PIF takes ownership of another football team
15 July 2024
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The ownership of Saudi football team Al-Diriyah Club has been transferred to the Public Investment Fund (PIF)-owned Diriyah Company.
Football has become an important sector for Saudi Arabia over the past few years. The kingdom has invested in local clubs and has emerged as the sole bidder for the 2034 Fifa World Cup.
The ownership of Al-Diriyah Club has been transferred to the gigpaproject developer from the National Centre for Privatisation (NCP).
Al-Diriyah Club’s board of directors is chaired by Prince Khalid Bin Mohammed Bin Saud, with membership including Jerry Inzerillo, Mohammed Al-Khreiji, Ayman Al-Fallaj and Hamad Al-Bati.
Founded in 1976, Al-Diriyah Club will compete in the Saudi Second Division League during the upcoming 2024/25 season.
In a statement, the club said the move is part of the sports clubs investment and privatisation project announced by Prince Mohammed Bin Salman Bin Abdulaziz Al-Saud, Crown Prince and Prime Minister, in June 2023.
PIF revealed it was taking ownership stakes in four football clubs shortly after the announcement was made. They were Al-Ittihad, Al-Ahli, Al-Nassr and Al-Hilal.
PIF has also increased its shareholding in English Premier League side Newcastle United.
In a statement on 13 July, the club said that PIF and RB Sports & Media will increase their shareholdings. The club added that Amanda Staveley will step down from all her positions with Newcastle United.
The new shareholding structure has PIF controlling about 85% of the club and RB Sports & Media holding the remaining 15%.
Read More: Key moments in Saudi’s World Cup journey
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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