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☆ Rory McIlroy thinks Donald Trump and Elon Musk could help PGA Tour and LIV Golf discussions
▼ + stars: | 2024-11-07 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +2 min

CNN —Rory McIlroy thinks that Donald Trump’s return to presidency could help unify the fractured landscape of men’s professional golf by brokering a deal between the PGA Tour and the breakaway Saudi-backed LIV Golf. When asked on Wednesday if Trump could deliver on his own assertion that he could fix the LIV-PGA Tour deal in 15 minutes, McIlroy said: “He might be able to. The US-based circuit and the Saudi Public Investment Fund (PIF), which is behind LIV Golf, remain locked in negotiations, with the initial deadline for the partnership of December 31 last year extended into 2024. When asked about the PGA Tour and LIV on the podcast, recorded Sunday ahead of the election, he added: “I’m really going to work on other things, to be honest with you. “Great news from LIV golf.

Persons: Rory McIlroy, Donald Trump’s, LIV Golf, Trump, McIlroy, He’s, Elon Musk, it’s, he’s, LIV, “, ” Trump, Bill Belichick, Jim Gray Organizations: CNN, PGA Tour, HSBC Abu Dhabi Championship, Saudi Public Investment Fund, Trump, PGA, LIV Locations: Saudi, Saudi Arabia, United States

☆ The financial ties between China and Saudi Arabia keep getting deeper
▼ + stars: | 2024-11-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

China has chosen Saudi Arabia as the site for its next offering of US dollar bonds. Saudi Arabia is leaning on Chinese investment to bankroll large development projects. Saudi Arabia has embraced Chinese investment to help bankroll its juggernaut modernization plans. At the end of October, Saudi Arabia debuted two new exchange traded funds to track markets in Hong Kong and China. Earlier this year, the US offered Saudi Arabia tech and security deals on the condition that Riyadh rejects its new tech alliance with China.

Persons: It's, — Organizations: Service, Ministry, Finance, Saudi Public Investment Fund, Financial Times, Tech, US Locations: China, Saudi Arabia, Riyadh, Beijing, Russia, Neom, Hong Kong, Saudi

Sovereign wealth funds out of the Middle East are emerging as key backers of Silicon Valley's artificial intelligence darlings. In the past year, funding for AI companies by Middle-Eastern sovereigns has increased fivefold, according to data from Pitchbook. Few venture funds have deep enough pockets to compete with the multibillion-dollar checks coming from the likes of Microsoft and Amazon . MGX was launched as a dedicated AI fund in March, with Abu Dhabi's Mubadala and AI firm G42 as founding partners. For the U.S., having sovereign wealth funds invest in American companies, and not in global adversaries like China, has been a geopolitical priority.

Persons: Goldman Sachs, Prince Mohammed bin Salman's, Uber, LIV, UAE's Mubadala, MGX, Abu Dhabi's Mubadala, Anthropic, Andreessen Horowitz, Jamal Khashoggi, It's, Bpifrance, WeWork spiraled, Jared Cohen, there's Organizations: United, CNBC, Microsoft, Gulf Cooperation Council, Saudi Public Investment Fund, Abu, Abu Dhabi Investment Authority, Qatar Investment Authority, BlackRock, Global Infrastructure Partners, Saudi, U.S, Saudi Company, Artificial Intelligence, Washington Post, SoftBank, Goldman Sachs Global Institute Locations: Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Pitchbook, Abu Dhabi, Temasek, Singapore, China, UAE

The talks between the tour and the Saudi Public Investment Fund, which backs LIV Golf, are "extremely active," the person said. A PGA Tour representative declined to comment. The deal will reportedly be structured similar to their deal with the Strategic Sports Group, a consortium of investors. "By making PGA TOUR members owners of their league, we strengthen the collective investment of our players in the success of the PGA TOUR," Monahan said at the time. After clear lines were drawn, players expressed frustration about the proposed deal, leading the tour to increase financial incentives for golfers.

Persons: LIV, Rory McIlroy, Tiger Woods, John Henry —, McIlroy, PIF, Jay Monahan, Yasir Al, Rumayyan, hasn't, " Monahan, Jimmy Dunne, Dunne, Phil Mickelson, —, Monahan Organizations: THE, Sawgrass, CNBC, Saudi Public Investment Fund, Fenway Sports, Saudi, Strategic Sports Group, The New York Times, Tour Enterprises, PGA, Fenway Sports Group Locations: Ponte Vedra Beach , Florida, Saudi, New York

☆ Lucid CEO says Chinese automakers are still 'years and years behind' Elon Musk's Tesla
▼ + stars: | 2024-05-10 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewChinese EV makers are challenging Tesla — but one of the company's rivals still thinks they're years away from overtaking Elon Musk's firm in one respect. Lucid CEO Peter Rawlinson said that despite their success, Chinese automakers are still some distance behind Tesla when it comes to the underlying technology that powers EVs — but warned that they could catch up quickly. Related storiesHowever, Rawlinson warned that Western car makers must not "underestimate" the ability of their Chinese rivals to quickly catch up on core EV technology. After once laughing off Tesla's Chinese rivals, Musk now seems a lot more worried, telling investors that Chinese EVs are likely to "demolish" the competition if trade barriers aren't put in place. The company has slashed prices on its high-end Lucid Air sedan to compete with Tesla, and produced less than 10,000 vehicles last year.

Persons: —, Elon Musk's, Peter Rawlinson, EVs, they're, Tesla, Rawlinson, they've, They're, Warren Buffett Organizations: Service, Elon, Business, Financial Times, Geneva, Tesla, Saudi Public Investment Fund Locations: London, China

☆ Steve Mnuchin breaks out the checkbook
▼ + stars: | 2024-03-15 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

Mnuchin rebornNine months after President Joe Biden was inaugurated and Mnuchin left the Treasury Building, Mnuchin formed a new private equity group, Liberty Strategic Capital. Steven Mnuchin's private equity firm made a $450 million investment in New York Community Bank last week. When Mnuchin left CIT less than two years later, he received a $10.9 million severance package. “It’s a great business and I’m going to put together a group to buy TikTok,” Mnuchin told visibly stunned anchors on CNBC Thursday morning. Mnuchin may be the founder and managing partner of Liberty Strategic Capital, but Saudi Arabia is reportedly covering a big chunk of his firm’s tab.

Persons: Donald Trump’s, Steven Mnuchin, Mnuchin, Joe Biden, Jackie ”, Trump, Goldman Sachs, ”, Liberty, Steven Mnuchin's, Spencer Platt, “ It’s, ” Mnuchin, “ You’re, ” Andrew Ross Sorkin, ” interjected, TikTok, “, he’s, Will Lanzoni, Crown Prince Mohammed bin Salman Organizations: New, New York CNN, Treasury, Liberty Strategic Capital, Lionsgate, New York Community Bank, Getty, Federal Deposit Insurance Corporation, CIT Group, CIT, CNBC, CNN, Senate, Liberty Strategic, Crown, New York Times, Saudi Public Investment Fund, Meta, ByteDance . Liberty Strategic Locations: New York, cybersecurity, New, California, China, Montana, Saudi Arabia, Saudi, ByteDance

☆ PGA Tour secures up to $3 billion from U.S. investors as LIV Golf merger hangs in the balance
▼ + stars: | 2024-01-31 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

The PGA Tour logo is seen during the third round of the Travelers Championship at TPC River Highlands in Cromwell, Connecticut, on June 24, 2017. A U.S. consortium has agreed to invest up to $3 billion into the PGA Tour, the professional golf organization announced on Wednesday. Under the terms of the deal, the investor, Strategic Sports Group, will become a minority owner in PGA Tour enterprises, the for-profit entity of the PGA Tour. "Today marks an important moment for the PGA Tour and fans of golf across the world," PGA Tour Commissioner Jay Monahan said. "By making PGA Tour members owners of their league, we strengthen the collectives investment of our players in the success of the PGA Tour," Monahan said.

Persons: LIV, PIF, Jay Monahan, " Monahan, Fenway Sports Group's John Henry, Arthur Blank, Steve Cohen, Tom Ricketts, Wyc Grousbeck, John Henry, Monahan, Henry, Yasir Al, Rumayyan, Critics, Prince Muhammad bin Salman, LIV Golf, Phil Mickelson, Dustin Johnson, Brook Koepka, John Rahm Organizations: PGA Tour, Strategic Sports Group, Saudi, PGA, Fenway Sports, Atlanta Falcons, Arthur Blank , New York Mets, Chicago Cubs, Boston Celtics, Fenway Sports Group, Saudi Public Investment Fund, Saudi Public Investment, CNBC, Justice Department Locations: Cromwell , Connecticut, U.S, Arthur Blank ,, Saudi Arabia, Saudi

☆ Steve Cohen and other sports investors set to pump billions into the PGA Tour
▼ + stars: | 2024-01-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +2 min

A US sports consortium is set to pump billions into the PGA Tour, according to a new report. The PGA Tour didn't immediately respond to a request for comment from Business Insider before publication. The major investment comes amid an ongoing rivalry between the PGA Tour and LIV Golf. Families of the 9/11 terrorist attacks criticized the PGA Tour for the merger, classifying the decision as a demonstration of "hypocrisy and greed." "We cannot compete with a foreign government with unlimited money," Jay Monahan, the commissioner of PGA Tour, told The Wall Street Journal regarding the merger.

Persons: Steve Cohen, Cohen, Marc Lasry, LIV Golf, LIV, Phil Mickelson, Jay Monahan Organizations: PGA, Strategic Sports Group, Saudi Public Investment Fund, Bloomberg, Business, New York Mets, Cohen Private Ventures, Milwaukee Bucks, Fenway Sports, PGA Tour Enterprises, LIV Golf, Saudi Arabia's Public Investment Fund, PGA Tour, Wall

☆ PGA Tour and LIV Golf are working to extend merger deadline into 2024
▼ + stars: | 2024-01-01 | by ( Jessica Golden | ) www.cnbc.com time to read: +2 min

PGA Tour and LIV Golf are working to extend their proposed merger deadline, which was originally set at Dec. 31, Commissioner Jay Monahan told players in a memo on Sunday. The delay is the latest update in a long and tumultuous saga between the PGA Tour and Saudi Public Investment Fund-backed LIV Golf that has divided players and could dramatically change professional golf if the merger is completed. PGA Tour and LIV are expected to make a formal decision on the combination ahead of the Masters tournament in April, according to The Telegraph, which first reported the extension. Under the structure of the agreement, PGA Tour would hold a permanent controlling interest in the new entity's board of directors. The agreement also includes the DP World Tour, also known as the PGA European Tour.

Persons: LIV Golf, Jay Monahan, LIV, Monahan Organizations: THE, Sawgrass, CNBC, PGA Tour, Saudi Public Investment Fund, Strategic Sports Group, Saudi, Public Investment Fund, PGA Tour Enterprises, U.S, Fenway Sports Group, The, PGA European, U.S . Federal Trade Commission, Justice Department Locations: Ponte Vedra Beach , Florida

OMFIF outlined a dark mood among the funds, with more than half expecting a global economic recession in the next 12 months. None reported a positive outlook for China's economy, citing the regulatory environment and geopolitics among primary factors dissuading them from investing. "(Investors) are now focused on how to deal with a macroeconomic environment that is stuck in a higher-for-longer interest rate cycle," the report said. Overall, sovereign funds fared better than their public pension peers, OMFIF added. The UAE's Abu Dhabi Investment Authority and Saudi Public Investment Corporation grew by 13.8% and 12.9% respectively, gaining over $200 billion between them.

Persons: David Morley, OMFIF, Libby George, Sharon Singleton Organizations: Investors, Official Monetary, Financial, OMFIF, Caisse, outsized, Abu Dhabi Investment Authority, Saudi Public Investment Corporation, Thomson Locations: China, India, Middle East, Abu Dhabi

☆ Saudi Arabia is pouring billions into soccer, golf, and Formula 1. Its crown prince doesn't care if anyone calls it 'sportswashing.'
▼ + stars: | 2023-09-30 | by ( George Glover | ) www.businessinsider.com time to read: +9 min

Saudi Arabia is pouring billions into sports in a bid to transform its economy. Crown Prince Mohammed bin Salman has made the sector a key part of his Vision 2030 plan. But the reality is that the crown prince has a grander ambition: to level up Saudi Arabia's economic growth. "But Saudi Arabia is piling into other sports too, because they want to achieve a lot in a short period of time." AdvertisementAdvertisementAs Crown Prince Mohammed made clear last week, all this forms part of a broader strategy to supercharge Saudi Arabia's economy through investment.

Persons: Prince Mohammed bin Salman, bankrolled, —, Cristiano Ronaldo, Phil Mickelson, Anthony Joshua, –, Jamal Khashoggi, they've, Steve Luciano, AP Ronaldo, Al Nassr, Ballon, Karim Benzema, Neymar, Sadio, PIF, LIV Golf, Mickelson, Dustin Johnson, Brooks Koepka, LIV, Joshua, that's, Tyson Fury, Oleksandr Usyk, Frank Warren, Prince Mohammed, Mohammed bin Salman, Leon Neal, Simon Chadwick, Chadwick, megastars, Ronaldo –, Salman, bin Salman, Saudi Arabia –, St Andrews, Nick Kyrgios, who've, Elsa, he'd, they'll Organizations: Newcastle United, Service, Washington Post, Saudi, Investment Fund, Premier League, UEFA Champions League, Saudi Public Investment Fund, Newcastle, AP, Saudi Pro League, Georgetown University Qatar, PGA, WWE, Fox News, SKEMA Business School, Indian Premier League, FIFA Locations: Saudi Arabia, Saudi, England, Riyadh, Brazil, Liverpool, Kingdom, Jeddah, Lille, France, Reiche, Iran, Miami, Augusta, bankroll

☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

☆ Saudi crown prince says he will keep 'sportswashing' as criticism of the practice grows
▼ + stars: | 2023-09-21 | by ( Drew Richardson | ) www.cnbc.com time to read: +4 min

Call it whatever you want, we're going to get that one and a half percent," the crown prince said. The Saudi Public Investment Fund (PIF), an entity controlled by Crown Prince Mohammed, has backed Saudi soccer clubs and LIV Golf. The LIV Golf merger with the PGA Tour has faced widespread scrutiny. Key U.S. lawmakers have criticized the pending golf merger as an attempt by the kingdom to distract from its human rights record. Prior to the deal, LIV Golf sued the PGA Tour for alleged anticompetitive practices, which prompted the PGA Tour to countersue, saying LIV Golf was stifling competition.

Persons: Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, Prince Mohammed bin Salman, sportswashing, I'm, Critics, Jamal Khashoggi, Cristiano Ronaldo, Dustin Johnson, Bryson DeChambeau, LIV Golf, Crown Prince Mohammed, LIV, Osama bin Laden, It's, Sen, Richard Blumenthal, Conn, Jimmy Dunne, Ron Price, Price, Benjamin Freeman, — CNBC's Lillian Rizzo, Chelsey Cox Organizations: Saudi, Saudi Arabian Crown, Partnership, Global Infrastructure, Fox News, Washington Post, Neymar, PGA Tour, Saudi Public Investment Fund, Crown, Reuters, PGA, Key U.S, Homeland Security, Governmental Affairs, Tour, Quincy Institute, Responsible Locations: Saudi Arabian, New Delhi, India, Saudi, Europe, Saudi Arabia, Key, Yemen

Legendary golfer Gary Player thinks government and sports shouldn't mix, as the golf world goes through a major merger that has triggered antitrust concerns. He was an ambassador for Golf Saudi, an organization pushing to make the Kingdom of Saudi Arabia a more prominent force in the sport. Player also said he supports the proposed merger between Saudi-backed LIV Golf and the PGA Tour, which has drawn criticism and scrutiny from regulators and lawmakers, not to mention golfers. (Previously, Player has spoken out against players leaving the PGA Tour to join LIV Golf, saying it's for "guys that can't win one the regular tour any more.") Last week, a U.S. Senate subcommittee held its second hearing on the proposed merger.

Persons: Gary Player, We've, LIV Golf, Connecticut Sen, Richard Blumenthal Organizations: CNBC, Golf Saudi, Aramco, PGA Tour, U.S, Connecticut, Democratic, Saudi Public Investment Fund, soccer team Locations: Kingdom of Saudi Arabia, Saudi

Senator Richard Blumenthal, D-CT, speaks during a Senate Judiciary Committee hearing on the January 6th insurrection, in the Hart Senate Office Building on Capitol Hill in Washington, DC, March 2, 2021. WASHINGTON — Bipartisan members of a Senate subcommittee on homeland security demanded transparency Wednesday from a Saudi Arabian investment fund at its second hearing on the controversial deal to merge PGA Tour and Saudi-backed LIV Golf. "Saudi Arabia's bid to buy professional golf in America is not just one investment in a vacuum," Sen. Richard Blumenthal, D-Conn., chairman of the Permanent Subcommittee on Investigations, said on Capitol Hill. Blumenthal announced that he had issued a subpoena on Wednesday to USSA International LLC, the PIF's wholly-owned U.S. subsidiary, for documents related to the PGA Tour-LIV Golf deal and other U.S. investments. A PGA Tour representative declined to comment.

Persons: Richard Blumenthal, LIV Golf, Sen, Conn, Blumenthal, LIV, Benjamin Freeman, Joey Shea, LIV didn't Organizations: WASHINGTON, Saudi, Investigations, Capitol, USSA, PGA, Quincy Institute, Responsible, United, Human Rights Watch Locations: Hart, Washington , DC, Saudi Arabian, Saudi, America, Saudi Arabia, China, Russia, United States, United Arab Emirates

The private equity firm's follow-on investment translates into an additional equity stake of 0.25% in Reliance Retail on a fully-diluted basis, taking KKR's total equity stake in the Indian company to 1.42%, the retailer said in a statement on Monday. That year, KKR had invested 55.5 billion rupees ($669.65 million) in Reliance Retail. Morgan Stanley acted as financial adviser to Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail reported a consolidated net profit of 91.81 billion rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Maggi, Niharika Kulkarni, Mukesh Ambani's, Jimmy Choo, Spencer, Pret, Ambani, Morgan Stanley, Aditya Kalra, Toby Chopra, Tomasz Janowski, Deepa Babington Organizations: REUTERS, KKR, Co Inc, Retail Ventures, Reliance, Reliance Retail, Saudi Public Investment Fund, General Atlantic, United Arab, Asian, IV, Reuters, Qatar Investment Authority, Unilever, Thomson Locations: Mumbai, India, DELHI, United Arab Emirates

☆ US, Saudi Arabia in talks to secure metals in Africa, Wall Street Journal reports
▼ + stars: | 2023-09-10 | by ( ) www.cnbc.com time to read: +1 min

VinFast electric vehicles are parked before delivery to their first customers at a store in Los Angeles, March 1, 2023. The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks. In a similar arrangement in July, Saudi Arabian Mining Co (Ma'aden) (1211.SE) and the Saudi Public Investment Fund (PIF) acquired 10% of Brazilian Vale's base metal unit, while U.S. investment firm Engine No. The White House is seeking the financial backing of other sovereign-wealth funds in the region, but talks with Saudi Arabia have progressed the farthest, the Journal added. The Saudi government and The White House did not immediately respond to a request for comment.

Persons: PIF, Ma'aden Organizations: Wall Street, Democratic, Saudi Arabian Mining, Saudi Public Investment Fund, Manara Minerals, Saudi Locations: Los Angeles, United States, Saudi Arabia, Africa, Saudi, Democratic Republic of Congo, Guinea, Namibia, U.S, China, Brazilian, Congo

That implies a potential $2.5 billion investment will be equivalent to a 2.5% stake in the company. "Several marquee global strategic and financial investors have shown strong interest in Reliance Retail. Ambani said in 2019 that the group planned to list the retail business in five years. Reliance Retail has more than 18,000 retail outlets, but also a growing e-commerce operation where it competes with the likes of Amazon (AMZN.O) and Walmart's (WMT.N) Flipkart. Reliance Retail reported a consolidated net profit of 91.81 billion Indian rupees ($1.11 billion) for the financial year that ended in March 2023, on revenue of 2.6 trillion rupees.

Persons: Ambani, Mukesh Ambani's, Reliance, Morgan Stanley, QIA, Ambani's, Isha Ambani, Aditya Kalra, Scott Murdoch, Sriram, Munsif Vengattil, Susan Fenton Organizations: Retail Ventures, Reuters, Qatar Investment Authority, India's, Burberry, Reliance, Reliance Retail, KKR, Saudi Public Investment Fund, General Atlantic, United Arab, Unilever, Thomson Locations: SYDNEY, Qatar, U.S, China, United Arab Emirates, New Delhi, Sydney, Mumbai

☆ StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 bln
▼ + stars: | 2023-08-28 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. Riyadh-headquartered AviLease, also known as Aircraft Leasing Co, is a jet lessor owned by Saudi Arabia's sovereign wealth fund. StanChart said in January it was exploring options for its global aviation finance business. Dublin-based Standard Chartered Aviation Finance owns and manages more than 120 aircraft and offers services including jet fuel hedging, debt financing and remarketing of unneeded planes. PIF is setting up startup carrier Riyadh Air to predominantly serve the kingdom’s capital, which has ambitions to become a global business hub.

Persons: Peter Nicholls, StanChart, Simon Cooper, Airfinance, Fahad Al, Saif, AviLease, Rishav Chatterjee, Shounak Dasgupta, Mark Potter Organizations: Chartered, REUTERS, Aircraft Leasing Co, Chartered Aviation Finance, Aviation Finance, Corporate, Institutional Banking, Standard Chartered, Saudi Public Investment Fund, Riyadh Air, Thomson Locations: London, Britain, Saudi Arabia, Riyadh, Saudi, Dublin, Europe, Bengaluru

☆ 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

☆ The Premier League is missing key players like Cristiano Ronaldo and N'Golo Kanté. They've left for the Saudi Pro League.
▼ + stars: | 2023-08-25 | by ( Will Gendron | Nathan Rennolds | ) www.businessinsider.com time to read: +5 min

The English Premier League kicked off this month without key players like Cristiano Ronaldo and N'Golo Kanté. They have opted to join the Saudi Pro League instead, which has been poaching the world's best players. They've joined the dozens of players flocking to the Saudi Pro League in Saudi Arabia. Saudi Pro League clubs are also targeting high-profile managers in their push to develop the sport in the country. "Something new is obviously happening" in regards to the Saudi Pro League, Richard Masters, the CEO of the Premier League, told the BBC last month.

Persons: Cristiano Ronaldo, N'Golo Kanté, Jordan Henderson, Riyad, Rúben Neves, They've, Neymar, Getty, Michael Reaves, Rumblings, Ronaldo, Hilal, Kylian Mbappé, phenom, Prince Al Waleed bin Talal, Karim Benzema, Sadio Mané, Steven Gerrard, Shaun Botterill, doesn't, Nuno Espírito Santo, LIV, Richard Masters Organizations: English Premier League, Saudi Pro League, Premier League, Eastern, BBC, Investment Fund, Guardian, Saudi, Al, He'll, Chelsea, France, ESPN, Forbes, Paris Saint Germain, Boeing, Bayern Munich, Liverpool, Scottish, Rangers, Aston Villa, Tottenham Hotspur, Saudi Public Investment Fund Locations: Saudi Arabia, Saudi, Hilal, Paris, Brazil, Barcelona, Real Madrid, France

☆ QIA picks stake in Ambani's Indian retail behemoth at $100 bln valuation
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Shopping trolleys are seen parked outside a Reliance supermarket in Mumbai, India, March 16, 2021. REUTERS/Niharika Kulkarni/File Photo Acquire Licensing RightsBENGALURU, Aug 23 (Reuters) - Qatar Investment Authority will invest 82.78 billion rupees ($1 billion) for about 1% stake in Reliance Retail Ventures, the retail arm of India's Reliance Industries (RELI.NS) valuing the company at $100 billion, the companies said on Wednesday. Headed by billionaire Mukesh Ambani's daughter Isha Ambani, Reliance Retail Ventures houses retail operations, including international partnerships and consumer goods business. Reliance Retail, a unit of Reliance Retail Ventures, was recently valued at $92 billion to $96 billion by two global consultants, a move that could signal an eventual initial public offering of the company. Reliance Retail is India's largest retailer and has been partnering with a slew of global brands to launch and expand their presence in India.

Persons: Niharika Kulkarni, Mukesh Ambani's, Isha Ambani, Andrew Mills, Savio D'Souza Organizations: Reliance, REUTERS, Rights, Qatar Investment, Reliance Retail Ventures, India's Reliance Industries, KKR, General Atlantic, Saudi Public Investment Fund, Sethuraman NR, Thomson Locations: Mumbai, India, Bengaluru, Qatar

☆ 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

☆ Saudi binge is fiscal free kick for European clubs
▼ + stars: | 2023-08-18 | by ( Streisand Neto | ) www.reuters.com time to read: +3 min

The Saudi binge may help European teams raise funds and meet tough new financial rules. The Roshn Saudi League is a top scorer in the football transfer market. UEFA, the governing body for European football, has introduced new rules limiting clubs’ spending on wages, transfers and agent fees to 70% of revenue. European clubs should take the money before the referee's whistle blows. Saudi clubs have spent over 550 million euros buying players from European clubs in the 2023/2024 transfer season, according to Transfermarkt.

Persons: Al Hilal's, Neymar, Fahd bin Saad Al, Neymar da Silva Santos Júnior, Germain, Rúben Neves, Prince Mohammed bin Salman, Len Blavatnik, China’s, Oscar, Marouane, Hilal, Cristiano Ronaldo, Karim Benzema, Neil Unmack, Thomas Shum, Pranav Kiran Organizations: Soccer, Al, Saudi Pro League, REUTERS Acquire, Reuters, Paris Saint, Saudi, Saudi Public Investment Fund, Britain’s Premier League, Premier League, Deloitte’s Sports Business, UEFA, Deloitte, Reuters Graphics Reuters, Bloomberg, BBC, Thomson Locations: Al Hilal, Paris, France, Saudi, Hilal, Saudi League, Al, Ittihad, Saudi Arabia, Riyadh, Kingdom, Saudi Arabian

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