Saudi sovereign wealth fund to partner with men’s tennis tour (2024)

FAQs

When ATP signs multi year strategic partnership with Saudi Arabia's PIF? ›

In February 2024, PIF announced its partnership with the ATP and became the official naming partner of the PIF ATP Rankings. PIF has now become the only global partner across both the WTA and ATP Tours.

Saudi Arabia will host the WTA Finals for the next three years and offer record prize money of $15.25m (£12.04m). The event, featuring the top eight singles players and doubles teams of the year, will be the highest-profile tennis tournament held in the country.

ATP, the men's professional tennis tour, and Saudi Arabia's Public Investment Fund agreed to a five-year partnership Wednesday that will make the country a major sponsor of the league, the latest in a series of moves by the kingdom to invest in professional sports.

The Public Investment Fund (PIF; Arabic: صندوق الاستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$925 billion (£726.3 billion).

NEW YORK -- The Public Investment Fund (PIF) and the WTA on Monday unveiled a multi-year partnership that will support their shared ambition to grow women's professional tennis and inspire more women and girls around the world to take up the game.

PIF has worked to incentivize Saudi Arabia's private sector by investing in new and promising sectors that can create job opportunities, develop capabilities, and allow the local economy to compete regional and internationally.

This basically means that the entire $25,000 is to be distributed amongst the 32 players that qualify for the main draw. The winner of an ITF $25,000 receives a modest #3,600 for his/her efforts, which is in all honesty not a lot of money taking into account the expenses a player has to bear.

Significant sums, on which sportsmen and women are heavily dependent. Namely, men and women win the same amount! And the winners are, of course, out of the competition, with 2.4 million euros for the men's and women's singles.

With its balmy climate and thriving tennis scene, it's no wonder Miami takes the title as tennis capital of the world. From world-renowned tournaments to legendary courts, the Magic City only further contributes to its claims through hosting the Miami Open each year.

Which country invests the most in Saudi Arabia? ›

By countries, the main investors are the United States, Kuwait, France, Japan and the United Arab Emirates. The Saudi Arabian Monetary Agency (SAMA) is responsible for the compilation and dissemination of the balance of payments data, which is based on the 4th edition of the IMF's Balance of Payments Manual (BPM4).

Soccer is by far the most popular modern sport in Saudi Arabia.

Saudi Arabia has a sovereign wealth fund called the Public Investment Fund, which has more than $35 billion in American companies like Amazon, Walmart, rideshare and the food delivery company Uber Technologies, as well as the major ticketing platform Live Nation Entertainment.

Norway is home to the biggest sovereign wealth fund globally, valued at nearly $1.4 trillion. In 2023, the fund posted record profits, bolstered by tech holdings that include Microsoft, Apple, and Nvidia.

Some estimates of the royal family's wealth measure their net worth at $1.4 trillion.This figure includes the market capitalization of Saudi Aramco, the state oil and gas company, and its vast assets in fossil fuel reserves, making them the wealthiest family in the world and the wealthiest in recorded history.

PIF is a Platinum Partner of the ATP tour, the official naming partner of the ATP Rankings, and a Premier sponsor of the BNP Paribas Open. This partnership marks a significant commitment to enhancing global tennis for players, fans, tournaments, and stakeholders at all levels of the sport.

In Saudi Arabia, the fiscal year is the calendar year, 1 January to 31 December.

Saudi Arabia has placed ACWA Power at the center of its Vision 2030 goal to eliminate oil from its power production model. By 2030 Saudi Arabia plans to generate 50 percent of its electricity from renewables and the other half from gas.

Vision 2030 is a blueprint that is diversifying the economy, empowering citizens, creating a vibrant environment for both local and international investors, and establishing Saudi Arabia as a global leader.