{
  "id": 12650791,
  "title": "Saudi Arabia still open to sport investing, insists PIF, despite drastic cutbacks",
  "url": "https://urgent.news/2026/10/07/saudi-arabia-still-open-to-sport-investing-insists-pif-despite",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-07T14:50:56.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/saudi-arabia-still-open-to-sport-investing-insists-pif-despite-drastic-cutbacks/"
  },
  "original_language": "en",
  "account": "The Public Investment Fund (PIF) of Saudi Arabia remains open to investing in the sports industry, despite recent scaling back of high-profile projects. These include their withdrawal from backing the LIV Golf league and extravagant expenditures on foreign players for the Saudi Pro League. Additionally, they have abandoned hosting the WTA Finals following the outbreak of war in Iran.\n\nFeras Sheraiff, head of MENA investments at PIF, emphasized the shift in their investment model during a speech at the Leaders Week London conference. He described it as moving from government-backed subsidized events to more sustainable and economically viable ventures. Sheraiff stated that the PIF is willing to explore investments, co-investments, and negotiate terms with partners.\n\nThe geopolitical and economic uncertainty stemming from the Middle East conflict has prompted Saudi Arabia to focus on infrastructure development for the 2034 World Cup. Among the ambitious plans is the construction of the Prince Mohammed bin Salman Stadium, situated on the cliffside of Qiddya. This project aims to become the nation's comprehensive sports, entertainment, and culture hub. Qiddya director Marc Archer highlighted the extensive pressure to deliver a world-class stadium, training facilities, and related infrastructure within the next decade. He also mentioned that constructing a city entails much more than just placing sports, entertainment, arts, and culture assets; it involves creating schools, medical facilities, and navigating complex interrelated projects.",
  "summary": "Saudi Arabia remains keen to invest in sport despite scaling back funding for high-profile projects in golf, football and tennis, says the Public Investment Fund. PIF has retreated from bankrolling LIV Golf and extravagant spending on foreign players for the Saudi Pro League as well as giving up hosting the WTA Finals as part of [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}