Saudi Arabia and their ruler Mohammed bin Salman are rapidly acquiring valuable assets throughout the United Kingdom. Gas prices have been steadily increasing, with the RAC reporting a 4.5p per litre rise. This surge in oil prices is the result of collaboration between Saudi Arabia and Russia, causing a significant transfer of resources from Western consumers to Mohammed bin Salman and indirectly benefiting Moscow’s war efforts.
Despite this assault on the UK’s prosperity, Rishi Sunak is seeking a closer relationship with MBS. A state visit from Saudi Arabia is planned for later this year.
MBS is open about his belief in the Middle East becoming the new Europe, serving as a global epicentre for a renaissance. By utilizing their substantial financial resources, the Saudi state and the Public Investment Fund are investing heavily in various sectors. They are revolutionizing golf, entering the aircraft leasing market, and acquiring strategic stakes in major companies such as Spain’s Telefonica. Furthermore, they are determined to become leaders in liquefied natural gas, regardless of Western concerns about fossil fuel usage.
Sovereign wealth funds like Norway’s Government Pension Fund and Abu Dhabi Investment Fund focus on secure long-term investments. In contrast, the Public Investment Fund, established in 1971 and revamped by Mohammed bin Salman in 2015, is driven by the Saudi leader’s ambitious plan to modernize the nation’s culture and economy. With abundant oil revenues at his disposal, MBS is willing to invest in anything that will gain favor overseas and secure support domestically.
While many dismiss the massive amounts spent on the Saudi Pro League as a vanity exercise, others view it as an opportunity to create a competitive league that rivals major European tournaments. Football is immensely popular in Saudi Arabia, and many of its 38 million citizens desire engagement in the sport. The Public Investment Fund has the financial resources to facilitate this transformation and more. The fund has stakes in key local firms, including the £42 million Saudi National Bank and an 8% stake in the £1.8 trillion Saudi Aramco. Recently, it has expanded its investments overseas, sparking controversy with its involvement in world golf. Rory McIlroy has been at the forefront of the opposition, accusing the Saudis of using sports to divert attention from human rights abuses.
Previously, Saudi Arabia primarily invested its oil billions in US Treasuries, but now it seeks to acquire assets that directly connect it to Western economies. In addition to sports, Saudi ambition extends to global telecoms, aircraft finance, and the dominance of the liquefied natural gas market.
In the past, Saudi visits to the UK centered around arms supplies, but now the focus is on inward investments and on-the-ground opportunities in Saudi Arabia. As MBS’s influence continues to grow, there are tremendous economic and diplomatic opportunities for both countries.
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