'The first thing' - Yasir Al-Rumayyan delivers fresh 42-word verdict on Newcastle United as PIF plans unveiled

The Newcastle chairman and PIF governor was speaking at the Future Investment Initiative (FII) Priority at the Faena Hotel in Miami this week. Al-Rumayyan is also chairman of the FII Institute and organised the summit, which is designed to help highlight the significance of strategic investments in shaping the global economic landscape.

The event featured ‘an elite roster of global investment, finance, and technology leaders’ and saw President Donald Trump give a keynote speech while Al-Rumayyan also addressed those in attendance.

Trump said: “Today, it is a tremendous honour to become the first American president to address the Future Investment Initiative Institute.

“I come today with a simple message for business leaders from across the nation and around the world: If you want to build the future, push boundaries, unleash breakthroughs, transform industries, and make a fortune.”

The event took place just days before Al-Rumayyan’s visit to Newcastle on Sunday to discuss the future of St James’ Park and the club’s training ground.

PIF aiming for move investment in US market

Al-Rumayyan acknowledged that PIF investment into the US market has been limited by ‘certain restrictions’. On a far smaller scale, PIF’s investment into Newcastle United’s squad is limited by rules and restrictions too.

“Unfortunately, sometimes when you want to procure more from the US or invest more, there are certain restrictions,” Al-Rumayyan explained.

“I hope with the current administration these restrictions [will] be ironed out and it will attract more investment back to the US.

“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 US.

He added: “If you look at the GDP formula, right, it’s government spending plus investments, then consumption plus export minus import.

“Now, the role of PIF is mainly the ‘I’—the investments—and this will stimulate the whole economy, the whole GDP.”

Yasir Al-Rumayyan namechecks Newcastle United

Al-Rumayyan also mentioned PIF’s investment into Newcastle and subsequent success when discussing the sports sector. The purchase of Newcastle for around £300million in October 2021 was PIF’s ‘first thing’ in the sport sector.

Now PIF own a majority stake in four major Saudi Pro League clubs, Al Hilal, Al Nassr, Al Ittihad and Al Ahli.

But his verdict on the Newcastle takeover is that PIF did ‘extremely well’.

“So, [the] sports sector is one of the 13 different sectors that we're really focusing on as part of our strategy,” Al-Rumayyan said. “The first thing that we've done was in football - or ‘soccer’ - [was] we bought a Newcastle football club and we did extremely well.”

Al-Rumayyan added: “We have now four different football clubs in Saudi and the reason why we acquired these four teams was that we wanted to elevate the Saudi Pro League to one of the top three football leagues in the world.”

Since the takeover, a winless Newcastle climbed out of the relegation zone to finish 11th in the Premier League table before finishing fourth and qualifying for the Champions League and reaching the Carabao Cup final in PIF’s first full season as majority owners.

The Magpies then finished seventh last season but have now reached another Carabao Cup final this campaign as they look to end a 70-year wait for a domestic trophy.

Yasir Al-Rumayyan’s message to Newcastle United & PIF portfolio companies

Al-Rumayyan has been busy this month as only last week he was speaking at the PIF private sector forum in Riyadh.

The third edition of the PIF private sector forum saw Newcastle’s director of partnerships Jonathan Kane in attendance with a dedicated booth for the club at the King Abdulaziz International Conference Centre.

Addressing Newcastle and other PIF companies in attendance, Al-Rumayyan said: “The private sector is a pivotal partner in this successful journey and is part of the national economic transformation.

“I encourage you to continue developing capabilities and enhancing competitiveness to keep pace with the economic growth in Saudi Arabia and the future projects, and I invite you to take advantage of the partnership opportunities available with the PIF and portfolio companies."

This came just days before the Premier League’s sponsorship rules introduced shortly after PIF’s takeover was deemed ‘void and unenforceable’. As a result, Newcastle may be able to benefit from future partnerships and commercial opportunities with PIF-linked companies.

Major sponsorship deals with PIF companies Sela and Noon have previously been subject to the Premier League’s Associated Party Transaction rules, which have since been amended and been met with a fresh legal challenge.

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