The Public Investment Fund of Saudi Arabia controls roughly $940 billion in assets, making it one of the four largest sovereign-wealth funds in the world. What’s more striking is how much of that capital sits in identifiable Western brand names — companies you’ve heard of, often companies you’ve used. PIF Governor Yasir Al-Rumayyan and Crown Prince Mohammed bin Salman (chairman) have moved the fund decisively from passive index positions toward strategic operational stakes. I went through PIF’s most recent disclosed holdings and ranked the ten most consequential.
How we built this list
Holdings come from PIF’s annual report, the fund’s 13F filings with the SEC (for US-listed positions), and confirmed deal announcements through May 2026. PIF owns hundreds of companies; this list focuses on positions where PIF holds either a majority stake or a strategic minority that meaningfully influences governance.
The Top 10
1. Newcastle United F.C. — 85% ownership
PIF acquired 85% of Premier League club Newcastle United in October 2021 for £305 million. The remaining 15% is held by PCP Capital Partners and the Reuben Brothers. Yasir Al-Rumayyan serves as the club’s chairman. The acquisition transformed Newcastle from a perennial relegation candidate to a UEFA Champions League contender within three seasons.
2. Lucid Motors — ~60%
PIF holds approximately 60% of Lucid Motors, the US-listed luxury EV maker. Cumulative PIF investment in Lucid since 2018 exceeds $9 billion. The fund has consistently provided follow-on capital as Lucid burned through its IPO proceeds. PIF has also committed to purchase up to 100,000 Lucid vehicles for Saudi government use.
3. LIV Golf + PGA Tour partnership
PIF founded LIV Golf in 2022, which then announced a framework agreement to merge with the PGA Tour in 2023. The deal’s structure has been the subject of US Senate antitrust hearings and remains partially open as of May 2026. PIF has committed billions to expand professional golf and reshape its commercial structure globally.
4. Savvy Games Group — fully owned ($38B commitment)
Savvy Games Group is PIF’s gaming and esports holding company, committed to deploying up to $38 billion in gaming investments. Savvy acquired Scopely (mobile gaming) for $4.9 billion in 2023 and ESL Gaming (esports) in 2022. Significant equity stakes in Embracer Group, Nintendo (~5%), Capcom, Nexon, and Electronic Arts (~10%) are all held through Savvy or directly by PIF.
5. Saudi Aramco — ~16% (via PIF transfer)
PIF holds approximately 16% of Saudi Aramco, the state oil company, following share transfers from the Saudi government to PIF in 2022 and 2024. The remainder of Aramco is mostly held by the government directly. Aramco is the most valuable company in the world by market cap in 2026 (>$2 trillion).
6. Uber — ~5–6%
PIF acquired a $3.5 billion stake in Uber in 2016, when the company was still private, and held through the 2019 IPO. As of 2026, PIF’s position has been trimmed but remains around 5–6% of total shares, making PIF one of Uber’s largest single shareholders. Yasir Al-Rumayyan held a seat on Uber’s board through 2024.
7. Electronic Arts — ~10%
PIF holds approximately 10% of Electronic Arts, the publisher behind FIFA/EA Sports FC, Madden, The Sims, and Battlefield. The position was built between 2022 and 2024 and has been one of the largest sovereign-wealth gaming positions globally. Multiple takeover rumors involving PIF and EA have surfaced through 2024–25 but no formal bid has been announced.
8. Nintendo — ~5%
PIF disclosed a roughly 5% stake in Nintendo in 2022 — at the time the largest known sovereign-wealth-fund position in Japanese gaming. The position has been held quietly since. Nintendo’s family-influence governance through the Yamauchi family makes acquisition of additional control extremely difficult, and PIF has not signaled an intention to push for one.
9. NEOM — fully sovereign-funded ($500B target)
NEOM, the planned futuristic city in northwestern Saudi Arabia, is a wholly-owned PIF project with a $500 billion target capital deployment. Subsidiaries include The Line (linear city), Oxagon (industrial port), Trojena (mountain resort), and Sindalah (luxury island). Construction-cost overruns and delays have caused scope reductions reported through 2025.
10. Cruise (autonomous-vehicle) and other tech bets
PIF has historically held substantial positions in autonomous-vehicle and mobility companies. Cruise (the GM subsidiary), Lyft, and several Indian transport startups have all had PIF capital. The fund has also been a major investor in BlackRock’s infrastructure fund and in joint ventures with Japan’s SoftBank Vision Fund.
At-a-glance comparison
| Rank | Company / Asset | PIF Stake | Type |
|---|---|---|---|
| 1 | Newcastle United | 85% | Sports |
| 2 | Lucid Motors | ~60% | Auto |
| 3 | Saudi Aramco | ~16% | Oil & Gas |
| 4 | Electronic Arts | ~10% | Gaming |
| 5 | Uber | ~5–6% | Mobility |
| 6 | Nintendo | ~5% | Gaming |
| 7 | Savvy Games (Scopely, ESL, etc.) | 100% | Gaming holding |
| 8 | LIV Golf / PGA Tour | Founder/major | Sports |
| 9 | NEOM | 100% | Real estate |
| 10 | Cruise / Lyft / mobility | Various | Tech |
My take
PIF’s strategy looks chaotic from the outside — golf, gaming, EVs, AVs, oil, real estate — but there’s an underlying logic. The fund is using its capital to do three things simultaneously: diversify Saudi Arabia’s national economy away from oil dependence (Vision 2030); accumulate strategic stakes in sectors where Saudi consumer demand is large (gaming, mobility, entertainment); and build leverage with Western governments through equity positions in their flagship companies. As of 2026, PIF is probably the single most active sovereign-wealth investor in Western consumer assets, and that trend is going to accelerate, not slow down.
Frequently Asked Questions
How big is Saudi PIF?
Saudi Arabia’s Public Investment Fund (PIF) manages approximately $940 billion in assets as of 2026, making it one of the four largest sovereign-wealth funds in the world (alongside Norway’s Government Pension Fund, China Investment Corporation, and Abu Dhabi Investment Authority).
Who controls PIF?
PIF is governed by a board of directors chaired by Crown Prince Mohammed bin Salman. The day-to-day operations are led by Governor Yasir Al-Rumayyan, who also chairs Newcastle United and previously served on the board of Uber.
Does Saudi PIF own Newcastle United?
Yes. PIF acquired 85% of Premier League club Newcastle United in October 2021 for approximately £305 million. The remaining 15% is held by PCP Capital Partners and the Reuben Brothers. Yasir Al-Rumayyan, PIF’s Governor, serves as the club’s chairman.
Does Saudi PIF own Lucid Motors?
PIF is the majority shareholder of Lucid Motors, holding approximately 60% of common stock following multiple capital infusions since 2018. Cumulative PIF investment in Lucid exceeds $9 billion. The remaining ~40% of Lucid trades publicly on the NASDAQ.
What is LIV Golf and is it part of PIF?
LIV Golf is a professional golf tour founded by PIF in 2022 to compete with the PGA Tour. In 2023, LIV and the PGA Tour announced a framework merger agreement; final terms are still being negotiated as of May 2026, partly due to US antitrust review.
