Saudi Arabia's sovereign fund has got a big boost from its state-owned oil firm Aramco. The oil-rich kingdom has transferred an 8% stake in Aramco to the Public Investment Fund or PIF . This comes at a time when the kingdom reorganizes its holdings to boost the sovereign wealth fund.

Kingdom transfers 8% stake in Aramco to public investment fund

Saudi Arabia's Public Investment Fund (PIF) on Wednesday announced a "multi-year strategic partnership" with the ATP, the governing body of men's tennis, extending the kingdom's influence on international sport.

In a joint statement, the two bodies said that the partnership marked "a significant shared commitment to enhancing global tennis".

Since 2021, PIF has invested heavily in a number of major sports industries including setting up the LIV golf tour, a rival to the PGA, and purchasing English Premier League club Newcastle United.

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The statement did not give details of the amount of the investment which will see PIF become the official naming partner of the ATP rankings.

PIF will also partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the ATP Finals, in addition to the Next Gen ATP Finals, hosted in Jeddah until 2027.&nbsp;

"Our strategic partnership with PIF marks a major moment for tennis," said ATP chief executive Massimo Calvelli in the joint statement.

"It's a shared commitment to propel the future of the sport. With PIF’s dedication to the next generation – fostering innovation and creating opportunities for all – the stage is set for a transformative new period of progress.”

Last year, the kingdom hosted its first ATP Tour event -- the Next Gen ATP Finals in Jeddah -- along with exhibition matches pitting Novak Djokovic against Carlos Alcaraz and Aryna Sabalenka against Ons Jabeur.

<h2>- Anger at WTA bid -</h2>

In January Rafael Nadal, winner of 22 singles Grand Slams on the men's side, was named ambassador for the Saudi Tennis Federation.

The latest investment with the ATP follows a Saudi bid to secure the WTA Finals in Riyadh, a move that drew criticism from former women's champions Chris Evert and Martina Navratilova while winning the support of current world No.6 Jabeur.

PIF has reshaped the world of golf by setting up the LIV golf tour as a rival to the PGA.&nbsp;

The first event took place in June 2022, causing a split within the sport that caused LIV-affiliated players to be excluded from the Ryder Cup, PGA tour events and consequently the world rankings.&nbsp;

Reigning Masters champion Jon Rahm joined the LIV tour in December in a deal reportedly worth hundreds of millions of dollars.&nbsp;

However, a framework deal between the PGA Tour,&nbsp;DP World Tour and PIF is now under discussion with a view to ending the stand-off.&nbsp;

PIF purchased English Premier League club Newcastle United in October and saw them qualify for this year's Champions League.

It also owns four football clubs in the Saudi Pro League and has spent over $885 million (820 million euros) on some of the biggest names in football to play for its teams.

The kingdom is also set to host the 2034 football World Cup.&nbsp;

But Saudi Arabia has been accused by its critics of "sportswashing" by using sport to improve its international reputation after widespread criticism of its human rights and environmental record.

"Through our collaboration with ATP, PIF will be a catalyst for growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation," said PIF's Mohamed AlSayyad.

Former world No.1 Andy Murray highlighted the commitment from the new partners to "collaborate to elevate the long-term future of tennis".

After he was knocked out of the ATP Dubai tournament on Wednesday, he said: "I don’t know exactly what it means by sponsoring the events. I don't know what that will look like.

"One of my concerns is obviously actually more about the investment in lower levels of the game and the grassroots of the sport. I think that’s extremely important."

Saudi Arabia's Public Investment Fund (PIF) on Wednesday announced a "multi-year strategic partnership" with the ATP, the governing body of men's tennis, extending the kingdom's influence on international sport.

Saudi Arabia's Public Investment Fund (PIF) on Wednesday announced a "multi-year strategic partnership" with the ATP, the governing body of men's tennis, extending the kingdom's influence on international sport. In a joint statement, the two bodies said that the partnership marked "a significant shared commitment to enhancing global tennis". Since 2021, PIF has invested heavily in a number of major sports industries including setting up the LIV golf tour, a rival to the PGA, and purchasing English Premier League club Newcastle United. Also Read: Steve Smith 'isn't sure of a place' in Australia squad for upcoming T20 World Cup The statement did not give details of the amount of the investment which will see PIF become the official naming partner of the ATP rankings. PIF will also partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the ATP Finals, in addition to the Next Gen ATP Finals, hosted in Jeddah until 2027. "Our strategic partnership with PIF marks a major moment for tennis," said ATP chief executive Massimo Calvelli in the joint statement. "It's a shared commitment to propel the future of the sport. With PIF’s dedication to the next generation – fostering innovation and creating opportunities for all – the stage is set for a transformative new period of progress.” Last year, the kingdom hosted its first ATP Tour event -- the Next Gen ATP Finals in Jeddah -- along with exhibition matches pitting Novak Djokovic against Carlos Alcaraz and Aryna Sabalenka against Ons Jabeur. - Anger at WTA bid - In January Rafael Nadal, winner of 22 singles Grand Slams on the men's side, was named ambassador for the Saudi Tennis Federation. The latest investment with the ATP follows a Saudi bid to secure the WTA Finals in Riyadh, a move that drew criticism from former women's champions Chris Evert and Martina Navratilova while winning the support of current world No.6 Jabeur. PIF has reshaped the world of golf by setting up the LIV golf tour as a rival to the PGA. The first event took place in June 2022, causing a split within the sport that caused LIV-affiliated players to be excluded from the Ryder Cup, PGA tour events and consequently the world rankings. Reigning Masters champion Jon Rahm joined the LIV tour in December in a deal reportedly worth hundreds of millions of dollars. However, a framework deal between the PGA Tour, DP World Tour and PIF is now under discussion with a view to ending the stand-off. PIF purchased English Premier League club Newcastle United in October and saw them qualify for this year's Champions League. It also owns four football clubs in the Saudi Pro League and has spent over $885 million (820 million euros) on some of the biggest names in football to play for its teams. The kingdom is also set to host the 2034 football World Cup. But Saudi Arabia has been accused by its critics of "sportswashing" by using sport to improve its international reputation after widespread criticism of its human rights and environmental record. "Through our collaboration with ATP, PIF will be a catalyst for growth of the global tennis landscape, developing talent, fostering inclusivity and driving sustainable innovation," said PIF's Mohamed AlSayyad. Former world No.1 Andy Murray highlighted the commitment from the new partners to "collaborate to elevate the long-term future of tennis". After he was knocked out of the ATP Dubai tournament on Wednesday, he said: "I don’t know exactly what it means by sponsoring the events. I don't know what that will look like. "One of my concerns is obviously actually more about the investment in lower levels of the game and the grassroots of the sport. I think that’s extremely important."

Saudi investment fund PIF buys share in men’s tennis in strategic deal with ATP

WWE, the world's largest pro-wrestling company, has reportedly been bought by Saudi Arabia's&nbsp;Public Investment Fund.&nbsp;As per DAZN's Steven Muehlhausen, WWE "will go back to being private" for the first time since October 1999.&nbsp;This development comes hours after Stephanie McMahon stepped down as Chairwoman &amp; Co-CEO, less than a week after her father, Vince McMahon, came out of retirement and took over as the chairman of the board.

Ever since McMahon returned from his retirement, talks were on for a potential WWE sale. Soon after he took over, McMahon made his intentions known when he&nbsp;announced that the company was gearing up to undertake "strategic alternatives" with an aim "to maximise value for all WWE shareholders." His statement made heads turn and many felt WWE's sale was around the corner.

It is to be noted that an official announcement has not been made. WWE is yet to confirm or deny DAZN's report of its sale to&nbsp;Saudi Arabia's Public Investment Fund.

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Stephanie McMahon resigns making Nick Khan the sole CEO

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Then. Now. Forever. Together. <a href="https://t.co/8dqr5reIiv">pic.twitter.com/8dqr5reIiv</a>
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"With Nick's leadership and Paul 'Triple H' Levesque as a chief content officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders," McMahon wrote in a statement released on Twitter. The statement added, "WWE is in such a strong position that I have decided to return to my leave and take it one step further with my official resignation. I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan." 
 
&nbsp;

WATCH WION LIVE HERE

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WWE, the world's largest pro-wrestling company, has reportedly been bought by Saudi Arabia's Public Investment Fund. As per DAZN's Steven Muehlhausen, WWE "will go back to being private" for the first time since October 1999.

WWE, the world's largest pro-wrestling company, has reportedly been bought by Saudi Arabia's Public Investment Fund. As per DAZN's Steven Muehlhausen, WWE "will go back to being private" for the first time since October 1999. This development comes hours after Stephanie McMahon stepped down as Chairwoman & Co-CEO, less than a week after her father, Vince McMahon, came out of retirement and took over as the chairman of the board. Ever since McMahon returned from his retirement, talks were on for a potential WWE sale. Soon after he took over, McMahon made his intentions known when he announced that the company was gearing up to undertake "strategic alternatives" with an aim "to maximise value for all WWE shareholders." His statement made heads turn and many felt WWE's sale was around the corner. It is to be noted that an official announcement has not been made. WWE is yet to confirm or deny DAZN's report of its sale to Saudi Arabia's Public Investment Fund. Also read: Hockey World cup 2023 Opening Ceremony LIVE Streaming: watch Opening Ceremony Live streaming for free in India Stephanie McMahon resigns making Nick Khan the sole CEO Then. Now. Forever. Together. pic.twitter.com/8dqr5reIiv — Stephanie McMahon (@StephMcMahon) January 10, 2023 × "With Nick's leadership and Paul 'Triple H' Levesque as a chief content officer, I am confident WWE is in the perfect place to continue to provide unparalleled creative content and drive maximum value for shareholders," McMahon wrote in a statement released on Twitter. The statement added, "WWE is in such a strong position that I have decided to return to my leave and take it one step further with my official resignation. I look forward to cheering on WWE from the other side of the business, where I started when I was a little kid, as a pure fan." WATCH WION LIVE HERE

WWE, world’s largest pro-wrestling company, SOLD to Saudi Arabia's Public Investment Fund - Report

When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi.

Chief executive Amin Nasser arrived unannounced early on April 11, 2018, finalised the agreement and signed it later that day. Negotiators had just finished hammering out the details.

His last-minute flight, after a business trip to France with <a href="https://www.wionews.com/world/saudi-crown-prince-mohammed-bin-salman-doing-spectacular-job-donald-trump-231336">Crown Prince Mohammed bin Salman</a>, underlined the importance of the deal both to <a href="https://www.wionews.com/world/trump-vetoes-measures-blocking-arms-sales-to-saudi-arabia-uae-238285">Saudi Arabia</a> and its huge state oil firm.

The planned investment in the $44-billion refinery and petrochemical project on India’s west coast is a prime example of how Aramco is trying to squeeze value out of each barrel of oil it produces by snapping up refining capacity, mainly in fast-growing Asia.

But it also underlines the challenge Saudi Arabia faces in reducing its heavy economic reliance on oil. The results of its programme to diversify have been mixed, some projects are moving slowly and others are too ambitious, economic and energy analysts say.

Prince Mohammed's stated goal of being able to "live without oil" by as early as 2020 looks set to be missed.

"Saudi Arabia's oil addiction is as strong as ever...economically, of course, the Saudi economy runs on oil. Oil still dominates GDP, exports and government revenues," said Jim Krane, an energy fellow at Rice University's Baker Institute.

"That said, Saudi Arabia is changing its relationship with oil. The dependence remains. But the kingdom is squeezing more value out of its oil," he said.

The slow progress means the Saudi economy is likely to remain hostage to oil prices for longer than planned. Any delay in implementing change also risks denting Prince Mohammed's image as a reformer.

Securing the future

Announcing his plan three years ago, the Crown Prince said Saudi Arabia must end its "oil addiction" to ensure the world's biggest oil exporter and second-largest producer cannot be "at the mercy of commodity price volatility or external markets."

He spoke after a fall in crude oil prices boosted the Saudi fiscal deficit to about 15 per cent of gross domestic product in 2015, slowing government spending and economic growth.

This year the deficit could hit 7 per cent of GDP, according to the International Monetary Fund, as oil-related growth slows following production cuts led by the Organization of the Petroleum Exporting Countries.

Aramco is central to the Crown Prince's reform plan in several ways, not least because its planned partial privatisation will generate income for the reforms.

The company has also been involved in most of the kingdom's high-profile deals in the last two years as it increased investment in refining and petrochemicals.

In that time, Aramco has announced at least $50 billion worth of investments in Saudi Arabia, Asia and the United States. It aims to almost triple its chemicals production to 34 million metric tons per year by 2030 and raise its global refining capacity to 8-10 million barrels per day (bpd) from more than 5 million bpd.

In March last year, Aramco finalised a deal to buy a $7billion stake in a refinery and petrochemicals project with Malaysia's Petronas. A month later, Nasser and a consortium of Indian companies signed the initial deal that would give Aramco a stake in the planned 1.2 million bpd refinery in India's western Maharashtra state.

In February of this year, Aramco signed a $10 billion deal for a refining and petrochemical complex in China. Last month it signed 12 deals with South Korea worth billions of dollars, ranging from shipbuilding to an expansion of a refinery owned by Aramco.

"This is what I call the back to basics approach to economic diversification in the Gulf," said Robin Mills, chief executive of energy consultancy Qamar Energy in Dubai. "The energy industry has the assets, capital and skills, so it's the engine of new projects refining, petrochemicals, gas and so on."

&nbsp;

&nbsp;

When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi.

When Saudi Aramco was on the verge of a deal last year to buy a stake in an Indian oil refinery, its boss quickly boarded a company jet in Paris and flew to New Delhi. Chief executive Amin Nasser arrived unannounced early on April 11, 2018, finalised the agreement and signed it later that day. Negotiators had just finished hammering out the details. His last-minute flight, after a business trip to France with Crown Prince Mohammed bin Salman, underlined the importance of the deal both to Saudi Arabia and its huge state oil firm. The planned investment in the $44-billion refinery and petrochemical project on India’s west coast is a prime example of how Aramco is trying to squeeze value out of each barrel of oil it produces by snapping up refining capacity, mainly in fast-growing Asia. But it also underlines the challenge Saudi Arabia faces in reducing its heavy economic reliance on oil. The results of its programme to diversify have been mixed, some projects are moving slowly and others are too ambitious, economic and energy analysts say. Prince Mohammed's stated goal of being able to "live without oil" by as early as 2020 looks set to be missed. "Saudi Arabia's oil addiction is as strong as ever...economically, of course, the Saudi economy runs on oil. Oil still dominates GDP, exports and government revenues," said Jim Krane, an energy fellow at Rice University's Baker Institute. "That said, Saudi Arabia is changing its relationship with oil. The dependence remains. But the kingdom is squeezing more value out of its oil," he said. The slow progress means the Saudi economy is likely to remain hostage to oil prices for longer than planned. Any delay in implementing change also risks denting Prince Mohammed's image as a reformer. Securing the future Announcing his plan three years ago, the Crown Prince said Saudi Arabia must end its "oil addiction" to ensure the world's biggest oil exporter and second-largest producer cannot be "at the mercy of commodity price volatility or external markets." He spoke after a fall in crude oil prices boosted the Saudi fiscal deficit to about 15 per cent of gross domestic product in 2015, slowing government spending and economic growth. This year the deficit could hit 7 per cent of GDP, according to the International Monetary Fund, as oil-related growth slows following production cuts led by the Organization of the Petroleum Exporting Countries. Aramco is central to the Crown Prince's reform plan in several ways, not least because its planned partial privatisation will generate income for the reforms. The company has also been involved in most of the kingdom's high-profile deals in the last two years as it increased investment in refining and petrochemicals. In that time, Aramco has announced at least $50 billion worth of investments in Saudi Arabia, Asia and the United States. It aims to almost triple its chemicals production to 34 million metric tons per year by 2030 and raise its global refining capacity to 8-10 million barrels per day (bpd) from more than 5 million bpd. In March last year, Aramco finalised a deal to buy a $7billion stake in a refinery and petrochemicals project with Malaysia's Petronas. A month later, Nasser and a consortium of Indian companies signed the initial deal that would give Aramco a stake in the planned 1.2 million bpd refinery in India's western Maharashtra state. In February of this year, Aramco signed a $10 billion deal for a refining and petrochemical complex in China. Last month it signed 12 deals with South Korea worth billions of dollars, ranging from shipbuilding to an expansion of a refinery owned by Aramco. "This is what I call the back to basics approach to economic diversification in the Gulf," said Robin Mills, chief executive of energy consultancy Qamar Energy in Dubai. "The energy industry has the assets, capital and skills, so it's the engine of new projects refining, petrochemicals, gas and so on."

Old habits die hard: Saudi Arabia struggles to end oil addiction