Title: Saudi Arabia’s Expanding Influence in the U.S. Economy Raises Concerns
Introduction
The recent investigation by Congress into Saudi Arabia’s acquisition of the PGA Tour golf league has shed light on the extent of Saudi government penetration into the U.S. economy. While the merger between the PGA and LIV Golf has been criticized for “sportswashing” Saudi Arabia’s human rights record, it has also revealed the significant stakes held by the Public Investment Fund (PIF) in major U.S. corporations. This growing Saudi role in the U.S. economy has raised concerns about foreign influence in American affairs.
Saudi Arabia’s Penetration into the U.S. Economy
The Senate’s Permanent Subcommittee on Investigations released a report detailing the merger between the PGA and LIV Golf, which is backed by Saudi Arabia’s sovereign wealth fund, the PIF. The report also highlighted the PIF’s considerable stakes in many of the largest U.S. corporations. This expansion of Saudi investments in various sectors of the U.S. economy has raised national security implications and concerns about potential influence over American economic, social, and cultural assets.
The Role of Crown Prince Mohammed bin Salman
Crown Prince Mohammed bin Salman, commonly known as MBS, has played a significant role in the PIF’s activities. Experts point to the relationship between Yasir Al-Rumayyan, governor of the PIF, and MBS. Al-Rumayyan was MBS’s personal banker and was directly involved in a 2017 purge orchestrated by MBS to consolidate his power. The purge resulted in the transfer of several Saudi companies to the PIF, including a charter jet company used in the murder of journalist Jamal Khashoggi.
Investments in Gaming and Technology
The PIF’s investments extend beyond traditional sectors, with significant stakes in gaming and technology companies. MBS’s personal interest in gaming has led to an unprecedented investment of $38 billion in gaming through the PIF-backed conglomerate, the Savvy Games Group. The fund has also invested billions of dollars in technology firms such as Microsoft, Alphabet (Google’s parent company), Amazon, Adobe, PayPal, and Pinterest. However, despite its vast holdings, the PIF reported an $11 billion loss last year, raising questions about its primary motive.
Influence vs. Profit
Experts have raised concerns about whether the PIF’s primary motive is profit or influence. With endless cash reserves, the fund may prioritize gaining control and influence over financial gains. The investments in various sectors, including U.S. corporations and Jared Kushner’s investment fund, suggest a desire for influence and power rather than solely focusing on profitability.
Jared Kushner’s Connection to Saudi Investments
The PIF’s $2 billion investment in a U.S. investment fund run by Jared Kushner, former President Donald Trump’s son-in-law, has raised eyebrows. The investment came just months after Trump left the White House, where Kushner served as a top aide and conduit for MBS’s interests. Concerns have been raised about potential payback for Kushner’s actions in the White House or a bid for future favor if Trump seeks another presidential term in 2024.
Conclusion
The investigation into Saudi Arabia’s acquisition of the PGA Tour golf league has revealed the extent of Saudi government penetration into the U.S. economy. The Public Investment Fund’s significant stakes in major U.S. corporations and its involvement in various sectors raise concerns about foreign influence in American affairs. The motive behind these investments, whether profit or influence, remains a topic of debate. As Saudi Arabia continues to expand its economic presence in the U.S., it is crucial for policymakers to address the national security implications and potential risks associated with such investments.