11:13 - 4.11.2024

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 November 4, Fineko/abc.az. Currently, there is no more influential financial player in the world of sports than Saudi Arabian Public Investment Fund (PIF). But now the country is reducing investments in international projects and focusing all its attention on the domestic economy.

ABC.AZ informs that PIF’s portfolio includes more than 300 sponsorship agreements for various sports. Saudi Arabia spent at least $6.3 billion on global sports deals over the past two years from 2021 to 2023 after becoming a major financial player in the sports market.

Considering that PIF’s total capital is $930 billion, world sports will continue to consume money from the Middle East, but Fund’s head Yasser Er-Rumayan holds a different opinion on the occasion. He said that PIF plans to reduce international investments from 30% to 18-20%.