Gulf Sovereigns: Largest Allocators of Attention Assets
The column argues that Gulf sovereign wealth funds — led by Saudi Arabia’s Public Investment Fund (PIF), Qatar Investment Authority (QIA), and Abu Dhabi vehicles including Mubadala — have become the largest global allocators of capital into "attention" assets (gaming IP, league rights, club ownership, live events, and media). The piece catalogs disclosed transactions (Scopely, Niantic games, Newcastle United, LIV Golf, the EA take-private) and AUM figures, estimates the Gulf cohort at roughly $3 trillion of deployable capital, and contends that sovereign strategic mandates make them uniquely suited to anchor a new private-credit market for rated, senior-secured attention paper. Part One sets the equity case; Part Two (promised) will outline how a sovereign-anchored attention credit vehicle could be structured.
- •Savvy Games Group (owned by Saudi Arabia’s Public Investment Fund) acquired Scopely for $4.9 billion in spring 2023.
- •Scopely completed a $3.5 billion acquisition of Niantic’s games division in 2025.
- •In September 2025 PIF, Silver Lake, and Affinity Partners agreed to take Electronic Arts private at $55 billion, with PIF rolling its stake into a controlling position and contributing roughly $29 billion in new cash.
