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

Gulf States—including the United Arab Emirates, Qatar, and Saudi Arabia—have invested tens of billions of dollars in professional sports, owning high-profile soccer clubs like Paris Saint-Germain and Manchester City. Many of these investments have been characterized as an increase in these countries' soft power, or global cultural influence, in Western countries, where the Middle East remains relatively misunderstood.

A Saudi Arabian sovereign wealth fund divested from LIV Golf after pumping more than $6B into the PGA's controversial rival

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.

10 ways that Saudi Arabia violates human rights

This article outlines the ways Saudi Arabia is violating human rights. Saudi Arabia is among the world’s top executioners, employing torture both while in police custody and as a punishment following unfair trials. In addition, Saudi Arabian...

The number of billionaires in Saudi Arabia is projected to increase by 183% by 2031

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.

The 2010 announcement that Russia and Qatar would host back-to-back men's World Cups eventually led to the resignation of FIFA's president.

Is there an arms race in the Middle East?

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...

Sovereign wealth funds in the Middle East and Asia surged after the 2008 financial crisis.

Hosting the World Cup requires massive investments in infrastructure

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.

Sports media have also embraced sports betting

For decades, ESPN kept its distance between reporting on games and talking about gambling lines. Sports teams refused to have franchises in Las Vegas, fearing it would harm the sport. But since 2018, that has changed. ESPN’s personalities regularly pick games, and the company has also launched its own betting app.

Americans spent nearly $150B in sports-related bets in 2024

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.

In 2025, sovereign wealth funds invested more than $66B into artificial intelligence

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.

The South Korean government invests in K-pop, a strategy intended to expand the country's soft power around the world.

Saudi Arabia eyes a 75-mile-long skyscraper

The Mirror Line will consist of two mirrored buildings, crossing mountain and desert terrain. It’s part of a development called Neom, which will be roughly the same size as Massachusetts.

Sports betting, explained

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.

How much it costs to host the World Cup

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.

Explaining the rise in adult sports leagues

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 long history of alcohol and sports

Spectators have long enjoyed alcohol at sporting events, dating back at least to ancient Rome. This article unpacks how companies leveraged this history to make beer a central part of sporting events and masculine culture.

In 2015, FIFA's decades-old bribery network was exposed

In 2015, the US Department of Justice exposed a 24-year bribery network influencing broadcast rights and votes on World Cup host cities. Over 40 officials were indicted for accepting bribes. FIFA implemented several reforms, including term limits for presidents and council members and salary disclosures in 2016.

Because of their size, sovereign wealth funds create anxiety about foreign undermining of financial systems

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.

Even athletes aren't immune to the sports-betting craze

While gambling scandals occasionally blew up before 2018, the widespread legalization of sports betting provided athletes with more opportunities to bet on the games they were playing.

Abu Dhabi operates 6 different sovereign wealth funds—one of which is the most active SWF in the world

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.

The 1967 war was the first use of oil as a geopolitical weapon

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.

Over time, the World Cup became a TV powerhouse, generating massive revenue from broadcast rights and ad placements.

How much does sports betting generate?

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.

ESPN launched X Games in 1995 with a $10M investment

ESPN invested a reported $10 million in the original 1995 “Extreme Games”—the production cost that launched action sports into mainstream culture and drew nearly 200,000 spectators to its debut in Rhode Island.

Major scandals have undermined the reputation of the Olympics

With billions in public money in play and the high stakes of winning gold for one's country, the Olympics have had their fair share of scandals. This Global Investigative Journalism Network list highlights eight groundbreaking investigations by journalists about the Olympics. It includes the 2014 Russian doping scandal, venue corruption in Rio, and the decadeslong cycle of sexual abuse by an Olympic doctor.

In the UK, foreign sovereign wealth funds can claim diplomatic immunity

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.

Studies show correlations between women's sports and leadership roles

A 2024 Women’s Sports Foundation report showed 69% of women who played sports held leadership roles. Similarly, a 2015 study showed 94% of women in C-suite roles had been involved with athletics.

View a breakdown of worldwide oil production since 1900, mostly led by the US

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.

The 1979 Iranian Revolution inspired other Islamist movements and alarmed Sunni governments

By establishing the world's first modern Islamic theocracy, the revolution inspired Islamist movements across the region and alarmed Sunni Arab governments. The resulting rivalry between Shia Iran and Sunni Saudi Arabia has since fueled proxy conflicts in Lebanon, Iraq, Syria, and Yemen that persist today.

Sports leagues have attempted to prevent athletes from betting

As pro and collegiate sports embrace betting (and the revenue that comes with it), each league works diligently to ensure the integrity of the games by hiring private firms to analyze irregular bets. These companies have flagged bets that led to the firing of Alabama’s baseball coach, the suspension of multiple athletes at Iowa and Iowa State, and, most recently, a lifetime ban on former Toronto Raptors forward Jontay Porter by the NBA in April 2024.

Experts suggest the industry could be a $45B business

Sports betting used to primarily consist of who would win and the points spread, but the rise of online betting apps has fueled a substantial increase in parlay bets. "Existing markets are still growing at a rapid clip," said Noah Naparst, who evaluates sports-betting companies for Goldman Sachs. "So we’re not mature yet, but we’re not in the early wildcat days of the market anymore, either.”

An interactive dive into the history of international women's soccer

Despite evidence it has been around just as long as men's, international support and recognition for women's soccer was long delayed for various reasons. The National Football Museum collects artifacts and oral histories on the history of soccer...

Prediction markets and sports betting are not forms of investing, despite how some fans portray them.

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

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.

The number of cities bidding to host the Olympics has dropped in recent decades

Hosting the Olympics was once an honor and a way to bring people and prestige to a city. But in 2017, only two nations bid to host the 2024 Summer Olympic Games. This video walks through how every Olympics since 1960 has run over budget, and how the era of building dozens of new venues for the Games contributed to high cost overruns and corruption.

Billionaires are racing to space to control future markets

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.

Spare capacity is the amount of oil production that can be brought online within 30 days and sustained for at least 90 days

Specifically, a country’s “spare capacity” signifies the difference between its maximum sustainable oil production and its current output. OPEC member countries hold nearly all of the world’s spare oil production capacity. Historically speaking, Saudi Arabia has been the country with the largest spare capacity.