Saudi Arabia's Crown Prince Muhammad bin Salman, 38, has expressed confidence in the recent accusations of "sportswashing" against him.
The term "sportswashing" refers to the use of sports to wash away social problems such as dictatorship, corruption, and human rights abuses. This means that Saudi Arabia is investing in sports with a huge amount of capital to wash its image.
According to Fox News on March 22, Crown Prince bin Salman said he was "not bothered" by the sportswashing controversy, adding, "Our gross domestic product (GDP) has increased by 1% through investment in sports. We are aiming for a further 1.5% growth. Call it what you want. We will get 1.5%."
The sovereign wealth fund (PIF) behind the kingdom's sportswashing program has assets of $620 billion (about $831.4 billion), the BBC reported that day.
The kingdom's so-called "oil money" has recently taken the world of sports by storm. The PIF wields enormous influence in a variety of sports, including golf, soccer, tennis, and motorsports.
This has led to criticism that the kingdom, which is notorious for human rights abuses and violations of women's rights, is using sports to improve its image.
Soccer and golf are two of PIF's most popular investments.
The Saudis bought Newcastle United in the English Premier League (EPL) and have recently added a number of global stars to their league, including Cristiano Ronaldo (Al-Nasr), Neymar (Al-Hilal), and Karim Benzema (Al-Ittihad).
Inspired by last year's World Cup in Qatar, the Saudis are also aiming to host the tournament in their country. "The kingdom will host the FIFA Club World Cup for the first time this December," says the BBC, "and is expected to compete for the 2030 or 2034 World Cup."
Golf is also represented by LIVGolf. The company has signed several high-profile golf stars and is even in talks to merge with the formerly hostile U.S. Professional Golf Association (PGA) Tour.
Other events include Formula One (F1) holding its first race in Saudi Arabia in 2021, and boxing champion Anthony Joshua defeating Andy Lewis in the Saudi capital Riyadh in 2019. Tennis continues to invest aggressively, with a five-year deal to host future ATP finals.
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