The Public Investment Fund of the Kingdom of Saudi Arabia has founded a new sports investment firm with the goal of accelerating the development of the sports sector in Saudi Arabia and the Middle East and North Africa area. The primary objectives of SRJ Sports Investments Co. are to organize significant international events in Saudi Arabia, commercialize illustrious competitions, and acquire and develop new intellectual property for events.
The PIF-owned company will go after companies with a focus on offering disruptive technology and fan engagement activities across the industry, bolstering the Kingdom's status as a top international sports and entertainment destination. The entertainment, recreation, and sports industry is one of the 13 priority sectors for investment for the sovereign wealth fund as a long-term investor.
Commenting on the development, Raid Ismail, head of MENA Direct Investments at PIF said: “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.”
The Saudi government's sovereign wealth fund is called the Public Investment Fund. With estimated total assets of US$776 billion, it ranks as one of the biggest sovereign wealth funds in the world. It was established in 1971 with the intention of investing money on behalf of the Saudi Arabian government.