Latest news with #PIF
Gulf Today
14 hours ago
- Business
- Gulf Today
Cristiano Ronaldo to stay at Saudi Arabia's Al Nassr until 2027
Cristiano Ronaldo inked a two-year extension with Saudi Arabia's Al Nassr, the club announced Thursday, following months of speculation over which team he would sign for next season. "Cristiano Ronaldo is staying at @AlNassrFC until 2027," the club wrote in a post on X. Minutes before the official confirmation, the team posted a teaser video, with the 40-year-old Ronaldo walking along a beachfront and saying: "Al Nassr forever". The Portuguese superstar arrived in 2023 in the kingdom to play with the club, heralding a rush of players in the latter stages of their careers to the oil-rich country. Last month, Ronaldo posted "This chapter is over" hours after the Saudi Pro League wrapped up with Al Nassr finishing third and trophyless once again. Cristiano Ronaldo signs a new deal with the Saudi club, in the presence of club chairman Abdullah Al Majid at an undisclosed location. AFP "Ronaldo's presence is a key factor in developing the Saudi league in the last two years and a half. He opens the door for elite and young players to come to Saudi Arabia," a source from the Public Investment Fund (PIF), a major investor in Saudi football, told AFP last month. The oil-funded PIF, the sovereign wealth fund behind a number of big-ticket Saudi investments, controls a group of Pro League clubs including Al Nassr, Al Hilal and Al Ahli. Ronaldo's announcement in May came just months after Brazilian star Neymar ended his injury-plagued 18-month stay in January, after playing just seven times for Al Hilal -- on a reported salary of around $104 million a year. Although Ronaldo was the Pro League's top scorer with 25 goals, he has been unable to win a Saudi or continental trophy with Al Nassr, who lost in the Asian Champions League semi-finals last month. Last year, the five-time Ballon d'Or winner said he could end his career with Al Nassr, the Riyadh team favoured by a number of Saudi royals. Saudi Arabia has shaken up football by spending heavily on stars from Europe, starting with Ronaldo's move in late 2022, and the desert nation will host the World Cup in 2034. For the past two years, Saudi football fans could watch the likes of Ronaldo and Karim Benzema, with six Ballons d'Or between them, on any given weekend during the football season in the kingdom. Agence France-Presse
Arab News
19 hours ago
- Business
- Arab News
PIF embraces ‘precision finance' with diversified debt strategy, says Global SWF
RIYADH: Saudi Arabia's Public Investment Fund is embracing a calibrated, multi-instrument approach to debt issuance described by Global SWF as a model of 'precision finance.' According to the research firm, the purpose — following the issuance of the commercial paper program in June — is to align PIF's funding tools with investment timelines, liquidity needs, and investor targeting, while reinforcing financial discipline across its expanding portfolio. In its report, Global SWF noted that PIF is moving away from a singular focus on long-term mega-bond issuances and toward a more agile debt framework that includes commercial paper, sukuk, green bonds, and multi-tranche conventional bonds. This strategy is designed not just to raise capital, but to do so with precision, which is matching maturities to project lifecycles and diversifying funding sources across global markets. Global SWF highlighted that PIF's latest move, completes a full-spectrum debt portfolio that now includes ultra-short to ultra-long maturity instruments. The commercial paper, issued in US dollar and euro denominations via offshore special-purpose vehicles, secured the highest short-term credit ratings available: Prime-1 from Moody's and F1+ from Fitch. These ratings reflect exceptional credit quality and grant PIF access to deep liquidity pools among institutional investors such as money market funds. The commercial paper program is a critical addition to a borrowing strategy that also includes a $3 billion 100-year green bond issued in October 2022, a $5.5 billion green bond in February 2023, a $3.5 billion sukuk in October 2023, and a series of multi-tranche bonds and sukuk issued through early 2025. With each offering, PIF has tailored tenor, currency, and structure to match specific financial and investor objectives. The evolution of PIF's financial strategy is closely tied to its broader transformation under Vision 2030. Since 2016, the fund has grown its assets under management from $160 billion to $941.3 billion, according to the latest Vision 2030 Annual Report. It has now increased its 2030 AUM target to $2.67 trillion, reflecting its expanded mandate and rising international profile. PIF's investment strategy is balanced between domestic development and global positioning. About 40 percent of its assets are allocated to Saudi-based companies and projects, while the remaining 60 percent target international sectors such as technology, logistics, mining, and tourism. According to the Vision 2030 report, PIF's initiatives have helped create 1.1 million jobs, attracted over $37 billion in private capital, and grown the number of PIF-established companies from 45 in 2021 to 93 in 2024. A strategic departure from Gulf norms While other sovereign wealth funds such as Norway's NBIM remain entirely debt-free, and Singapore's Temasek or China Investment Corporation borrow sparingly, PIF has opted for a hybrid model, one that combines government equity injections with strategic use of debt instruments. According to Global SWF, this is not a matter of opportunistic borrowing. Rather, PIF is practicing deliberate asset-liability matching which focuses on issuing long-dated bonds to support giga-projects like NEOM or The Line, while using short-term debt for working capital needs and market-timed investments. Sukuk offerings help tap into regional Islamic finance liquidity, and green bonds target environmental, social, and governance-focused global capital. This differentiated approach allows PIF to broaden its investor base while keeping funding costs aligned with the nature and duration of its projects. Why ratings matter The fund's credibility is bolstered by strong long-term credit ratings: Aa3 from Moody's and A+ from Fitch. This has allowed it to secure favorable terms on successive bond offerings and confirmed that PIF is regarded as an exceptionally low-risk short-term borrower, giving it seamless access to institutional liquidity globally. Global SWF emphasized that the ratings, combined with diverse issuance formats, position PIF among a small group of sovereign wealth funds with the internal capability to manage complex, multi-layered debt programs. Saudi Arabia is currently navigating a tighter fiscal environment, with a projected 2.3 percent budget deficit in 2025 and a more disciplined approach to public spending. In this context, PIF's access to capital markets is more than just financial, according to Global SWF, it serves as a strategic bridge that enables ongoing project execution without placing undue pressure on state reserves. The firm noted that the fund's recent bond and sukuk calendar illustrates a sequenced and diversified funding plan, rather than reliance on a single issuance type. This is especially important as global interest rates remain volatile and investors increasingly scrutinize sovereign debt sustainability. Rather than treating debt as a one-off tool, the fund is deploying it systematically, by tenor, purpose, and investor group, to support a $2.6 trillion vision for economic diversification and global investment leadership. As the Kingdom approaches the final stretch of Vision 2030 implementation, PIF's capital strategy offers a case study in how sovereign wealth funds can combine financial discipline, market sophistication, and national ambition under a unified financing framework.
Roya News
a day ago
- Business
- Roya News
Cristiano Ronaldo signs contract extension with Al Nassr till 2027
Cristiano Ronaldo has officially committed his future to Al Nassr, signing a two-year contract extension that will keep him at the Saudi Pro League club until 2027. The announcement, made by the club on Thursday via a post on X, ends weeks of speculation about the football legend's next move. Cristiano Ronaldo is staying at @AlNassrFC until 2027 — AlNassr FC (@AlNassrFC_EN) June 26, 2025 'Cristiano Ronaldo is staying at @AlNassrFC until 2027,' the club declared. Ronaldo first joined Al Nassr in 2023, becoming one of the earliest high-profile players to make the move to Saudi Arabia. His arrival marked a turning point in the league's global visibility, sparking an influx of veteran stars to the Gulf state's top clubs. Despite finishing third in the league and ending the season without a trophy, Ronaldo hinted at uncertainty about his future in May, posting cryptically on social media, 'This chapter is over.' The post fueled rumors of a possible transfer or retirement. However, the new deal signals renewed confidence in the club's project and in Ronaldo's role in it. 'Ronaldo's presence is a key factor in developing the Saudi league in the last two years and a half. He opens the door for elite and young players to come to Saudi Arabia,' a source from the Public Investment Fund (PIF) told Agence France-Presse (AFP) last month. The PIF, Saudi Arabia's oil-funded sovereign wealth fund, holds major stakes in several Pro League teams, including Al Nassr, Al Hilal, and Al Ahli, and has played a central role in the country's ambitious efforts to elevate its football scene onto the global stage.
Daily Tribune
a day ago
- Sport
- Daily Tribune
Cristiano Ronaldo to stay at Al Nassr until 2027
Cristiano Ronaldo inked a two-year extension with Saudi Arabia's Al Nassr, the club announced yesterday, following months of speculation over which team he would sign for next season. 'Cristiano Ronaldo is staying at @AlNassrFC until 2027,' the club wrote in a post on X. Minutes before the official confirmation, the team posted a teaser video, with t h e 4 0 -y e a r- o l d Ronaldo walking along a beachfront and saying: 'Al Nassr forever'. The Portuguese superstar arrived in 2023 in the kingdom to play with the club, heralding a rush of players in the latter stages of their careers to the oil-rich country. Last month, Ronaldo posted 'This chapter is over' hours after the Saudi Pro League wrapped up with Al Nassr finishing third and trophyless once again. 'Ronaldo's presence is a key factor in developing the Saudi league in the last two years and a half. He opens the door for elite and young players to come to Saudi Arabia,' a source from the Public Investment Fund (PIF), a major investor in Saudi football, told AFP last month. The oil-funded PIF, the sovereign wealth fund behind a number of big-ticket Saudi investments, controls a group of Pro League clubs including Al Nassr, Al Hilal and Al Ahli. Ronaldo's announcement in May came just months after Brazilian star Neymar ended his injury-plagued 18-month stay in January, after playing just seven times for Al Hilal -- on a reported salary of around $104 million a year. Although Ronaldo was the ProLeague's top scorer with 2 5 goals, he has been unable to win a Saudi or continental trophy with Al Nassr, who lost in the Asian Champions League semi-finals last month.
Malay Mail
a day ago
- Business
- Malay Mail
Cristiano Ronaldo to stay at Al Nassr until 2027
RIYADH, June 27 — Cristiano Ronaldo inked a two-year extension with Saudi Arabia's Al Nassr, the club announced Thursday, following months of speculation over which team he would sign for next season. 'Cristiano Ronaldo is staying at @AlNassrFC until 2027,' the club wrote in a post on X. Minutes before the official confirmation, the team posted a teaser video, with the 40-year-old Ronaldo walking along a beachfront and saying: 'Al Nassr forever'. Ronaldo later posted a message on his Instagram, confirming the extension. 'A new chapter begins. Same passion, same dream. Let's make history together,' read the post. The Portuguese superstar arrived in 2023 in the kingdom to play with the club, heralding a rush of players in the latter stages of their careers to the oil-rich country. Last month, Ronaldo posted 'This chapter is over' hours after the Saudi Pro League wrapped up with Al Nassr finishing third and trophyless once again. 'Ronaldo's presence is a key factor in developing the Saudi league in the last two years and a half. He opens the door for elite and young players to come to Saudi Arabia,' a source from the Public Investment Fund (PIF), a major investor in Saudi football, told AFP last month. The oil-funded PIF, the sovereign wealth fund behind a number of big-ticket Saudi investments, controls a group of Pro League clubs including Al Nassr, Al Hilal and Al Ahli. Ronaldo's announcement in May came just months after Brazilian star Neymar ended his injury-plagued 18-month stay in January, after playing just seven times for Al Hilal — on a reported salary of around US$104 million (RM440 million) a year. Although Ronaldo was the Pro League's top scorer with 25 goals, he has been unable to win a Saudi or continental trophy with Al Nassr, who lost in the Asian Champions League semi-finals last month. Last year, the five-time Ballon d'Or winner said he could end his career with Al Nassr, the Riyadh team favoured by a number of Saudi royals. Saudi Arabia has shaken up football by spending heavily on stars from Europe, starting with Ronaldo's move in late 2022, and the desert nation will host the World Cup in 2034. For the past two years, Saudi football fans could watch the likes of Ronaldo and Karim Benzema, with six Ballons d'Or between them, on any given weekend during the football season in the kingdom. However, the oil-fuelled Saudi football project has drawn comparisons with the Chinese Super League, which imported players on exorbitant salaries until team owners went bust as the Chinese economy fizzled. But with Saudi Arabia set to host the 2034 World Cup, and desperate to re-model itself as a tourism and business magnet before global oil demand falls for good, there is probably more to come from the Pro League. Ronaldo appeared to trade an end-of-career payday for football obscurity when he first moved to Riyadh's Al Nassr two years ago in a deal said to be worth US$250 million at the time. — AFP
