$163.45 billion-worth PGA staple joins forces with Saudi Arabian golf venture
Saudi Arabian golf continues to flourish as Topgolf, the popular driving range simulator, is branching out to the country. Saudi Arabia has been a big player in the golf world for a while thanks to the PIF and LIV Golf, and now the country is getting one of the most accessible forms of the sport.
Golf Saudi Partners is partnering with Topgolf Callaway Brands to get the brand to their country. It will also become the official distributor of Topgolf Callaway Brands' equipment and apparel in the country. The Saudi National Golf Team will also be officially sponsored by the brand and the Kingdom's pro golfers will wear the brand as well.
It is important to note that this is not the PIF, a different Saudi Arabian entity that's making inroads in golf. That is the Principal Investment Fund, and they're the funding behind LIV and are working to partner with the PGA Tour. The merger is still being discussed. This partnership is between Topgolf and a different Saudi golf-centric company.
The golf company's market cap is estimated to be $163.5 billion, per Companies Market Cap. This makes them the 439th most valuable company, per their estimations.
Golf Saudi Arabia CEO talks about Topgolf partnership
Noah Alireza, CEO of Golf Saudi, released a statement regarding the new partnership. He called it a "pivotal" moment for the growth of golf in Saudia Arabia. Alireza also noted that their golf infrastructure has been "rapidly evolving" and that the deal with Topgolf only accelerates the game in the country.
He said, via Golf Magic:
"Topgolf has brilliantly tackled the age-old challenge of accessibility, bringing joy and innovation to the game of golf for everyone. We are confident that we’ve found the right long-term partner to leverage the fast-developing sports and golf canvas in Saudi Arabia, and to co-innovate to help shape the future of golf in Saudi and beyond.”
Alireza added that opening Topgolf will get "thousands of people into playing golf" and enjoying better health. The CEO also said that it will bring hundreds of new jobs to the area, especially for the youth.