The Saudi Arabian Public Investment Fund (PIF) yesterday announced the formation of a new company which will be at the heart of the Kingdom’s sporting ambitions going forward.
SRJ Sports Investments will “invest in acquiring and creating new sports events IP, commercial rights of popular and prominent sports competitions and hosting major global events in Saudi Arabia”, according to a statement from the PIF.
“The company will complement other PIF investments in the sports sector, all of which are contributing to a more vibrant society, in line with PIF’s strategy and Saudi Vision 2030,” head of MENA (Middle East and North Africa) direct investments at PIF Raid Ismail said.
It is uncertain as to what this news means for existing PIF investments, such as Premier League football club Newcastle United, but Saudi Arabia have in the past expressed an interest in hosting future Olympic Games and Fifa World Cups.
PIF, though various connections with Saudi Arabian institutions and companies including Neom and Aramco, have links with the likes of Indian Premier League cricket side Rajasthan Royals, both McLaren and Aston Martin Formula 1 outfits and the LIV Golf league.
The statement added: “The new company will target businesses specialised in offering unique fan engagement activities and transformative sports technology across the industry, bolstering Saudi Arabia’s position as one of the world’s leading sports and entertainment destinations.
“As a long-term investor, the entertainment, leisure, and sports sector is one of PIF’s 13 priority sectors for investment.”