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☆ Roberto Mancini named as Saudi Arabia’s national team coach
▼ + stars: | 2023-08-28 | by ( Matt Foster | ) edition.cnn.com time to read: +2 min

CNN —Roberto Mancini was announced as the new head coach of Saudi Arabia’s men’s team on Sunday, just two weeks after resigning as manager of his native Italy. John Sibley/Pool/Getty ImagesMancini was head coach of Italy for five years, winning the men’s European Championship with the team in 2021. At club level, Mancini has managed Inter Milan and Manchester City most notably, as well as a stint with Zenit St. Petersburg in Russia. Saudi Arabia’s men’s national team sprung one of the surprises of the 2022 World Cup, defeating eventual champion Argentina 2-1 in the group stage. Saudi Arabia’s next fixtures are against Costa Rica and South Korea in September.

Persons: CNN — Roberto Mancini, Saudi Arabia’s, Mancini, “, ” Both Mancini, ” Mancini, John Sibley, Cristiano Ronaldo, Neymar, Ballon d’Or, Karim Benzema, James ’, Mohammed bin Salman Organizations: CNN, Twitter, Saudi, Qatar, Inter Milan, Manchester City, Zenit St, Manchester City’s, English Premier League, men’s, eventual, Argentina, Saudi Pro League, Saudi Arabia’s, St, Newcastle United, Newcastle, Saudi Public Investment Fund Locations: Saudi, Italy, Europe, England, Ukraine, Petersburg, Russia, Costa Rica, South Korea, Gulf

☆ Saudi Arabia name Mancini as new national team coach
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +1 min

Aug 27 (Reuters) - Former Italy boss Roberto Mancini said he aims to make history after being named the new head coach of the Saudi Arabia national team by the country's football federation (SAFF) on Sunday. "I made history in Europe, now is time to make history with Saudi," Mancini said in a video posted on social media platform X, formerly known as Twitter. Former Napoli coach Luciano Spalletti replaced Mancini as Italy boss after he resigned on Aug. 13, ending a five-year spell in charge of the national team in which they won the European Championship but missed out on qualification for the World Cup. Frenchman Herve Renard stepped down as Saudi Arabia's coach in March. The team will attempt to win their fourth Asian Cup title at the continental championship to be held in Qatar early next year.

Persons: Roberto Mancini, Mancini, " Mancini, Luciano Spalletti, Frenchman Herve Renard, Angelica Medina, Toby Davis Organizations: Saudi Arabia national, Saudi, Twitter, Napoli, Argentina, Saudi Public Investment Fund, Clubs Investment, Al, Thomson Locations: Italy, Saudi, Riyadh, Costa Rica, Europe, Qatar, Saudi Arabia, Ittihad, Al, Ahli, Hilal, Mexico

☆ Pacific Islands divided over Fukushima water release, says Cook Islands PM
▼ + stars: | 2023-08-23 | by ( Kirsty Needham | ) www.reuters.com time to read: +2 min

Pacific Islands Forum (PIF) chair and Prime Minister of Cook Islands, Mark Stephen Brown, speaks during the Korea-Pacific Islands Summit at the former presidential Blue House in Seoul, South Korea, Monday, May 29, 2023. Ahn Young-joon/Pool via REUTERS/File Photo Acquire Licensing RightsSYDNEY, Aug 23 (Reuters) - Cook Islands Prime Minister Mark Brown, chairman of the Pacific Islands bloc, said that science supported Japan's decision to pump treated water from the Fukushima nuclear plant into the sea, but that the region may not agree on the "complex" issue. Not all Pacific leaders had the same position and the Pacific Islands Forum may not reach a collective position, he said. The United States conducted nuclear tests in the Pacific Islands in the 1940s and 1950s, and France between 1966 and 1996. A Pacific Nuclear Free Zone was established in 1985 under a treaty that prevents the dumping of radioactive materials.

Persons: Mark Stephen Brown, Ahn Young, Mark Brown, Brown, Sitiveni Rabuka, Kirsty Needham, Gerry Doyle Organizations: Islands, Pacific Islands, presidential Blue House, Rights, Cook Islands, International Atomic Energy Agency, IAEA, Pacific, United, Fijian, Melanesian Spearhead Group, Thomson Locations: Cook Islands, Korea, Seoul, South Korea, Japan, China, Cook, United States, France, Pacific, Papua New Guinea, Fiji, Vanuatu, Solomon Islands

☆ Portugal's Otavio moves to Saudi club Al-Nassr
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Aug 22 (Reuters) - Portugal midfielder Otavio has joined Al-Nassr from Portuguese side Porto, the Saudi Pro League club said on Tuesday. Huge Welcome to The Best Player in Liga Portugal," Al-Nassr posted on messaging platform X, previously known as Twitter. Otavio joins an Al-Nassr squad that also includes Cristiano Ronaldo, Sadio Mane, Marcelo Brozovic, Alex Telles and Seko Fofana. Luis Castro's team have made a poor start to the Pro League season, losing both their opening matches. The Saudi Public Investment Fund (PIF) has announced a Sports Clubs Investment and Privatisation Project involving league champions Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal.

Persons: Otavio, Nassr, Cristiano Ronaldo, Sadio Mane, Marcelo Brozovic, Alex Telles, Fofana, Luis Castro's, PIF, Shady Amir, Toby Davis Organizations: Saudi Pro League, Porto, Portuguese, Liga Portugal, Pro League, Saudi Public Investment Fund, Clubs Investment, Al, Shady, Thomson Locations: Portugal, Porto, Ittihad, Al, Ahli, Hilal

☆ Media and entertainment companies are finding more investment from the Middle East, but it can come with controversy. Here are 11 of the most notable deals.
▼ + stars: | 2023-08-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Insider broke down 11 top media companies with Middle Eastern backing or partnerships. Middle Eastern investment has poured into US media and entertainment, and US media companies have been eager recipients. Here's a rundown of 11 key Western media and entertainment companies, listed alphabetically, that have licensing and investment partnerships with Middle Eastern entities. Jimmy Finkelstein's news startup The Messenger has Middle Eastern funding via its acquisition of IMI-backed startup Grid, which is now shuttered. The North Road, Peter Chernin and Providence Equity's production roll-up, took a $150 million investment in January from the Qatar Investment Authority, Qatar's main investment vehicle, to support its expansion.

Persons: Peter Chernin, Jeff Zucker, Uber, Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, hasn't, Mohammed bin Salman, SRMG, Abu, Abu Dhabi's, Jimmy Finkelstein's, BeIn, Stone, Ian Orefice, WBD Organizations: Providence, North, IMI, ex, CNN, Public Investment Fund, Blackstone, Washington Post, Saudi Crown, Saudi, Guardian, Media, Bloomberg Media, Saudi Research, Media Group, Media Investments, CNN Business, Abu Dhabi Media Investment Corporation, Sky News Arabia, Business, Independent, SRMG, Miramax, BeIn, Paramount, Qatar Investment Authority, Penske Media Corporation, Billboard, Variety, Penske, Vox Media, New York, Billboard Arabia, RedBird Capital, Mideast, MBC Group, MBC, Fortress Investment Group, Investment, Warner Bros Locations: Saudi Arabia, Qatar, UAE, West, Saudi, Abu Dhabi, ViacomCBS, SRMG

☆ Newcastle to host Saudi Arabia international friendly games
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: 1 min

Aug 16 (Reuters) - Saudi Arabia's men's football team will play two international friendly matches at Newcastle United's stadium in September, the Premier League club said on Wednesday. Newcastle, whose majority shareholder is Saudi Arabia's Public Investment Fund (PIF), will host the Saudi national side's games against Costa Rica on Sept. 8 and South Korea on Sept. 12 at St James' Park. The two games form part of Saudi's preparations for the AFC Asian Cup to be held in Qatar in January 2024. Saudi Arabia won the last of their thee Asian Cup titles in 1996. Reporting by Trevor Stynes, editing by Pritha SarkarOur Standards: The Thomson Reuters Trust Principles.

Persons: Park, Trevor Stynes, Pritha Sarkar Organizations: Saudi Arabia's, Newcastle United's, Premier League, Newcastle, Public Investment Fund, Saudi, Costa, St James, AFC Asian, Thomson Locations: Saudi, Costa Rica, South Korea, Qatar, Saudi Arabia

☆ Saudi soccer league lures Brazilian star Neymar as it seeks to attract 'exceptional players only'
▼ + stars: | 2023-08-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Saudi Arabia also recruited soccer legends Cristiano Ronaldo and Karim Benzema with contracts worth hundreds of millions of dollars, and it's expected to bid to host the 2030 World Cup. Portuguese football star Cristiano Ronaldo poses for a photo with the jersey after signing with Saudi Arabia's Al-Nassr Football Club in Riyadh, Saudi Arabia on December 30, 2022. Sports analysts are doubtful that Saudi Arabia will see its ambitions to have a top soccer league realized, even with all the money it can offer to top-tier players. Charles Laberge | LIV Golf | Getty ImagesOther criticism comes from an attitude among many that a Saudi league could never be a serious arena for athletes. Emenalo, himself a former defender for Nigeria's national soccer team and former technical director at English club team Chelsea, called the criticisms "outrageous."

Persons: Kylian Mbappe, Neymar Jr, Jean Catuffe, Neymar, Germain, Cristiano Ronaldo, Karim Benzema, Kalidou, Lyon's Moussa Dembele, Michael Emenalo, Saudi Arabia's, Al, Hilal, Kylian Mbappé, LIV, shockwaves, Saudi Crown Prince Mohammed bin Salman, Captain Brooks Koepka, Ricky Elliott, Charles Laberge, LIV Golf, Emenalo, it's, Khalid Al, Falih, that's Organizations: PSG, UEFA Champions League, Celtic Glasgow, Paris Saint Germain, Celtic Park, Getty, Getty Images, Saudi, Al, Paris Saint, Brazil national, L'Equipe, Manchester, Saudi Pro League, Nassr Football Club, Al Nassr Football, Anadolu Agency, France national, Sports, American PGA Tour, Saudi Crown, CNBC, Royal Greens, & Country Club, King Abdullah Economic, Nigeria's, soccer team, Chelsea, Saudi League, Guardian, Saudi Investment, Public Investment Fund Locations: Getty Images Saudi Arabia, Hilal, Barcelona, Saudi, Saudi Arabia, Riyadh, Europe, Jeddah, King Abdullah, King Abdullah Economic City

☆ Riyadh Air, Spain's Atlético de Madrid announce multi-year partnership
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Riyadh Air Boeing 787-9 Dreamliner is displayed at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, June 20, 2023. REUTERS/Benoit Tessier/File PhotoDUBAI, Aug 10 (Reuters) - New Saudi Arabian airline Riyadh Air and Spanish soccer club Atlético de Madrid announced a multi-year sponsorship agreement in a joint statement on Thursday. As part of the deal, Riyadh Air will become the main sponsor of the Spanish club. "This partnership means a great opportunity to offer better experiences to our fans around the world and I am confident that this alliance with Riyadh Air will take our club to new heights," Atlético de Madrid CEO Miguel Ángel Gil said in the statement. Riyadh Air, which will start flights in 2025, is owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF).

Persons: Benoit Tessier, Miguel Ángel Gil, Tony Douglas, Ahmed Elimam, David Evans Organizations: Riyadh Air Boeing, International Paris Air, Le, REUTERS, Riyadh Air, Atlético de, Madrid, Public Investment Fund, Thomson Locations: Le Bourget, Paris, France, DUBAI, Saudi Arabian, Spanish, Atlético de Madrid, Riyadh, Saudi

CNN —With some of the world’s leading soccer players being tempted by the money on offer from Saudi Arabian soccer clubs, the Saudi Pro League’s (SPL) new Director of Football, Michael Emenalo, says the Gulf state is “disrupting the industry, but we are disrupting to enhance. We’re adding value to the industry.”The Saudi Pro League consists of 18 clubs, four of which are 75% owned by the Saudi Public Investment Fund (PIF) – one of the world’s top 10 sovereign wealth funds. Cristiano Ronaldo, N’golo Kanté, Riyad Mahrez and current Ballon d’Or holder Karim Benzema are just a few of players who have joined a variety of SPL clubs over the last few months. That’s true, but there is also a sensible, logical, thoughtful process to making the league better,” said the SPL’s new Director of Football. The new 2023/24 Saudi Pro League season begins on Friday, August 11, with Al-Ahli hosting Al-Hazm.

Persons: Michael Emenalo, Cristiano Ronaldo, N’golo, Riyad Mahrez, Ballon d’Or, Karim Benzema, Emenalo, Germain, Mbappé, Al Hilal’s, coy, ” Emenalo, Darren Lewis, “, that’s, he’s, Jurgen Klopp, Jordan Henderson, Fabinho, Al Ettifaq, Al Ittihad, ”, ” Michael Emenalo, Henderson, – it’s Organizations: CNN, Saudi Pro League’s, Football, Saudi Pro League, Saudi Public Investment Fund, Saudi, Al Hilal, Paris Saint, PSG, SPL, Liverpool, Saudi FA, Al Locations: Saudi Arabian, Gulf, France, Paris, Al Hilal, Saudi, Al, Liverpool, Turkey, Russia, Saudi Arabia, Mahrez, Ahli

☆ Saudi league set to kick off after raiding Europe's top clubs
▼ + stars: | 2023-08-10 | by ( Shady Amir | ) www.reuters.com time to read: +4 min

Soccer Football - Opening of 2023-2024 Saudi Pro League - Jeddah, Saudi Arabia - August 7, 2023 General view of the trophy at the opening of the Saudi Pro League Saudi Pro League Media Office/Handout via REUTERS/File PhotoAug 10 (Reuters) - When the new Saudi Pro League season kicks off on Friday it will herald a new dawn for football in the Gulf kingdom which has spent close to half a billion dollars luring top players and coaches from traditional European powerhouses. Al-Ahli, in particular, are one of the few clubs that have benefited from the Saudi Public Investment Fund's (PIF) project to invest in and privatise clubs, which also include reigning champions Al-Ittihad, Al-Hilal and Al-Nassr. Saudi clubs spent nearly 450 million euros in the close season signing players, most from elite teams in Europe as the PIF created a blueprint for what football fans can expect in transfer windows to come. The league turned heads when Cristiano Ronaldo joined Al-Nassr last season soon after the World Cup in a deal which made him the highest-paid athlete on the planet. The Portugal forward's move paved the way for more household names to sign up for a Saudi league that has increased its size from 16 teams to 18.

Persons: Hazm, Al, Riyad Mahrez, Edouard Mendy, Roberto Firmino, Cristiano Ronaldo, Nassr, Ronaldo's, Nuno Espirito, Karim Benzema, N'Golo, Marcelo Brozovic, Alex Telles, Mane, Luis Castro, Hilal, Jorge Jesus, Ruben Neves, Serbia's Sergei Milinkovic, Savic, Kalidou Koulibaly, Malcom, Steven Gerrard, Jordan Henderson, Ettifaq, Gerrard, Henderson's, Shady Amir, Rohith Nair, Ken Ferris Organizations: Soccer, Saudi Pro League, Saudi Pro League Saudi Pro League Media, REUTERS, Saudi Public Investment, Al, Champions, Saudi, Nuno Espirito Santo, Croatia, Inter Milan, Manchester United, Bayern Munich, Wolverhampton Wanderers, Barcelona, Liverpool, Thomson Locations: Jeddah, Saudi Arabia, Al, Ahli, Ittihad, Hilal, Saudi, Europe, Portugal, Ballon, Senegal, Portuguese, Riyadh, England

Mark Bristow, CEO of Barrick Gold Co. REUTERS/Shelley Christians/File PhotoTORONTO, Aug 8 (Reuters) - Barrick Gold Corp (ABX.TO) is open to bringing in Saudi Arabia's wealth fund as one of its partners in Pakistan's Reko Diq gold and copper mine, Barrick CEO Mark Bristow told Reuters in an interview on Tuesday. Barrick Gold owns a 50% stake in Pakistan's Reko Diq mine, with the remaining 50% owned by the governments of Pakistan and the province of Balochistan. He said that Barrick will support PIF coming into the mine through Pakistan's 25% equity stake. Barrick and Saudi's state-owned mining company Ma'aden jointly operate a copper project in Jeddah.

Persons: Mark Bristow, Shelley Christians, Barrick, Bristow, PIF, Divya Rajagopal, Mark Porter, Conor Humphries Organizations: Barrick Gold , Reuters, Mining, REUTERS, TORONTO, Barrick Gold Corp, Pakistan's, Barrick, Minerals, Barrick Gold, Saudi Arabia's Public Investment Fund, Ma'aden, Thomson Locations: Cape Town , South Africa, Saudi, Pakistan's, Pakistan, Balochistan, Saudi Arabia, Islamabad, Saudi's, Jeddah, PIF, VALE3

☆ Saudi’s swelling fund has scope for foreign binge
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 7 (Reuters Breakingviews) - Saudi Arabia’s big sovereign wealth fund is getting bigger. The Public Investment Fund’s assets under management swelled to 2.23 trillion riyals ($603 billion) in 2022 from 1.98 trillion riyals the year before. PIF’s international assets, which range from UK soccer club Newcastle United to struggling carmaker Lucid (LCID.O), shrank from 576 to 512 billion riyals. Still, PIF has big ambitions: it hopes to boost its total assets to a whopping 4 trillion riyals by 2025, of which 24% will be international. If so, its foreign assets could yet double to 960 billion riyals, according to Breakingviews calculations, making it a key player in global finance.

Persons: Saudi Crown Prince Mohammed Bin Salman, PIF, Neil Unmack, headwinds, Lisa Jucca, Pranav Kiran Organizations: Reuters, Investment, Saudi, Saudi Crown, Newcastle United, Twitter, Adidas, InBev, Thomson Locations: Saudi, Riyadh, Saudi Aramco, Neom

Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, beating a company-provided median estimate from 15 analysts of $29.8 billion. The group declared a base dividend of about $19.5 billion for the second quarter, roughly in line with its payout for the first quarter. Aramco will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter, it said. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. The firm still sees capital expenditure at between $45 billion and $55 billion this year, Nasser said on a media call.

Persons: Maxim, Graphics Brent, Brent, Amin Nasser, Nasser, Maha El Dahan, Yousef Saba, Jan Harvey, Bernadette Baum Organizations: Aramco, Investment Fund, Saudi, REUTERS, Graphics, of, Petroleum, Thomson Locations: China chem, DUBAI, Saudi Arabian, Aramco, Saudi, Saudi Arabia, Russia, Saudi Aramco, Abqaiq, Moscow, Riyadh

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors. The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury. PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.

Persons: Yasir Othman Al, Mohammed Abdullah Al Jadaan, Ahmed Aqeel Al Khateeb, Ibrahim Abdulaziz Al, Prince Mohammed bin Salman, Majid Abdullah Al Qasabi, Khalid Abdulaziz Al Falih, PIF, Ahmed Elimam, Alex Richardson Organizations: Saudi Public Investment, Saudi Finance, Tourism, Investment, Read, Saudi, Public Investment Fund, Sunday, Aramco, Sanabil Investments, Thomson Locations: Saudi, DUBAI, London , New York, Hong Kong, Saudi Aramco

☆ Joan Laporta: Barcelona president says there are ‘no sporting reasons’ for soccer stars to join Saudi Pro League
▼ + stars: | 2023-08-02 | by ( Don Riddell | ) edition.cnn.com time to read: +5 min

“Fortunately, most of the players like Football Club Barcelona,” Laporta told CNN Sport’s Don Riddell from Los Angeles during the Spanish team’s pre-season tour of the U.S., which wrapped up on Tuesday against AC Milan in Las Vegas. “And when a player, and with all respect, prefers to go to Saudi Arabia, basically there are no sporting reasons. Last week, Al-Hilal, which is one of four Saudi clubs owned by the PIF, made a world-record bid of over $332 million (300 million euros) for Paris Saint-Germain (PSG) striker Kylian Mbappé. “My view is that it’s more important to have the assistance of the clubs, the traditional clubs, specifically the European clubs,” added Laporta. “The priority of last season was the Spanish league and this new season, for us, the league is the priority as well,” said Laporta.

Persons: Joan Laporta, “, ” Laporta, CNN Sport’s Don Riddell, Germain, Kylian Mbappé, Ballon d’Or, Karim Benzema, N’Golo, Kalidou Koulibaly, Edouard Mendy, Roberto Firmino, Jordan Henderson, Cristiano Ronaldo, Ronaldo, Hussein Malla, ”, Laporta, Xavi, – Pep Guardiola, Johan Cruyff, Pep, Lionel Messi’s, Jorge Messi, Messi, Cruz Azul, Sam Navarro Organizations: CNN, CNN Sport, Saudi Pro League, Football Club Barcelona, AC Milan, Saudi Arabia’s Public Investment Fund, Saudi, Paris Saint, PSG, Saudi Arabian football, SPL, Al, Gulf state’s, ”, Barcelona, La Liga, Champions League, Spanish League, Liga, Barca, MLS, Inter Miami, Cruz, USA, Sports, Reuters, Camp, Good Locations: Saudi Arabia, Barcelona, Gulf, Los Angeles, Spanish, U.S, Las Vegas, Al, Hilal, Paris, Fabinho, Saudi, Xavi

☆ Woods joins PGA Tour's policy board as player director
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

"Tiger's voice and leadership throughout his career have contributed immeasurably to the success of the PGA Tour, and to apply both to our governance and go-forward plan at this crucial time is even more welcomed and impactful," said PGA Tour Commissioner Jay Monahan. "I am honoured to represent the players of the PGA Tour," Woods, who is recovering from ankle surgery in April, said in a news release. The announcement comes nearly two months after the golf world was left stunned by the announcement of a framework agreement between the PGA Tour and Saudi Arabia's Public Investment Fund, which controls LIV Golf. According to the PGA Tour, the players and Monahan will work together to amend the Policy Board's governing documents to make it clear that no major decision can be made without the involvement and approval of the player directors. Reporting by Frank Pingue in Toronto Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

Persons: Woods, Mike Blake, Patrick Cantlay, Charley Hoffman, Peter Malnati, Rory McIlroy, Webb Simpson, Jay Monahan, LIV, Monahan, Colin Neville, Scottie Scheffler, Jon Rahm, Japan's Hideki Matsuyama, Jason Day, Adam Scott, Frank Pingue, Christian Radnedge Organizations: Golf, Reuters, PGA, Saudi Arabia's Public Investment Fund, PGA Tour, PIF, Thomson Locations: Augusta , Georgia, U.S, Toronto

☆ Saudi soccer dominance could still take 'decades' despite reported $332 million Mbappé bid
▼ + stars: | 2023-07-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Aurelien Meunier - PSG/PSG via Getty ImagesSaudi Arabian soccer club Al-Hilal reportedly tabled a world record 300 million euro ($331.9 million) bid for Paris Saint-Germain star Kylian Mbappé, a further signal of the kingdom's efforts to shake up the sport's global order. Al-Ahli snapped up Chelsea goalkeeper Edouard Mendy and former Liverpool striker Roberto Firmino, and have just agreed a £30 million ($38.54 million) deal to bring in forward Riyad Mahrez from reigning English Premier League and European champions Manchester City. A medium-term threat Soccer isn't the first sport to be rocked by a sudden wave of Saudi investment. This is more like a couple of decades before I think we could see some significant impact." Cristiano Ronaldo stands prior to the Saudi Pro League week 28 soccer match between Al-Nassr and Al-Shabab at Alawwal Park Stadium in Riyadh, Saudi Arabia on May 23, 2023.

Persons: Kylian, Paris Saint, Germain, Le, Aurelien Meunier, Hilal, Mbappé, Nassr, Cristiano Ronaldo, Marcelo Brozovic, Alex Telles, Ronaldo, Ballon, Karim Benzema, N'Golo Kante, Edouard Mendy, Roberto Firmino, Mahrez, Anmar Al, Khalid Alhaj, Al, Ruben Neves, Kalidou Koulibaly, Sergej Milinkovic, Savic, LIV, Michael Goldberg, DBRS Morningstar, Goldberg, Jude Bellingham, Mohammed Saad Organizations: Paris Saint, Campus PSG, PSG, Getty Images, Al, French, country's Public Investment Fund, Real, English Premier League, Newcastle United, Saudi, — Al, Saudi Pro League, Inter Milan, Manchester United, Real Madrid, Chelsea, Liverpool, Manchester City, King Abdullah Sports City, Premier League's Wolverhampton Wanderers, Senegalese, Lazio, UEFA, Champions League, England's Premier League, Liga, Germany's Bundesliga, Italian Serie, isn't, DBRS, CNBC, Bayern Munich, Juventus, Borussia Dortmund, Alawwal, Anadolu Agency, Getty Locations: POISSY, France, Paris, Le Havre, Getty Images Saudi Arabian, Qatar, Real Madrid, Spanish, Saudi, Ittihad, Al, Hilal, Ahli, JEDDAH, Saudi Arabia, Europe, Italian, Barcelona, Liverpool, Shabab, Riyadh

☆ Kylian Mbappé: Saudi Arabian club submits world record bid superstar
▼ + stars: | 2023-07-24 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —Saudi Arabian soccer club Al Hilal has submitted a world-record bid of over $332 million (300 million euros) for Paris Saint Germain (PSG) striker Kylian Mbappé, according to multiple reports on Monday. CNN has reached out to PSG, Al Hilal and Mbappé’s representatives for comment. The current world record fee is $262 million (€222 million) when Neymar moved from Barcelona to PSG in 2017. Al Hilal reached both the FIFA Club World Cup and the AFC Champions League finals last season. Last month, the Saudi Public Investment Fund (PIF) announced that Al Hilal was one of four Saudi clubs that have been transformed into companies, each of which is owned by PIF and non-profit foundations for each club.

Persons: Al Hilal, Kylian Mbappé, Neymar, Mbappé, Nasser Al, Khelaifi, Luis Enrique, “, ” Al, doesn’t Organizations: CNN, Al, Paris Saint Germain, PSG, Saudi, FIFA Club, AFC Champions League, Saudi Public Investment Fund, Sovereign Wealth Fund, French Locations: Saudi Arabian, Japan, Al Hilal, Barcelona, Paris, French, Saudi Arabia, Spanish, Real Madrid

☆ Saudi golf shot plays through CFIUS hazards
▼ + stars: | 2023-07-14 | by ( Jennifer Saba | ) www.reuters.com time to read: +8 min

U.S. congressional lawmakers scrutinized PGA Tour officials on Tuesday this week about the group’s tie-up with a rival golf tournament owned by Saudi Arabia. Enter the Saudis, who launched an upstart golf tournament last year, LIV Golf, that competed with the U.S.-based PGA Tour and its European counterpart DTP. There are worries that Saudi Arabia, a regime viewed as hostile to women and LGBTQ groups, would have significant sway over golf’s culture. LIV Golf is owned by Saudi Arabia Public Investment Fund. Former AT&T Chief Executive Randall Stephenson resigned from the PGA Tour policy board, the Washington Post reported on July 9.

Persons: State Condoleezza Rice, Darla Moore, Covid, LIV Golf, Phil Mickelson, Brooks Koepka, Yasir Al, Ed Herlihy, Wachtell, Lipton, Katz, hasn’t, Randall Stephenson, Jamal Khashoggi, ”, Richard Blumenthal, –, Sherrod Brown, Maxine Waters, Janet Yellen, LIV Golf’s, Joe Biden hasn't, Saudi Arabian Crown Prince Mohammed bin Salman, Khashoggi, Uncle Sam, Refinitiv, China’s ByteDance, LIV, Stephenson, Lauren Silva Laughlin, Sharon Lam Organizations: YORK, Reuters, Public Investment Fund, Augusta National Golf Club, State, U.S, PGA, LIV, Rosen, Breakingviews, Former AT, PGA Tour, Saudi, Department of Justice, Foreign Investment, U.S . Treasury, Saudi Arabian Crown, Walmart, Visa, Uber Technologies, Nation Entertainment, National Basketball League, Houston Rockets, People’s, NBA, backtrack, FIFA, Qatar, The Justice Department, Treasury, Committee, Homeland Security, Governmental Affairs, Saudi Arabia Public Investment Fund, T, Washington Post, Thomson Locations: Saudi Arabia, United States, American, U.S, South Carolina, Iran, China, Saudi, Hong Kong, People’s Republic, Beijing

☆ Rory McIlroy says he’d rather retire ‘if LIV Golf was the last place on Earth to play golf’
▼ + stars: | 2023-07-13 | by ( Ben Morse | ) edition.cnn.com time to read: +4 min

CNN —Rory McIlroy said on Thursday that he would rather retire than compete on the Saudi-backed LIV Golf tour even if it “was the last place on Earth to play golf.”Four-time major winner McIlroy has been a vocal opponent of the breakaway golf tour ever since it came into existence a few years ago, threatening the very foundations of the sport. “If LIV Golf was the last place to play golf on Earth, I would retire. “I’d play the majors, but I’d be pretty comfortable.”CNN has reached out to LIV Golf and the PGA Tour to offer them the right of reply. Earlier this week, witnesses – including PGA Tour Chief Operating Officer Ron Price and Jimmy Dunne, a company board member who helped broker the deal – faced scrutiny from committee members over the deal. “As long as I get to play golf, I’m happy.

Persons: Rory McIlroy, LIV, “, McIlroy, LIV Golf, ”, Tiger Woods, –, Ron Price, Jimmy Dunne, Richard Blumenthal, Price, Dunne, Sen, ” Dunne, ” McIlroy, Gregory Shamus, Randall Stephenson, ” Stephenson, Jamal Khashoggi, Mohammed bin Salman, Khashoggi, Salman, ’ ’ McIlroy, I’ve, there’s Organizations: CNN, LIV, PGA, Scottish, Saudi Public Investment Fund, LIV Golf, US, Homeland Security, Governmental Affairs, Connecticut Democrat, RBC Canadian Locations: Saudi, American, Connecticut, Saudi Arabia

☆ The wildest demand Saudi Arabia made as part of its potential investment (takeover?) in the PGA Tour: get LIV Golf's Saudi boss a Masters green jacket
▼ + stars: | 2023-07-12 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Congress grilled the PGA about its bid to merge with LIV Golf and accept Saudi Arabian investment. As PGA Tour board member Jimmy Dunne put it, "There is simply an agreement to try to get to an agreement." LIV Golf would only play in the fall and not overlap with the heart of the PGA Tour season. What makes the demand even stranger is that the PGA Tour almost certainly does not have the power to grant this. After all, despite the initial fight between the PGA Tour and LIV Golf, none of the defecting players were being withheld from competing in the majors.

Persons: LIV Golf, LIV, LIV Golfand, Jimmy Dunne, Woods, Rory McIlroy, Yasir Al, PIF, Donald Trump, Greg Norman, Chris Trotman, St Andrews, Andrews, Stephanie Asymkos, Augusta Organizations: Augusta National, PGA, Service, PGA Tour, LIV Golf, Investigations, Saudi Arabian Public Investment Fund, LIV, Aramco, Congress, Augusta National Golf, Getty, Augusta National Golf Cub, Golf, St, — Augusta National, Augusta, Uber, Microsoft, Boeing, Disney, English Premier League soccer, Newcastle United, Al, Wall Street Locations: Saudi, Wall, Silicon, Saudi Arabia, St

☆ Lucid shares drop as deliveries take hit from Tesla's price war
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Lucid Group (LCID.O) said its second-quarter production dropped from the previous three months while deliveries stayed flat, sending the shares of the luxury electric-vehicle maker down about 6% on Wednesday. The Saudi Arabia-backed startup has been struggling to ramp up production in the face of supply chain issues, while a price war started by market leader Tesla (TSLA.O) in January has intensified competition. Lucid delivered 1,404 vehicles in the quarter to June 30, compared with 1,406 deliveries in the previous quarter. The company had trimmed its 2023 production forecast and reported a lower-than-expected first-quarter revenue in May as it took a hit from Tesla's price war and rising interest rates. The company said it would report financial results for the second quarter on August 7 after markets close.

Persons: Tesla, Lucid, Aston Martin, Akash Sriram, Arun Koyyur Organizations: Air, Elon, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Bengaluru

☆ The global golf megamerger looks even more confounding after a 3-hour grilling in front of Congress
▼ + stars: | 2023-07-12 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Big questions remain, especially as to why the PGA Tour took the Saudi money without looking elsewhere. The PGA Tour's deal with LIV Golf and Saudi Arabia's Public Investment Fund (PIF) is just an agreement to seek an agreement. This all started when LIV Golf, with golf legend Greg Norman at the lead, started offering PGA Tour players vast sums of money to jump to the new Saudi-backed golf league. The PGA Tour, a non-profit, just did not have the resources to compete with the deep pockets of the Saudis. PGA Tour Commissioner Jay Monahan has yet to testify before Congress.

Persons: LIV Golf, Greg Norman, Sergio Garcia, LIV, Chris Trotman, Sen, Richard Blumenthal, Conn, Tom Williams, Jodi Balsam, Balsam, Jay Monahan, Rob Carr, Jimmy Dunne, Eamon Lynch, Golfweek, Lynch, It's Organizations: Service, LIV, Tour, PGA Tour, Saudi Arabia's Public Investment Fund, PGA, Royal Greens, & Country Club, King Abdullah Economic, Inc, Getty, Brooklyn Law School, NBA Locations: Wall, Silicon, Saudi, Jeddah, King Abdullah, King Abdullah Economic City, Saudi Arabia, PIF

☆ Saudi adviser proposed giving Tiger Woods and Rory McIlroy ownership of LIV Golf teams, documents show
▼ + stars: | 2023-07-11 | by ( Wayne Sterling | ) edition.cnn.com time to read: +2 min

CNN —Prior to a truce between the PGA Tour and LIV Golf last month, an adviser to the Saudi Public Investment Fund proposed that Tiger Woods and Rory McIlroy could own LIV Golf teams and play in the Saudi-backed tour, according to a 276-page report released by the US Senate Permanent Subcommittee on Investigations on Tuesday. In an April 26 meeting, PCP Capital Partners, a Saudi PIF adviser, presented a slideshow to PGA Tour board member Jimmy Dunne and PGA Tour Policy Board Chairman Edward Herlihy entitled “The Best of Both Worlds.”The slideshow proposed that McIlroy and Woods would own LIV Golf teams and participate in at least 10 LIV Golf events, documents showed. A May 24 email also revealed PGA Tour officials intended to fire LIV Golf CEO Greg Norman after the merger. Norman has been an advocate for the rival Saudi tour and a fierce public critic of the PGA Tour. The framework agreement between the Saudis and the PGA Tour needs to be approved by the PGA Tour’s 10-member policy board.

Persons: LIV, Woods, Rory McIlroy, Jimmy Dunne, Edward Herlihy, McIlroy, Yasir Al, Greg Norman, Norman, Jay Monahan’s, PIF, Roger Devlin, Dunne, Delvin, Rumayyan, ” Devlin, Devlin, “, McIlroy “ Organizations: CNN, PGA, Saudi Public Investment Fund, LIV Golf, US, Capital Partners, Tour, Augusta National, International Golf Federation, Saudi, PGA Tour, LIV, Fund, Al Locations: Saudi, Saudi Arabia, Dubai, Rumayyan

The PGA Tour on Tuesday defended its controversial deal with the Saudi-backed LIV Golf league before senators, as scrutiny of the agreement intensifies. Representatives from LIV Tour and Saudi Arabia's Public Investment Fund wasn't present at the hearing because CEO Greg Norman is out of the country, according to a spokesperson. PGA Tour operating chief Ron Price and policy board independent director Jimmy Dunne testified before the Senate Homeland Security Committee's subcomittee on investigations. Dunne and Price said they believed the PGA Tour would benefit the most from the proposed deal. The PGA Tour would manage competitions, and has said it is leading the negotiations to reach a finalized deal.

Persons: LIV, Greg Norman, Ron Price, Jimmy Dunne, Dunne, Price, Yasir Al, Rumayyan, Sen, Richard Blumenthal, Conn, It's, Blumenthal, Norman, Ron Johnson, Johnson, CNBC's Organizations: LIV Golf, LIV Tour, Saudi Arabia's Public Investment Fund, PGA Tour, Senate Homeland Security, Comcast, Paramount Global, Disney, Warner Bros, Capitol, PIF Locations: Saudi, American, Yemen

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