Saudi Arabia PIF: What you need to know
BBC They're behind a massive golf merger, they control Newcastle United and they're bringing some of the biggest footballers in the world to the Middle East. If you're not sure what Saudi Arabia's Public Investment Fund (PIF) is all about, here's a quick guide.
The PIF is a big pot of money - 514bn to be exact
It was created in 1971 so the government of Saudi Arabia could invest in things - basically a huge savings account for the country. The reason there's so much cash in it is because of the massive amounts of money Saudi Arabia has made through selling oil.
It's been used to bring big name footballers to Saudi Arabia
The PIF recently announced it's taking over four clubs in the Saudi League. Legendary striker Cristiano Ronaldo already plays there and Karim Benzema has also just moved. The Saudi league doesn't have the financial fair play rules that govern European football so they can spend as much as they want on players and wages.
