Yasir Al-Rumayyan delivers PIF spending update that will interest Newcastle United

Saudi Arabia's Public Investment Fund will reduce its international investments to focus on new domestic projects, according to Newcastle chairman Yasir Al-Rumayyan.

PIF have enjoyed a spending spree across the globe in recent years, on the back of Crown Prince Mohamed bin Salman wanting to move away from the country's reliance on oil revenue, branching out into a number of sectors with billions worth of investment. The wealth fund manages assets worth $930bn [£716bn] and has hefty stakes in social media and tech giants, banking, private equity and a host of different sports, including golf, boxing and Formula 1 - to name just a few.

Saudi Arabia hope to host the 2034 World Cup and have boosted their own domestic league with superstar signings. The purchase of Newcastle back in 2021 gave Saudi Arabia's sovereign fund a major stake in Premier League football, with subsequent investment arriving on and off the pitch in the years since.

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Now, PIF, who remain committed to Newcastle, intend to cut the level of funding invested outside Saudi Arabia to between 18 and 20 per cent, down from their current 30 per cent. Chronicle Live has been told PIF's commitment to the club and its future is stronger than ever. Newcastle's first main transfer meetings involving Eddie Howe will take place next month.

“So initially we had less than 2 per cent of international investments. Most of the investments were developmental projects within the Saudi economy,” PIF governor Al-Rumayyan told the Future Investment Initiative conference on Tuesday. “But then it increased from two per cent all the way up to 30 per cent. Now our target is to bring it down to a range between 18 to 20 per cent.”

Saudi Arabia have a target of $100billion in annual foreign direct investment [FDI] inflows by 2030 but more focus will now be placed closer to home to drive extra funding. Artificial Intelligence [AI] is the nation's next big push, with aims to make the technology 12 per cent of the Saudi GDP by 2030.

“We’re more focused on the domestic economy and we’ve been achieving and doing so many big things,” Al-Rumayyan. “Now we will see a shift from people who want us to invest or take our money to invest from there to calls for co-investments.”

Al-Rumayyan jetted into Tyneside after a tricky summer transfer window and had conversations with Newcastle boss Eddie Howe. PIF's commitment to making Newcastle a success remains, despite their new spending announcement - and Howe has no qualms over the level of support he has seen from the owners.

“The chairman is always very engaging,” he said after the win over Tottenham in September. “He’s a really positive guy, so I think he always wants to try and help and affect us in a good way. He’s very keen to communicate and help."