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Public Investment Fund

All articles tagged with #public investment fund

Saudi PIF Trials Leaner Strategy to Rally Private Cash for Giga-Projects
business16 days ago

Saudi PIF Trials Leaner Strategy to Rally Private Cash for Giga-Projects

Saudi Arabia’s Public Investment Fund will test a revised 2026–2030 investment strategy at its Private Sector Forum, seeking private-sector funding to sustain its giga‑projects while signaling up to a 15% cut to capital expenditure. The plan, shaped by investor feedback, prioritizes Expo 2030 and the 2034 World Cup, with projects like Neom and the Mukaab under reprioritisation and tighter financial scrutiny as oil prices and liquidity tighten.

via Arabian Gulf Business Insight | AGBI|
#business#expo-2030#giga-projects
NEOM creates oversight unit to rein in trillion-dollar project
business1 month ago

NEOM creates oversight unit to rein in trillion-dollar project

Saudi Arabia’s NEOM has formed a new chief-of-staff division of five senior executives, led by Mazen Alfuraih, to bolster governance and state engagement as the $1 trillion project faces cost overruns, delays, and layoffs. The move appears aimed at tightening control under CEO Aiman al-Mudaifer amid a broader strategic review that could shrink NEOM’s ambitions, even as work continues on other components like The Line, Trojena, and Oxagon.

via Semafor|
#business#governance#neom
Electronic Arts Nears $50 Billion Buyout to Go Private
business5 months ago

Electronic Arts Nears $50 Billion Buyout to Go Private

Electronic Arts is set to be acquired by a group of investors including the Public Investment Fund, Silver Lake, and Affinity Partners for $55 billion, in the largest all-cash sponsor buyout in history, with the deal expected to close in Q1 FY27. CEO Andrew Wilson will remain in his role, and the transaction involves a significant increase in PIF's stake in EA.

via GamesIndustry.biz|
#acquisition#affinity-partners#business
Saudi PIF Set to Invest in PGA Tour Amid Final Negotiation Hurdles
sports-business1 year ago

Saudi PIF Set to Invest in PGA Tour Amid Final Negotiation Hurdles

Saudi Arabia's Public Investment Fund is reportedly close to acquiring a 6% stake in PGA Tour Enterprises, valuing the company at around $12 billion. This move could mark a significant step towards resolving the ongoing conflict between the PGA Tour and LIV Golf, as it may lead to collaboration with the DP World Tour, potentially allowing LIV Golf players access to the European circuit. The deal is still subject to regulatory approval.

via Sports Illustrated|
#dp-world-tour#liv-golf#pga-tour
Major PGA Tour Sponsor Hesitates on Renewal
sports1 year ago

Major PGA Tour Sponsor Hesitates on Renewal

RBC is hesitant to renew its sponsorship of PGA Tour events due to uncertainties in men's professional golf, particularly the unresolved framework agreement between the PGA Tour and LIV Golf's backers, the Public Investment Fund of Saudi Arabia. This hesitation follows the departure of other major sponsors like Honda and Wells Fargo, raising concerns for PGA Tour officials.

via Golfmagic.com|
#liv-golf#pga-tour#public-investment-fund
PGA Tour Nears $3BN Deal with Sports Team Owners Amidst Mistrust and Rivalry
sports2 years ago

PGA Tour Nears $3BN Deal with Sports Team Owners Amidst Mistrust and Rivalry

The PGA Tour is nearing a multibillion-dollar deal with a group of U.S. sports team owners, including the Boston Red Sox and Atlanta Falcons, to create a new for-profit entity called PGA Tour Enterprises. The tour is also in talks with Saudi Arabia's Public Investment Fund (PIF), which is financing the rival LIV Golf League. If deals are reached with both Strategic Sports Group and the PIF, over $7 billion could be infused into PGA Tour Enterprises. The agreements aim to stabilize the sport amidst player defections and a federal antitrust lawsuit, but they still need to be scrutinized by the U.S. Department of Justice.

via ESPN|
#liv-golf-league#pga-tour#public-investment-fund
Jon Rahm Faces Consequences for LIV Golf Defection
sports2 years ago

Jon Rahm Faces Consequences for LIV Golf Defection

Masters champion Jon Rahm, who recently signed with the Saudi-backed LIV Golf, has stated that he will avoid public events until February and has been given strict instructions not to do interviews. Rahm's surprise move to LIV Golf, for a reported minimum of $300 million, is seen as another blow to the PGA Tour, which has lost several stars to the breakaway league enticed by lucrative paydays.

via New York Post |
#jon-rahm#liv-golf#pga-tour
PGA Tour's Saudi deal gains momentum with Fenway's investment and advancing negotiations
sports2 years ago

PGA Tour's Saudi deal gains momentum with Fenway's investment and advancing negotiations

Fenway Sports Group, along with a coalition of U.S. sports investors called Strategic Sports Group, is in the final stages of negotiations to become co-investors in a potential deal between the PGA Tour and Saudi Arabia's Public Investment Fund (PIF). The consortium, which includes investors such as Wyc Grousbeck, Tom Ricketts, and Steve Cohen, has been selected after a thorough review of other offers. The PGA Tour aims to continue negotiations with the PIF in the coming weeks, as time is running out to finalize the deal by December 31. The deal has faced resistance from PGA Tour players and scrutiny from lawmakers concerned about Saudi Arabia's intentions.

via CNBC|
#fenway-sports-group#pga-tour#public-investment-fund
Senate Subpoenas Saudi's $700bn Sovereign Wealth Fund and PIF Over US Dealings and Golf Partnerships
politics2 years ago

Senate Subpoenas Saudi's $700bn Sovereign Wealth Fund and PIF Over US Dealings and Golf Partnerships

The Senate's permanent subcommittee on investigations has issued a subpoena to Saudi Arabia's $700 billion sovereign wealth fund, the Public Investment Fund (PIF), after it refused to comply with voluntary information requests regarding its US dealings. The subpoena targets the PIF's US subsidiaries and is related to the group's proposed golf deal and other investments in the United States. Senators expressed concern over the lack of transparency and accountability of the PIF, which is seen as closely tied to Crown Prince Mohammed bin Salman. The hearing also delved into Saudi Arabia's human rights abuses, alleged involvement in the 9/11 attacks, and objections to its attempts to acquire national assets.

via The Guardian US|
#human-rights-abuses#politics#public-investment-fund
politics2 years ago

Saudi Investment Fund Chief Warned to Testify on Capitol Hill in PGA Tour-LIV Merger Probe

Yasir Al-Rumayyan, the governor of Saudi Arabia's Public Investment Fund, has declined a request to testify before the Permanent Subcommittee on Investigations, citing concerns of foreign sovereignty and international comity. Attorneys for Al-Rumayyan argued that he is an "inappropriate witness" due to being bound by the Kingdom's laws regarding the confidentiality of certain information. However, two U.S. District Court judges previously dismissed similar sovereignty concerns raised by Al-Rumayyan and the Public Investment Fund in an antitrust case. Senator Richard Blumenthal, who made the request, responded by stating that U.S. law exempts certain commercial activity from sovereign immunity and that typical investor activities should not be considered confidential information that would adversely affect Saudi Arabia. Blumenthal has given Al-Rumayyan a deadline to propose alternative dates for testimony or face potential legal action to compel compliance.

via Golf Channel|
#politics#public-investment-fund#saudi-arabia
Saudi Arabian Public Investment Fund's Assets Exceed 2.23 Trillion Riyals in 2022
business2 years ago

Saudi Arabian Public Investment Fund's Assets Exceed 2.23 Trillion Riyals in 2022

The Saudi Arabian Public Investment Fund (PIF) announced that its assets under management (AUM) have surpassed 2.23 trillion riyals ($594.43 billion) in 2022, compared to 1.98 trillion riyals in 2021. The PIF reported a total shareholders' return of 8% and established 25 companies in 2022. It also disclosed that 23% of its AUM were international investments, while 68% were local investments. The PIF is a key component of Crown Prince Mohammed bin Salman's economic agenda to reduce reliance on oil.

via Reuters|
#assets#business#economic-agenda
golf2 years ago

Jon Rahm's Support for PGA Tour Commissioner Amidst Controversy

Jon Rahm takes a softer stance compared to other golfers regarding the PGA Tour's framework agreement with the Public Investment Fund of Saudi Arabia. Rahm believes that PGA Tour commissioner Jay Monahan deserves time to work through the details and that loyal players don't necessarily need to be compensated. While some players express anger and confusion, Rahm maintains faith in Monahan and believes that the best interest of the players is still at heart. The key issues to be resolved include compensation for loyal players and the reintegration of defectors back into the Tour. Rahm acknowledges the need for punishment but is unsure of the severity or whether the players who left even want to return.

via Golf Channel|
#compensation#golf#jon-rahm
sports2 years ago

"PGA Tour's Agreement with Saudis Leaves LIV Golf's Future Uncertain"

The PGA Tour, Saudi Arabia's Public Investment Fund, and DP World Tour have signed a "framework agreement" that merges the three entities and creates a board to determine the future of LIV Golf. The new venture, referred to as NewCo, will be controlled by a Tour majority, with PGA Tour Commissioner Jay Monahan serving as CEO and Public Investment Fund governor Yasir Al-Rumayyan as chairman. The Public Investment Fund will also be a premier corporate sponsor, with its name as a title sponsor for at least one high-profile event.

via USA TODAY|
#jay-monahan#liv-golf#pga-tour