Newcastle United chairman Yasir Al-Rumayyan eyes striking ‘partnerships & alliances’ to unlock opportunities

Newcastle United’s sole focus has been on continuing their progression on and off the pitch as the club’s ambitious owners push on with their exciting plans at St James Park.

But the Public Investment Fund of Saudi Arabia - 80% part-owners of the Magpies - have also enjoyed a productive few weeks away from St James’ Park after holding a ‘Future Investment initiative’ Forum in Riyadh.

Magpies chairman Yasir Al-Rumayyan was a lead speaker on the opening day of the three-day event as he laid out the threats being experienced by businesses around the world, citing financial uncertainty and climate change as two of the biggest challenges. Quoted by ArabNews when discussing the future of the Public Investment Fund, the United supremo said: “Right partnerships and alliances will enable us to fulfill our ambitions over the long-term.  Here in Saudi Arabia, we are creating partnerships between companies that unlock opportunities and drive sustainability.”

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Over 7,000 global business leaders attended the event and they heard Al-Rumayyan call for ‘proper data analysis’ to deal with the highest inflation rate witnessed in over four decades. Despite the global struggles, it was confirmed Saudi Arabia will press on with ambitious plans for a new Mall of Riyadh development that will be completed by 2026 and will consist of over 1,600 homes, six new hotels and the world’s largest indoor ski slope and snow dome.

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There were further developments in Saudi Arabia that may have provoked a rye smile from Magpies supporters as Qatar-based beIN Sports selected Saudi firm SMC MC as its ‘exclusive advertising partner’ in the Middle East and North Africa in a deal believed to be worth around £130m.

The deal will cover all beIN channels and will include their coverage of the World Cup Final, which gets underway in Qatar next month.  The move may have surprised many after the two Gulf states were involved in a long-running dispute that saw Saudi Arabia and three other Arab states cut ties with Qatar. The dispute, Saudi Arabia blocking beIN from broadcasting within their borders alleged piracy of beIN content, were said to have been a key factor in prolonging a PIF-led consortium from completing a takeover at Newcastle.