is punishable by death. They’ve been accused of investing millions into sport across the world to change public perception of the country – known as sportswashing. Golf star Rory McIlroy said he’s got \”mixed emotions\” about the golf merger.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003cpicture>\n \u003csource srcset=\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\” media=\”(min-width: 800px)\”>\n \u003cimg src=\”https://ichef.bbci.co.uk/news/976/cpsprodpb/12EBE/production/_130020577_saudipif2.jpg.webp\” alt=\”\” loading=lazy />\n \u003c/picture> \u003ch3 class=\”section__title\”>The fund is controlled by Saudi Arabia’s prince\u003c/h3>\n \u003cp class=\”section__title\”>Mohammed bin Salman Al Saud was appointed Crown Prince of the country in 2017 – and in 2018 he was ranked as the eighth most powerful person in the world by Forbes magazine. He’s a controversial figure – the United States accused him of approving the murder of Saudi journalist Jamal Khashoggi, which Bin Salman has denied.\u003c/p>\n \u003c/div>\n \u003cdiv class=\”card\”>\n \u003cdiv class=\”card__topper\”>\u003c/div>\n \u003ch3 class=\”section__title\”>Some people think the state wants to host the World Cup\u003c/h3>\n \u003cp class=\”section__title\”>The official response from Saudi Arabia as to why they’re investing in sport now is that they want to encourage more people who live there to take it up. 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