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  • ATP signs multi-year strategic partnership with Saudi Arabia’s PIF

    The ATP Tour and Saudi Arabia's Public Investment Fund (PIF) have signed a multi-year strategic partnership, the governing body of men's tennis said on Wednesday in a move highlighting the growing influence of the Gulf nation on global sport. The PIF will now become the official naming partner of the men's rankings as well as partner ATP tournaments in Indian Wells, Miami, Madrid, Beijing, the season-ending ATP Finals in Turin and the Next Gen ATP Finals staged in Jeddah.

  • Al-Rumayyan says over 70% of PIF’s assets are in Saudi Arabia

    The annual value of investments in Saudi Arabia runs between $30 and $40 billion until 2025, after which it will increase to about $70 billion annually until 2030, the Governor said. He further added that PIF is considered the primary economic driver of Vision 2030, pointing out that the key performance indicators in the vision are achieved ahead of schedule.

  • Saudi Arabia’s Sovereign Wealth Fund (PIF) to Deploy $70 Billion a Year

    The Public Investment Fund, or PIF, currently puts $40 billion to $50 billion of capital to work on an annual basis, and that’s set to increase after 2025, the fund’s governor, Yasir Bin Othman Al-Rumayyan, said Thursday at the FII Priority conference in Miami.

  • Woods says PGA Tour negotiations with Saudi Arabia’s PIF ongoing

    Tiger Woods said the PGA Tour's negotiations with Saudi Arabia's Public Investment Fund are ongoing but that the Tour is "in a great position" after securing a $3 billion investment last month from a consortium of U.S. sports team owners. The deal with Strategic Sports Group (SSG) allows for co-investment with the Public Investment Fund (PIF), which controls LIV Golf, but those talks continue to drag on.

  • Tiger Woods says PGA Tour does not need funding from Saudi Arabia’s PIF despite continued talks

    Tiger Woods was added as a sixth PGA Tour player director -- joining Webb Simpson, Patrick Cantlay, Peter Malnati, Adam Scott and now Jordan Spieth -- last fall. His responsibilities include helping the PGA Tour produce an overall vision and plan for the future, which is especially difficult at a time when LIV Golf continues to raid the Tour of its best players. In some ways, Woods was brought in to stem the tide.

  • Saudi Arabia aims to produce 500,000 cars by 2030: PIF Official

    In an interview with Al Arabiya on the sidelines of the second PIF Private Sector Forum, AlShiha stated that the PIF is working on five upcoming supply chain projects, and five international companies will begin operating in the Kingdom to produce parts for the Lucid, SER, and Hyundai factories. Ceer, Saudi Arabia’s first automotive brand to produce electric vehicles in the Kingdom, is currently working on engineering and designing cars, AlShiha said, expecting the designs to be announced soon. Ceer’s plant is under construction in King Abdullah Economic City (KAEC).

  • Saudi Arabia taps ex-Dell executive as CEO for new PIF manufacturing company

    Global CEO Amit Midha will lead the ambitious plans for the new manufacturing hub in the kingdom. Chaired by Saudi Crown Prince Mohammed bin Salman, Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030. The company is launching with more than 30 product categories including robotics, computing and digital entertainment, as well as advanced heavy machinery.  Alat, which will officially open for business on Feb. 20, also has a sustainability component and plans to work with global companies to reduce their emissions and move towards zero-carbon manufacturing.

  • Saudi Arabia launches second edition of The PIF Private Sector Forum in Riyadh

    Saudi Arabia on Tuesday launched its second edition of the “PIF Private Sector Forum,” the Kingdom’s premier event of its kind, alongside an exhibition at the King Abdulaziz International Convention Center in Riyadh. Spanning two days, February 6-7, 2024, the forum aims to foster enhanced partnerships and cooperation with the private sector. The initiative aligns with the Public Investment Fund’s strategic goal to boost the contribution of its projects and portfolio companies to the local content (PIF Projects) to 60 percent by the end of 2025, as stated in the Fund’s announcement on Monday.

  • Saudi’s PIF sets up new company to manufacture robotic systems and heavy machinery

    Alat will focus on manufacturing products for domestic and international markets within seven business units, the PIF said in a statement on Thursday. These include advanced industries and semiconductors, as well as smart appliances, health, devices and buildings, as well as next generation infrastructure. It will manufacture more than 30 product categories including robotic systems, communication systems, advanced computers and digital entertainment products, as well as advanced heavy machinery used in construction, building and mining. The company, chaired by Saudi Crown Prince Mohammed bin Salman, aims to create 39,000 direct jobs in Saudi Arabia and achieve a direct non-oil gross domestic product contribution of $9.3 billion by 2030.

  • PGA Tour announces $3 billion investment by SSG, negotiations continue with PIF

    The PGA Tour has finalized a $3 billion deal with Strategic Sports Group (SSG), the Tour announced Wednesday. It held meetings with the PGA Tour Player Advisory Council as well as the larger membership of the PGA Tour, Korn Ferry Tour and Champions Tour to announce the news. PGA Tour commissioner Jay Monahan touted the deal as a win in a memo to the players. “By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan said. “Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible — and unmatched — competitive atmosphere created by our players, tournaments and partners.”