All You need to know About Saudi Arabia’s Public Investment Fund!

Behind the head-spinning news this week that the PGA Tour wants to merge with the upstart Saudi rival called LIV Golf is an entity with billions of dollars to back the deal: Saudi Arabia’s sovereign wealth fund.

Here’s what to know about the Saudi fund.

the Saudi sovereign fund Known as the Public Investment Fund, or P.I.F., it is an investment pool that manages more than $700 billion in Saudi government money that invests in companies, real estate and other ventures domestically and globally to generate profits including Uber, the private-equity firm Blackstone, the Japanese conglomerate SoftBank and sports franchises like the English Premier League soccer team Newcastle United, ostensibly for the benefit of the Saudi economy.

The fund, established in 1971 by royal decree, has its headquarters in Riyadh, Saudi Arabia, and offices in Hong Kong, London and New York.
P.I.F. has grown rapidly in recent years, funding ambitious tourism and commercial undertakings it calls “giga projects.”

The P.I.F. is led by a governor, Yasir al-Rumayyan, a onetime banker and chairman of Saudi Aramco, the country’s national oil company.
But the real power behind the purse strings, is Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto leader, who chairs the Public Investment Fund’s board.

The Saudi investment fund has raised eyebrows by entrusting billions of dollars to former Trump administration officials, including an investment firm run by Jared Kushner, former President Donald J. Trump’s son-in-law; and another run by former Treasury Secretary Steven Mnuchin.

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