Thu Nov 21 06:19:08 UTC 2024: ## Saudi Crown Prince’s Use of Sovereign Wealth Fund for Megaprojects Fuels Human Rights Concerns

**Dubai, November 21, 2024** – A new Human Rights Watch (HRW) report alleges that Saudi Arabia’s Crown Prince Mohammed bin Salman is leveraging the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, to finance massive development projects while disregarding widespread human rights abuses. The 93-page report details how the Crown Prince has consolidated control over the PIF, which now manages assets exceeding $925 billion, significantly expanding from $84 billion a decade ago.

The report accuses the Crown Prince of seizing assets from Saudi elites during anti-corruption crackdowns initiated in 2017, with some of these assets subsequently ending up under PIF control. Furthermore, HRW links PIF-backed projects, including the futuristic NEOM city and luxury developments in Jeddah, to forced evictions and demolitions, disproportionately affecting vulnerable populations such as migrant workers and the poor.

The report highlights that the Crown Prince’s unchecked control over the PIF has led to widespread abuses, with marginalized communities bearing the brunt of these actions. While neither the Saudi government nor the PIF responded to requests for comment, the report’s findings echo previously documented abuses. The report even cites a 2019 UN report linking PIF-owned aircraft to the assassination of journalist Jamal Khashoggi.

Despite the international outcry following Khashoggi’s murder, the Crown Prince has successfully rehabilitated Saudi Arabia’s image on the global stage. This has been achieved through significant investments in sports, attracting major international events and athletes to the kingdom. The upcoming FIFA Congress is expected to award Saudi Arabia the 2034 World Cup, a significant achievement for the Crown Prince.

HRW urges businesses to avoid collaborating with the PIF when serious human rights violations are unavoidable. The report underscores a concerning trend of using vast state resources for ambitious projects while ignoring the devastating consequences for vulnerable populations.

Read More