Influence: Saudi Arabia is controlled by de facto ruler Mohammed bin Salman
In a groundbreaking partnership, Aston Martin and Lucid Motors, based in California, recently joined forces to develop a range of electric cars. This collaboration, which combines James Bond’s favorite car brand with cutting-edge Silicon Valley technology, has a hidden influence from Saudi Arabia, one of the world’s leading exporters of oil and natural gas.
Lucid Motors is majority-owned by the Public Investment Fund (PIF), the sovereign wealth arm of the Saudi state. The PIF manages assets worth over £500 billion and is chaired by Crown Prince Mohammed bin Salman (MBS), the de facto ruler and prime minister of Saudi Arabia.
Apart from its stake in Lucid, the PIF also holds an 18% stake in Aston Martin, valued at approximately £450 million. This move is part of Saudi Arabia’s strategy to expand its economic influence in Britain, following the footsteps of other Gulf states like Qatar.
The PIF’s involvement in the sports world has been particularly controversial. In 2021, it acquired Premier League football team Newcastle United, raising concerns about sportswashing and the use of professional sports to improve the country’s image. The proposed merger between the Saudi-backed LIV Golf tour and the US PGA Tour also sparked international outrage.
Connections: Amanda Staveley helped the PIF to buy Newcastle Utd
Saudi Arabia’s foray into the professional sports world is seen as an attempt to divert attention from its controversial human rights record, including severe restrictions on women’s rights and the criminalization of same-sex activity. The country’s investments abroad also reflect its aim to diversify its economy away from oil.
Critics argue that the Saudi authorities are using their sovereign wealth fund not only for investments but also as a tool for image management. Amnesty International UK’s economic affairs director, Peter Frankental, describes Saudi Arabia’s purchase of Newcastle United as an act of sportswashing, aimed at absorbing the prestige of the brand and associating it with James Bond.
Licence to thrill: Daniel Craig as 007 with an Aston Martin sports car
Despite objections to the influx of Saudi cash, there is a complex situation at hand. The PIF’s significant financial resources could potentially fund long-term investments that are crucial for Britain’s infrastructure projects such as the Sizewell C nuclear power plant. The British government has been seeking support from Gulf states, including Saudi Arabia, to boost the economy and create jobs.
Saudi investors, like those from Qatar and the UAE, are also increasingly interested in the UK’s property market. Turki bin Salman Al Saud, a member of the Saudi royal family, reportedly owns nearly 20 properties in London through a firm based in the British Virgin Islands.
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