Tracking the rise of Russias missile strikes on Kyiv, A rare insight into Hitler's private life. Saudi Arabia: $3.5bn fraud case set to define crown prince's anti-graft Loujain al-Hathloul was released in February after after almost three years in detention, Areej al-Sadhan said her brother Abdul Rahman was tortured before being jailed for 20 years for writing satirical tweets that criticised authorities, The war in Yemen has triggered what the UN says is the world's worst humanitarian crisis. For an optimal experience visit our site on another browser. The panel was led by Yasir al-Rumayyan, a Harvard Business School graduate who is also chairman of Saudi Aramco, the state-owned oil giant. Henry Goodwin previously advised Bobby Jindals 2016 presidential campaign. Diplomats, investors and ethics experts noted during the Trump administration that his anticipated return to the family business injected a potential conflict of interest into Mr. Kushners relationship with Prince Mohammed and other oil-wealthy Arab royals. For more information, please read our Privacy Policy, Saudi Arabias PIF has founded a Saudi-Iraqi investment company. Critics are concerned that all that financial power abroad could be. Disney, Uber, Facebook and Starbucks are just some of the companies to have received hundreds of millions of pounds from PIF, which owns 80% of Newcastle. The takeover, which is worth about 300m, is a fraction of the overall size of PIF's investments, which are in the hundreds of billions of pounds. | Alex Brandon/AP Photo. The Public Investment Fund managed to in lock purchases between $105 and $142, as it acquired 4.26 million shares of the tech giant. But LIV Golfs success in drawing in some of golfs biggest names has raised concerns about the future of the sport. June 12, 2022, 1:30 AM PDT By Karim Zidan The most controversial tournament in golf history teed off at the Centurion Club in Hertfordshire, England, on Thursday, threatening to upend a. Beyond the past major champions like Koepka, Mickelson and Smith, there are also players like Lee Westwood, formerly the worlds top-ranked golfer, the Ryder Cup stalwart Ian Poulter and Mito Pereira, who came tantalizingly close to winning a major in 2022. In its most recent public filings with the Securities and Exchange Commission, dated March 31, Mr. Kushners firm reported that its main fund had $2.5 billion under management, almost entirely from investors based overseas. But oil doesn't last forever, and the fund has to find new ways to make money in the long term. The leagues launch in the U.S. has been supported by a small army of consulting firms and D.C. insiders that have included the PR giant Edelman, former White House press secretary Ari Fleischer and McKenna & Associates. Prior to their work consulting on Ramaswamys longshot campaign, Gitcho served as a communications adviser for former Georgia GOP Senate nominee Herschel Walker. But this is not entirely transparent. Scott Taetsch/LIV Golf/LIVGO, via Associated Press. It also underscores the kingdoms commitment to altering its domestic and international perception without any obligation to advancing human rights. "An assessment would have to be made as to whether the PIF exclusively acts as a profit-seeking investor or whether it pursues a foreign policy agenda. Saudi Arabia, the GCC's largest economy, has ramped up tendering on its Public Investment Fund (PIF . Gitcho Goodwin, the firm led by longtime political operatives and top Ramaswamy advisers Gail Gitcho and Henry Goodwin, registered retroactively over the weekend as foreign agents for the Saudi-funded LIV Golf league. Anyone can read what you share. 15 March 2022. The BBC is not responsible for the content of external sites. Also, the operational [due diligence] shows that they are unsatisfactory in all aspects. After the kingdom's Public Investment Fund was allowed to buy an 80% stake in Newcastle United, Mr Khashoggi's fiance, Hatice Cengiz, called the takeover "heart-breaking". A motion filed in the US in December, to dismiss the al-Jabri case against the crown prince, alleged that of $19.7bn allocated by the Saudi authorities to combat . Ari Emanuel Compares CAA To Walmart, Talks LIV Golf, Saudi Arabia "Riyadh is pushing Egypt to sell the family silver," said Stephan Roll, head of the Middle East and Africa division at SWP,referring to lucrative state-owned enterprises or Egyptian government shares in profitable private companies. UN-appointed human rights expert Agnes Callamard said Saudi agents had "used state means to execute Mr Khashoggi" at its Istanbul consulate. (The Saudi fund . The LIV Golf Invitational is a breakaway series made possible by the largesse of Saudi Arabias Public Investment Fund that has managed to attract some of the biggest names in golf with enormous financial incentives, including major championship winners Phil Mickelson and Dustin Johnson, as well as Ryder Cup standouts like Ian Poulter, Sergio Garcia and Lee Westwood. The Saudi fund agreed to invest twice as much and on more generous terms with Mr. Kushner than it did at about the same time with former Treasury Secretary Steven Mnuchin who was also starting a new fund even though Mr. Mnuchin had a record as a successful investor before entering government, the documents show. The Saudi sovereign wealth fund PIF has created a new unit to invest in industries across Iraq, with a capital of $3 billion and headquarters in Saudi Arabia, the new unit's acting CEO . Thus, the LIV Golf series is not a mark of change but rather a dangerous evolution in Saudi Arabias sportswashing strategy one marked by aggressive investments and a disregard for established sports institutions. The amount of the investment in his firm, Liberty Strategic Capital $1 billion has not been previously disclosed. Newcastle United takeover: What is PIF, the main owner of the club? - BBC In its most recent filing, dated March 31, Mr. Mnuchins firm reported raising $2.7 billion from a total of 33 investors. More than 100,000 people have reportedly been killed in the fighting. "If you think about this long term, these assets generate revenue.". Listen to Newsbeat live at 12:45 and 17:45 weekdays - or listen back here. Although the crown prince denied any involvement, his reputation was badly tarnished. The schedule includes three events at courses controlled by former President Donald J. Trumps family keeping the league close to one of its greatest political patrons as well as a tournament at Real Club Valderrama, the Spanish course that hosted the Ryder Cup in 1997. Crown Prince Mohammed bin Salman of Saudi Arabia with Jared Kushner, a close ally during the Trump administration, and Ivanka Trump.CreditJonathan Ernst/Reuters. Nesma was founded in 1979 by Saleh Al-Turki, who stepped down as president and chair in 2018 when he was appointed mayor of Jeddah by royal decree. Crackdown on intellectuals, clerics and reformists, A rare insight into Hitler's private life. While advising Mr. Trump, Mr. Kushner developed a friendship and informal alliance with the Saudi crown prince. The fund was controlled by the Saudi royal family, notably Crown Prince Mohammed bin Salman. Lucid Motors skidded lower on Thursday after the Tesla rival said it would raise $3 billion, mostly from Saudi Arabia's sovereign wealth fund. Bryson DeChambeau, Brooks Koepka, Patrick Reed and Cameron Smith are among the players who appear to have received multimillion-dollar inducements to surrender their PGA Tour careers. Predictably, the tournament has sparked some backlash. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. No law or rules constrain the investment activities of former administration officials after leaving the White House; many from both parties have profited from connections and experiences gained in government. In 2016, the fund first made global headlines for investing $3.5 billion (3.1 billion) into ride-sharing company, Uber. As a result Saudi Arabia, the second-biggest oil producer in the world, expects a budget surplus for the first time in 10 years and will likely be able to pump even more money into the PIF. Both Mr. Kushners and Mr. Mnuchins funds treated the Saudi fund as a cornerstone investor, the Public Investment Fund documents say, offering the Saudis a discount on the standard 2 percent asset management fee for private equity firms as well as a cut of the firms 20 percent share of any fund profits, known as carried interest. Read about our approach to external linking. ", "These shopping sprees after a cycle of boom in the oil markets are not surprising," added Sara Bazoobandi, an associate at the Hamburg-based GIGA Institute of Middle East Studies. The PGA Tour has long, close links to the organizers of the four major tournaments: the British Open, the Masters, the P.G.A. These vanity projects were effective but did not necessarily alter the sports landscape. close panel. The Public Investment Fund ( PIF; Arabic: ) is the sovereign wealth fund of Saudi Arabia. The debate within the Saudi fund over investing with Mr. Kushner was a stark contrast to the easy approval of the proposal by Mr. Mnuchin, a former Goldman Sachs partner who invested in numerous Hollywood films, including The Lego Movie, and helped resurrect a failing California bank before entering government. most controversial tournament in golf history, human rights activists and organizations to accuse, Golfers face tough choices as they prepare for new Saudi-backed tournament. Who is playing it? Mr. Kushner played a leading role inside the Trump administration defending Crown Prince Mohammed after U.S. intelligence agencies concluded that he had approved the 2018 killing and dismemberment of Jamal Khashoggi, a Saudi columnist for The Washington Post and resident of Virginia who had criticized the kingdoms rulers. 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The PIF - which has an 80% stake in the club, as part of a three-party consortium - is a sovereign wealth fund chaired by Mohammed bin Salman, the Crown Prince of Saudi Arabia, the man who a. U.S. officials have interviewed Mickelson, DeChambeau and Sergio Garca as a part of their inquiry. In fact, every time you buy a caramel mocha latte at Starbucks, or play the online game World of Warcraft, you are supporting Saudi investments, too. The Premier League approved takeover of Newcastle after receiving "legally binding assurances" that the Saudi state would not control the club. Saudi Arabia's wealth fund sets up investment firms in five Mideast And in May, Koepka won the P.G.A. Whats all the hubbub, and how can you watch it? But after POLITICO published the details of the firms work with LIV Golf, campaign spokesperson Tricia McLaughlin sought to downplay the strategists role with the campaign. But what is it? IE 11 is not supported. He's been accused of ordering the murder of Jamal Khashoggi, a journalist who was critical of the Saudi government. In March it executed 81 men in a single day - more than during the whole of last year. Caesarean by phone light - giving birth in a warzone, How the Pakistani military feel about Imran Khan. One of LIVs marketing slogans is Golf But Louder. Fans cheering Cameron Smith in Adelaide, Australia in April. Their registration on behalf of LIV marked a stark overlap of foreign lobbying and a presidential campaign in which the state of U.S.-Saudi relations is likely to be a topic of debate. He has reported from more than 30 states, as well as Asia and Europe, since he joined The Times in 2013. Mr. Kushner and Crown Prince Mohammed in 2020. Reports have linked a string of other big names to the Saudi Pro League, thanks to the riches of the Public Investment Fund, the sovereign wealth vehicle behind LIV Golf. Through its sovereign wealth fund, Saudi Arabia has been around the forefront of the movement. Its investigation is continuing. The firm revealed that it drafted marketing materials, conducted media training for players, and advised the golf league on its corporate social responsibility strategy, according to a new Foreign Agents Registration Act filing. LIV Golf is a key part of the Saudi regime's program of "sportswashing," meaning as a nation's attempt to use massive investment in sports to cover up for its human rights abuses. As a subscriber, you have 10 gift articles to give each month. June 1, 20235:25 AM PDTUpdated 3 min ago. Most countries have sovereign wealth funds and Saudi Arabia is no exception. The responses, apparently prepared by staff of the Saudi fund, argued that the promised Riyadh office of Mr. Kushners firm, Affinity, would help the Saudis capitalize on the capabilities of Affinitys founders deep understanding of different government policies and geopolitical systems.. 2023 BBC. Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman, and other senior officials were incriminated. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Winning UK show would mean bigger house - Ghetto Kids, Utah schools ban Bible for 'vulgarity and violence', Holly's 'speech on Phil' and PM 'wants tax cut', British Vogue editor Edward Enninful steps down, Parents clash in Pride protest at US primary school, Three Israeli soldiers killed near Egypt border. After leaving government, he set up a nonprofit to promote economic and other ties between the countries. That decision did not leave American golf organizations in the clear, though. Why arent there any significant institutional investors from the US? LIV has 48-player fields, and some of the men who participate are indisputably big names in pro golf. Most of that appears to be the $2 billion from Saudi Arabia. The Saudi sovereign wealth fund PIF has created a new unit to invest in industries across Iraq, with a capital of $3 billion and headquarters in Saudi Arabia, the new unit's acting CEO said on Thursday. Many have faced what Amnesty International has said were grossly unfair trials on vague terrorism and cybercrime charges, and received harsh sentences, including the death penalty. Read about our approach to external linking. In Washington, Mr. Kushner had also helped broker $110 billion in weapons sales to Saudi Arabia over 10 years. One of LIVs biggest signings, Mickelson, provoked outrage when he praised the series as a once-in-a-lifetime opportunity even as he called Saudi Arabias record on human rights horrible and used an expletive to emphasize a description of the countrys leaders as scary. Norman made things worse soon after later when he dismissed Saudi Arabias murder and dismemberment of the journalist Jamal Khashoggi by saying, Look, weve all made mistakes.. Officials with ties to foreign interests have served on campaigns before, though their involvement has led to controversy. Who are Newcastle United's new owners? Why Saudi Arabia's PIF takeover McKinsey and Co. consultants privately told the wealth fund that a golf league could be earning revenues of at least $1.4 billion a year by the end of the decade or be losing hundreds of millions of dollars. was its 2021 purchase of Newcastle United, an English soccer team, intellectuals, reformers and womens rights activists, Watch: Newcastle United fans celebrate soccer club's Saudi-led takeover, former U.S. Open champion and recent LIV signing Graeme McDowell, remain in prison for promoting human rights. 10/02/2022 Saudi Arabia is using its oil wealth to invest huge sums in other countries, trying to diversify its own economy. Saudi Activision Blizzard Stake Rises Again Amid Controversy The PGA Tour has retained the loyalties of other stars, though. By challenging the authority of the PGA Tour which is more than a century old Saudi Arabia is also blatantly disregarding the status quo. The US, UK and EU have announced that they will buy less Russian oil and gas, because of its invasion of Ukraine. On a $2 billion investment, that would pay his firm $25 million a year, not including a share of any profits earned by the Affinity fund. The PIF is a sovereign wealth fund that since the early 1970s has taken the bulk of Saudi Arabia's savings from the sale of oil. Saudi Arabia Has Created A Billion-Dollar Fund To Push A - TheStreet State resources are directed to feed the PIF and state assets are being sold to raise cash for the PIF.". Unfortunately, as long as prominent athletes are willing to forfeit their integrity and moral obligation in the pursuit of profit, Saudi Arabia will continue to enjoy unmatched sportswashing success. They were convicted of "multiple heinous crimes", including terrorism, kidnapping and rape, state news agency SPA said. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. PIF's chair is Crown Prince Mohammed bin Salman, the son of Saudi Arabia's king. The kingdom has even zeroed in on the burgeoning eSports market, spending billionsto stake its claim in the booming industry. Saudi Arabia's Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, the sovereign wealth fund said on Wednesday, following a . A reduction of the size of its $2 billion stake may negatively or fundamentally affect the framework of the agreed strategic and commercial relationship., David D. Kirkpatrick isan investigative reporter based in New York and the author of Into the Hands of the Soldiers: Freedom and Chaos in Egypt and the Middle East. In 2020 he shared a Pulitzer Prize for reporting on covert Russian interference in other governments and as the Cairo bureau chief from 2011 to 2015 he led coverage of the Arab Spring uprisings. Moreover, LIV players routinely argue that they should be viewed as independent contractors and free to play whenever and wherever they choose. PIF, which owns more than 6o% of Lucid, first invested in the California-based EV maker in 2018. LIV Golfs organizers hope to position it as a player-focused alternative to the PGA Tour, which has been the highest level of mens pro golf for generations. British Prime Minister Rishi Sunak wants to cut taxes by as much as 2 pence in the pound before the next national election which is expected in 2024, the Telegraph newspaper reported. The punishments were not a surprise: The tour had clearly signaled that it would take action against any of its players who joined. In 2019, the PIF didn't appear to have major direct investments in Europe, or Germany, a research paper from the German Institute for International and Security Affairs, or SWP, reported. Bin Salman, who's 36 years old and known as MBS, runs his dad's government. Alan Blinder is a sports reporter. That investment offered the kingdom immediate access to a legion of loyal fans, a prominent position in English soccer, as well as an international platform to distract from its recent abuses, including the infamous assassination of dissident journalist Jamal Khashoggi, its devastating war in Yemen that caused a humanitarian catastrophe, as well as its ongoing crackdown on intellectuals, reformers and womens rights activists. In a press announcement, Lucid said its majority owner, Public Investment Fund (PIF), would buy another 265 million shares for about $1.8 billion. When LIV debuted in June 2022, its tournaments were the richest in golf history, with regular-season events boasting purses of $25 million. What Is LIV Golf? It Depends Whom You Ask. - The New York Times It has teamed up with Donald Trump for events at his golf clubs, including one this past week, which the former president attended. Questions were also asked about whether the PIF a large, albeit indirect, investor in Twitter (it owns shares via another Saudi company) had any influence on the way the social media company handled a 2015 Saudi spying scandal. As Treasury secretary, Mr. Mnuchin had also chaired a committee responsible for vetting certain merger deals with foreign companies; the summary said he had shaped the new fund to accommodate investment from foreign governments like the kingdom. (The LIV Golf Investments CEOis Greg Norman, the Australian golf icon.). The Saudi bet on Lucid follows a challenging few months for the company as it grapples with macroeconomic headwinds and a Tesla-triggered price war. The PGA Tour has since increased the purses at some of its events, but the blend of guaranteed money and LIV prize funds has kept the young league writing the biggest checks in golf. When someone essentially asked Johnson ahead of the Masters this spring to compare Orange County National Golf Center, where LIV had just held a tournament, to Augusta National, he replied: I dont think you could have those in the same sentence, other than I played there last week and Im playing here this week.. The panel also included Andrew Liveris, the Australian-born former chief executive of the Dow Chemical Company, and Ayman al-Sayari, the vice chairman of the Saudi Central Bank. "Owning a football club allows you to build a relationship with key stakeholders". Exclusive news, data and analytics for financial market professionals, Reporting by Hadeel Al Sayegh; editing by David Goodman and Jason Neely, Founder of Brazil's CVC to invest $15 million, new CEO picked, Henkel plans to continue with acquisitions, Rheinische Post reports, Citigroup CEO says Mexico IPO is best for shareholders, other sales going well, India regulator orders takeover of Sahara India Life Insurance unit by SBI Life, UK's Sunak wants to cut taxes by up to 2% before election, the Telegraph reports, Now let's make it a treble, Guardiola urges Manchester City players, Neuville leads in Sardinia after Ogier crashes out, Biden signs debt limit bill, avoiding U.S. default, Mercedes drivers blame qualifying contact on miscommunication. Many are major long-term investors in American real estate, and the Kushner family had courted them before. It is among the largest sovereign wealth funds in the world with total estimated assets of US$ 620 billion ( 514 billion). Saudi Arabia has been heavily criticised for a military campaign in neighbouring Yemen that has caused a humanitarian catastrophe. "It is the central engine of growth in the new Saudi Arabia, as envisioned by MBS. Trump and the Saudis: Is Jack Smith finally looking at this clear-cut Perhaps emboldened by previous sportswashing achievements, Saudi Arabia now appears to be attempting to usurp control of an entire sport. It also bet on Tesla around that time, but since sold its stake in Elon Musk's company. If Saudi Arabia wants to use the game of golf as a way for them to get to where they want to be, and they have the resources to accelerate that experience, former U.S. Open champion and recent LIV signing Graeme McDowell said at the pre-event press conference this week, I think were proud to help them on that journey..