Yasir Al-Rumayyan reveals PIF's investment plans as they eye a takeover of Newcastle United

Yasir Al-Rumayyan has revealed that the Saudi Arabian Public Investment Fund (PIF) are looking to ‘improve the diversity’ of their revenues as they look to strike a deal for Newcastle United.

Wednesday, 1st April 2020, 6:00 am
Yasir al-Rumayyan has explained PIF's investment plans
Yasir al-Rumayyan has explained PIF's investment plans

During an interview with The David Rubenstein Show on Bloomberg, Al-Rumayyan – the chief of the investment fund – was quizzed on what PIF’s primary objectives are in the coming months.

“We need to have higher returns and a positive economic impact,” said Al-Rumayyan.

“We also need to improve the diversity of revenues.”

The investment chief also went on to explain the process of how the PIF approve an investment deal.

Using the example of PIF’s recent investment in transportation app Uber, Al-Rumayyan revealed the extensive layers of approval that are required before PIF invest in any business – with their move for Newcastle United set to go through similar steps, if it has not already.

“I ask the team to go look at it, and then it goes through the investment structure we have,” he explained.

“We have layers and layers of investment diligence and what have you.

“It then goes to the investment committee and the board.”

Reports earlier this week suggest that the deal has taken a step forward after the Premier League were informed of a potential takeover.