The Saudi Public Investment Fund (PIF) announced on Sunday the establishment of an investment company aimed at supporting the sports sector in Saudi Arabia, the Middle East, and North Africa, while the kingdom spends hundreds of millions of dollars to attract international football players.
The newly formed “Serge” Sports Investments company will focus on “acquiring ownership rights to establish new sports events, as well as investing in commercial rights for sports tournaments and hosting global sports events,” according to a statement from the PIF.
The company also aims to invest in “fan-engaging events” and will utilize advanced sports technologies to develop the sector, contributing to enhancing the kingdom’s position as a sports and entertainment destination.
For years, Saudi Arabia has been working to boost its sports sector as part of its economic transformation plan and a policy focused on strengthening the kingdom’s soft power and improving its international image.
The Public Investment Fund, one of the world’s largest sovereign wealth funds with assets exceeding $620 billion, recently acquired football clubs, enabling these clubs to make significant deals with players, many of whom came directly from the English, Spanish, and Italian leagues.
Since Crown Prince Mohammed bin Salman (37 years old) assumed power in 2017, Saudi Arabia has undergone unprecedented social and economic reforms, opening up to a wider range of social and economic opportunities.
The kingdom has hinted at the possibility of bidding to host the 2030 FIFA World Cup.