Saudis reveal new masterplan to DOMINATE world football

Tom Weber

• Updated: 29 Oct 2024 17:37 CDT
• 3 min read

Newcastle chairman Yasir Al-Rumayyan has announced that the Public Investment Fund intends to cut funding for overseas projects to focus on domestic spending.

In recent years, Saudi Arabia has begun increasingly investing in sports. Crown Prince Mohammed bin Salman is determined to diversify the country's oil-reliant economy, while he is, of course, also well aware of the positive media attention sports provide.

Saudi Arabia's Public Investment Fund has pumped money into football, golf and other sports to accomplish Bin Salman's mission, most notably acquiring Premier League outfit Newcastle United in October 2021.

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In the summer of 2023, the PIF took control of the Saudi Pro League's four biggest football clubs, Al-Ahli, Al-Hilal, Al-Ittihad and Al-Nassr, and proceeded to spend north of €800 million on new signings, primarily on big-name European stars who were to follow in the footsteps of Cristiano Ronaldo.

The likes of Neymar, Sadio Mane, Riyad Mahrez and Fabinho were signed for sizeable fees. Since then, however, the spending of that one window has not yet been matched, but it appears that this could soon change.

PIF to focus on internal investments

The 2024 summer window saw comparatively little expenditure from Saudi clubs, with the entire league spending just over half of what its four foremost clubs had splashed out alone the year prior.

Now, PIF governor Yasir al-Rumayyan, who also acts as Newcastle chairman, has announced a significant shift in the fund's spending policy. Speaking at the Future Investment Initiative conference, he revealed that the PIF is aiming to reduce the proportion of its international spending from 30 per cent down to 18 to 20 per cent.

READ MORE: How much have Newcastle spent on transfers under PIF?

“The absolute dollar amount is still growing... The dollar amounts are increasing,” he insisted, but spending will primarily be focused on internal projects in Saudi Arabia. “We’re more focused on the domestic economy and we’ve been achieving and doing so many big things.”

This could mean that more funds will be made available for the PIF's Pro League sides, enabling more spending on high-profile players. After all, why spend on foreign investments when you can simply bring people to Saudi Arabia?

It remains to be seen how this change will affect Newcastle, but it is clear that it will likely stop the PIF from acquiring more clubs to instead focus on the goal of making the Pro League a top-ten division in the world.