Public Investment Fund (PIF) Governor Yasir Al-Rumayyan is a figure that has been attracting a lot of attention in recent days, especially since the moment when the rumors about the final deal between the PGA Tour and the PIF began to spread.
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The FII Priority Summit in Miami was an opportunity for people interested in the PIF governor to find out what his plans are.
Al-Rumayyanstressed that he is somewhat disappointed because he cannot make more foreign investments in the US. He hopes that the new government can change the current laws and make it easier for foreign investors to bring in money.
But you know, unfortunately, sometimes when you want to procure more from the U.S. or invest more, there are certain restrictions. I think, I hope with the current administration these restrictions [will] be ironed out and it will attract more investment back to the U.S.- he said, as quoted by Saudi Gazette.
Riyadh Air
Yasir Al-Rumayyan wanted to give an example of foreign companies that have done great things and at the same time employed people from the US in such companies. The first example is Riyadh Air, an airline that makes huge profits year after year. He believes that such investments should become more frequent in the future, but of course it would be necessary for regulatory authorities in the US to ease the laws for foreign investors.
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Ill just give two examples, he said.
Riyadh Air, a new company that we have established to connect Riyadh to the rest of the world with more destinations and more frequencies just put a contract for Boeing like two years ago for about $20-plus billion. This $20-plus billion is creating more jobs here in the U.S.
The PIF governor gave several more companies as examples, emphasizing how important they are for all participants.
Of course, we golf fans know him best as the person who invested a huge amount of money in LIV Golf. Explaining his reasons for the investment, Al-Rumayyan stressed that he saw huge potential in LIV Golf. He had no doubt whether it would be a good investment.
We have, of course, invested in LIV Golf. The reason why we invested there is because we saw the potential of golfit has a big potential, he said.
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We did the same thing with esports. Esports is the next big thing. Savvys mandate is not only to invest in other companies in gaming but to create esports activities.
