According to Sky Sports, the Public Investment Fund (PIF) will make an incredible investment in golf, which will lead to a merger between Liv Golf, PGA Tour and DP World Tour. Saudi Arabia's final goal, as well as the intermediate goal of becoming increasingly important in international sporting events, is to make the tourism sector grow on a land and coast sector where many golf courses could be built.
And golf is the latest investment of the PIF fund after soccer, F1 and boxing. The sovereign fund is headed by the Saudi prince Mohammed Bin Salman in a hierarchical structure that sees as chairman and governor of the fund Pif Yasir Al - Rumayyan, simultaneously chairman of Aramco, Newcastle and Golf Saudi which in turn controls the Arab League Liv Golf whose CEO is the former player Greg Norman, for all the white shark.
This merger agreement also includes the other two circuits, the American and the European one. Changes are expected starting from 2024, the year in which a new competition calendar will be redesigned, the prize pools will increase exponentially and it is imagined that new competition formats could be born along the lines of the approach already given by Liv golf with shorter 54-hole competitions and a final team championship.
About the PIF
The Public Investment Fund was established by royal decree in 1971 to finance projects of strategic economic importance. Since its inception, the PIF has been the main line of investment of the Kingdom of Saudi Arabia and has played an important role in financing major projects in the country, including oil refining, fertilizer, petrochemical industry and electricity.
In July 2014, the Council of Ministers authorized the PIF to finance new initiatives within and outside the Kingdom, independently or in partnership with the public and private sector, without the prior consent of the Council.
In 2015, supervision of the fund was transferred from the Ministry of Finance to the Council for Economic Affairs and Development, established in 2014. As a result of these changes, the board has taken steps to enhance its investment capabilities and enable the Fund to manage a broader portfolio of current and new assets to ensure the country can modernize its economy and become independent from oil prices through foreign investment. The goal is to diversify state resources and the economy and contribute to the development of strategic sectors.
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