The Public Funding Fund (PIF) is thought for its massive investments in sports activities, video video games and Saudi mega tasks like Neom, a futuristic $500 billion megacity being raised within the desert.
“The institution of the NSG marks an vital milestone within the growth of Saudi Arabia’s rising satellite tv for pc and area sector, and its ambition to change into a number one industrial participant on this planet,” stated Omar Al- Madhi, one of many fund’s managers, stated in a press launch, “That is PIF’s first funding targeted on the area trade,” he stated.
Based on the press launch, the corporate will present “native and world modern satellite tv for pc and area options”, and “spend money on localization, expertise, startups and information”.
Diversification technique
Chaired by the crown prince and de facto ruler of the dominion, Mohammed bin Salman, the PIF is on the coronary heart of the diversification technique of the world’s important crude exporter.
It holds greater than $700 billion in property, with investments in 90 corporations in Saudi Arabia and overseas, the place it has stakes in world corporations equivalent to Uber, electrical automobile maker Lucid and the corporate Activision Blizzard online game.
He additionally made a reputation for himself on this planet of sports activities, shopping for English soccer membership Newcastle in 2021, and spending tens of millions of {dollars} to draw world soccer stars, equivalent to Cristiano Ronaldo, to the dominion.
2024-05-27 16:11:59
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