Saudi Arabia’s Public Investment Fund (PIF) announced today that it will reduce its international investment share from 30% to around 18-20%, signaling a renewed focus on bolstering the domestic economy. Yasir Al Rumayyan, PIF’s governor, shared this update at the Future Investment Initiative conference in Riyadh, highlighting the shift as Saudi Arabia prepares to host the 2034 FIFA World Cup and advance extensive infrastructure developments.
The PIF, with approximately $930 billion in assets, has driven Saudi Arabia’s strategic investments across global sports. Among its most prominent ventures are Newcastle United in the English Premier League, LIV Golf, and sponsorships in the ATP and WTA Tours. PIF also backs Extreme E, set to transition into hydrogen-powered racing in 2025. Recently, PIF’s sports expansion efforts led to the formation of SRJ Sports Investments, which invested $100 million in the Professional Fighters League (PFL), establishing a MENA league and “Super Fight” pay-per-view platform.
Although Saudi Arabia has scaled back some of its ambitious domestic projects, such as the futuristic city of Neom, and announced budget cuts for certain mega-projects in 2024, it continues to attract high-profile sports properties. The kingdom recently announced a long-term partnership with the International Olympic Committee to host the Olympic Esports Games, following a summer of record-breaking esports events in Riyadh.
As Saudi Arabia refines its investment strategy, the PIF remains a pivotal player in Saudi Arabia’s Vision 2030, which seeks to diversify the economy from oil dependency by growing the sports and entertainment sectors domestically.