As oil revenues decline, many Gulf States are investing in professional sports through sovereign wealth funds.

The country's Crown Prince Mohammed bin Salman has argued that embracing sports and tourism will diversify the Saudi economy away from a dependency on oil. Critics argue the events are being used to distract from the regime's human rights violations.

The Saudi Arabian Public Investment Fund was the primary backer of LIV Golf, and at one point held more than 90% of the league's ownership stake. Famous golfers, like the three-time Masters' champion Phil Mickelson, criticized the league for "sportswashing" Saudi Arabia's questionable human rights record.

Abu Dhabi, the capital district of the United Arab Emirates, manages its own funds distinct from those held by the United Arab Emirates federal government. Like other SWFs in the Middle East, the funds are secretive, but they are estimated to be worth about $1.8T altogether. Mubadala, one of Abu Dhabi's SWFs, became the most active fund in the world in 2024, deploying nearly $30B.

Norway operates the world's single largest sovereign wealth fund, but Asian and Middle Eastern countries operate the rest of the top 10 largest SWFs. The Middle East alone accounts for more than $5T of the world's entire sovereign wealth.

Across the board, sovereign wealth funds have an immense amount of capital, and, therefore, influence in global financial markets. Critics argue that this influence could enable a foreign country to harm another country's financial market by either investing adversely in competitive markets or by withholding critical capital.

Developing artificial intelligence, both from a hardware and software perspective, is time and resource-intensive. Sovereign wealth funds, particularly those in the Middle East, have heavily invested in critical AI infrastructure, like data centers.

Countries in the Middle East and Asia are projected to have some of the largest economic expansions by 2031, including within their billionaire populations. The global average growth projection for billionaires is 26% between 2026 and 2031.

While the US doesn't operate a federal sovereign wealth fund, several states run SWFs—the most well-known being the Alaska Permanent Fund. Unlike most SWFs, the Alaska Permanent Fund sends cash payments averaging roughly $1.2K each directly to Alaskan residents each year.

In 2021, countries in the Middle East spent $168 billion on weapons. Defense spending in the Middle East has been falling in the last few years, but this doesn’t necessarily mean that the region is de-militarizing. In 2021, Saudi Arabia spent $55...

Unlike other countries that primarily use profits from natural resources, China's sovereign wealth funds are fueled by the country's mounting trade surplus. Among the two largest are the State Administration of Foreign Exchange (SAFE) fund and the Chinese Investment Corporation (CIC). China also operates the Silk Road Fund, a strategic investment initiative that backs infrastructure creation in developing countries.

According to a 2023 report, six Gulf states produced 1.9 trillion gallons of freshwater across more than 400 desalination plants along their coasts. These plants create water suitable for human consumption by boiling saltwater and collecting steam or using high-pressure pumps to push seawater through a filter that only allows water molecules through.

In 2025, a court in London found that sovereign wealth funds and their executives can claim diplomatic immunity in legal cases, given the funds' foreign ownership and their role in the private sector. The ruling furthered speculation about the ethics of these funds, particularly from countries accused of human rights violations.

This guide explains how investing in oil works with in-depth explanations of each of the forces that control oil’s price. Oil is unique as a commodity in part because of OPEC’s role in regulating its price.

Since the 1990s, those costs have crept into the billions. Cities are able to sell the high price tag with promises of jobs and tourism dollars, but long-term studies showed the promises were often overstated.

Sovereign wealth funds are not regulated, but many of the funds voluntarily follow the Santiago Principles (though, to a varying extent). Some of the principles include transparent financial objectives, clear accountability structures, regular performance reviews, and annual auditing.

Most stadiums are actually getting smaller as the cost of land rises. Owners have sought to increase returns by designing prestige suits and clubs (rather than just more general admission) and laying out the stadium to maximize customer purchases.

The fund is considered the gold standard SWF because of its transparency around investments, politically independent governance, and strong ethical boundaries that serve as the backbone of the investment philosophy. For example, fund managers will not invest in coal, tobacco, or nuclear weapons, because these investments are considered harmful to humanity.

These bets ranged from who would win the World Series to what color clothes famous celebrities would wear to the Super Bowl. Experts believe the industry will continue to grow.

The cost of hosting the world's biggest sporting event depends on a country's existing infrastructure. Learn how the World Cup in Qatar will impact the country's finances in this brief podcast.

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

The portion of pension funds' risky investments, including alternative investments such as private equity, increased from 14% in 2001 to 39% in 2021. Analysts say private equity investments have delivered higher returns than traditional assets like stocks and bonds. Increased investment in private equity has also given pensions a way to recover from the 2008 financial crisis without necessarily investing more money.

This video explores how economic pressures—like rising debt and oil disputes—combined with political ambitions pushed Iraq, under Saddam Hussein, to invade Kuwait on August 2, 1990, triggering the Gulf War.

Since a 2018 Supreme Court decision overturned the Bradley Act, which spurred a state-by-state legalization of online gambling, sports betting has become a rapidly growing multibillion-dollar industry.

According to 2025 data, sports betting generated $2.7B in state tax revenue. That number has increased every year since the government began collecting data in 2021.

The individuals who invest this initial capital are called the firm's limited partners. Private equity firm LPs include sovereign wealth funds, university endowments, high-net-worth individuals, and more.

Private firms that manage family fortunes have been investing more in alternatives like venture capital and real estate, impacting the wider financial world.

When analyzing the production of crude oil, shale oil, oil sands, and condensates since the start of the 20th century, Saudi Arabia produced more crude oil only in 1977, from 1979 to 1981, and from 1991 to 2016. Nations such as Iraq and the United Arab Emirates produced much smaller quantities than both Saudi Arabia and the US.

Although different companies have described focuses ranging from luxury tourism to Martian space colonies, all are building infrastructure to capitalize on the shift away from government-only control and betting big on reusability and scale. By securing public contracts and subsidies, they aim to develop strategic partnerships toward dominance in low Earth orbit.

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

This PitchBook article explores how university endowments invest in capital markets to support their institutions. It explains how endowments are structured and managed to generate returns that fund scholarships, research, and operations. The piece also discusses the evolution of endowment investment strategies. This is a valuable read for understanding the financial mechanisms behind academic endowments.

Community sports leagues shifted from publicly supported entities to privatized ones in the 1990s, as tech advances streamlined registration processes. Millennial interest drove significant growth in social sports leagues for adults, growing much faster than other kinds of sports. A few industry leaders have benefited from this shift.

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

Pensions are responsible for safeguarding the retirement plans of many corporate and government employees alike. Pensions differ from 401(k) plans and sometimes rely on alternative assets, like hedge funds, to insulate their portfolios of billions of dollars from volatility in financial markets. Read the case top pension advisor Cambridge Associates makes for hedge funds.

Between 2000 and 2020, the US government invested tens of billions of dollars to facilitate the extraction of shale oil and gas reserves. These subsidies helped make new projects viable and kept fossil fuel companies afloat while global energy prices and renewable energy startup costs have fallen.

The top 100 highest-paid athletes in the world include players from 10 sports and 24 countries. They earned $4.46 billion in total income, including $3.24 billion in salary and prize money, as well…

Amid the fallout of World War II, Western multinational corporations expanded their control of the production of oil across the oil-rich Middle East, earning the pejorative nickname of the Seven Sisters. In the 1970s, the group’s role diminished as nationalist movements pursued sovereign control of the oil.

NBA teams were worth a total of $138B in 2024, with the Golden State Warriors the highest-valued at over $9B, according to research and analysis conducted by sports business outlet Sportico. Dive into the data with this write-up and visualization.

This video navigates the conflict’s core—from Iraq's August 2, 1990 invasion of Kuwait through Operation Desert Shield’s buildup, to the decisive air and ground assault of January–February 1991. It spotlights coalition tactics and rapid liberation of Kuwait, highlighting how precision bombing and advanced tech reshaped modern warfare.

Venezuela’s descent into economic and political chaos in recent years is a cautionary tale of the dangerous influence that resource wealth can have on developing countries.

The Premier League and other similar club leagues are professional organizations like the NFL or the NBA, where owners purchase player contracts. World Cup teams, on the other hand, are organized by citizenship.

This episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

According to estimates derived from available geological and engineering data, the South American country possesses about 303 billion barrels of underground crude oil, followed by Saudi Arabia (267.2 billion) and Iran (208.6 billion). Many of the largest reserves are held by members of the Organization of the Petroleum Exporting Countries.