Yasir Al-Rumayyan, the Governor of Saudi Arabia's Public Investment Fund, has explained their plan to raise funds to £1trillion. The PIF attempted to buy an 80% stake in Newcastle earlier this year. However, they pulled out of the takeover because the Premier League's fit and proper test was being undertaken. Despite the unsuccessful takeover, according to Chronicle Live, the PIF remain interested in a Newcastle. "You just mentioned two of the things that we're planning to get to $1 trillion and $70 billion dollars to be exact," Al-Rumayyan said in an interview with CNN. "We have grown our assets - that's the first thing. The second thing is whatever we are receiving from the government in the form of cash and other assets. "The third thing is the dividends that we are getting from our investments and the fourth thing, of course, is the financing that we are getting and we have been very much active in financing. "Having said all of these four elements, we are very much conservative in our books and I'll give just an example: the giga-projects, which is one of six different portfolios or pools of investments that we have. "The PIF has three of the major projects like NEOM, the Red Sea project and Qiddiya as one riyal, which is practically nothing, so we're thinking in a few years, once parts of these projects get operational, all of these values will go higher."
Source: ChronicleLive/ *Join us on Telegram!