Al-Marsad newspaper: Yasser Al-Rumayyan, head of the Public Investment Fund, and Chairman of the Board of Directors of Saudi Aramco, revealed the reasons for the investment fund’s entry into the entertainment field, such as investing in digital games and buying Newcastle English club.
Most of the population is young
Al-Rumayyan said during a media interview, most of the Kingdom’s population is young, and the goals of Vision 2030 talk about health in general, through medical tools, as well as sports and entertainment.
Lots of people travel for fun
And he continued, the only entertainment in the Kingdom was to go to eat, for many people, if they wanted entertainment, they traveled, and if they wanted to watch a movie or attend a party, they traveled, for this entertainment and sports are among the strategic sectors.
An investment decision to bring returns
He went on to say, Savi invests in most fields besides electronic games and racing, as these digital games in the global economy are among the most important sectors that are growing rapidly. Entering this field is an investment decision to bring returns, so we cannot always rely on state support.
Investing in Newcastle
He added, this is what Crown Prince Mohammed bin Salman is talking about, which is that we think about it for our situation and how we can settle it without support, and then we see what support we can get. These activities and other types of support, but we don’t start thinking about getting support.
Regarding the investment in Newcastle FC, Al-Rumayyan said, football is certainly one of the most important sports that exist locally and globally, and we chose the English Premier League because it is the greatest league that exists now in the world, and we looked at it from a materialistic point of view.
Reason for buying New Castle
And he added, “When we bought Newcastle, they offered us to buy the team, and the real estate developers came and the entire team was bought for 350 million dollars, and 30% of the club was bought for 700 million, and the only city that has one football team in “Newcastle”, all Categories in the city behind the team.