Saudi PIF announces new sports investment firm

Saudi Arabia’s Public Investment Fund (PIF) has unveiled its latest initiative to bolster the sports sector’s growth in both the kingdom and the MENA region. The newly formed SRJ Sports Investments seeks to revolutionise the industry by focusing on acquiring and generating novel intellectual property for sports events, securing commercial rights for sports competitions, and hosting major global events within Saudi Arabia.

The strategic objective of these investments is twofold: to yield significant financial returns and to foster local partnerships, both domestically and across the MENA region. The company also aims to identify and invest in enterprises offering distinctive fan engagement experiences and groundbreaking sports technology solutions.

Raid Ismail, the Head of MENA Direct Investments at PIF, expressed enthusiasm about the establishment of SRJ Sports Investments Company. He highlighted the company’s mission to enhance the sports sector in Saudi Arabia and the MENA region through the creation and investment in international sports intellectual property, the elevation of fan engagement through hosting prominent global events, and investments in transformative technologies. Ismail emphasised that these efforts align with PIF’s overarching strategy and the vision outlined in Saudi Vision 2030.

It was recently reported that Saudi Arabia had plans to launch a substantial multibillion-dollar investment entity as part of PIF’s initiatives, designed to catalyse the country’s sports expansion endeavours. Notably, established properties like Premier League club Newcastle United and the LIV Golf Series, both under PIF’s ownership, are excluded from SRJ Sports Investments.

Saudi Arabia has shown keen interest in a diverse array of sports, including soccer, golf, boxing, Formula One, snooker, and horse racing. The kingdom’s ambition extends to elevating its Saudi Pro League – home to four clubs owned by PIF – to become one of the premier domestic soccer leagues globally. Notably, significant investments in player acquisitions have been a key focus, furthering the league’s competitiveness.

Beyond its current ventures, Saudi Arabia has been associated with aspirations to bid for the hosting rights of the 2030 FIFA World Cup and potentially hosting an upcoming Olympic Games, demonstrating its commitment to positioning itself as a prominent player on the global sports stage.