Saudi Arabia and its ruler Mohammed bin Salman are snapping up prize assets across the UK

Motorists who have been filling up cars in British car parks in recent days cannot help but be aware of how the price of petrol is moving upwards. The latest figures from the RAC show average fuel prices have risen by 4.5pa a litre.

The Tory government, which has prioritized effectively beating inflation above all else, is hostage to Saudi-Russian cooperation that has driven crude oil prices up 30 percent in the past three months, bolstering the financial firepower of Riyadh and Moscow.

The increase in the price of oil represents a large-scale transfer of resources from the pockets of Western consumers to the highly ambitious de facto leader of Saudi Arabia, Mohammed bin Salman, and indirectly to Moscow’s war on Ukraine.

Yet despite this direct attack on the prosperity of UK citizens, Rishi Sunak is reaching out to MBS. A state visit to Saudi Arabia is planned for later this year.

MBS has made no secret of his belief that “the new Europe will be the Middle East” and the center of a global renaissance. Using our recycled money, the Saudi state and its fascinating sovereign agency, the Public Investment Fund, are throwing money around like there’s no tomorrow.

New era: The Eurofighter (left) was a traditional Saudi priority; now Mohammed bin Salman is interested in developing liquefied natural gas (above) and the LIV golf tour

In recent months, he has tried to transform golf, that most civilized of sports. It moved into aircraft leasing, buying out Standard Chartered’s aerospace arm. He bought a strategic stake in Spain’s Telefonica (owner of the British telecommunications network O2) and splashed the cash on football.

In the past month, it announced its determination to become a leader in the production of liquefied natural gas. This is a country in a hurry and not letting the West’s aversion to fossil fuels get in the way.

Oil-based sovereign wealth funds such as the £1.2 trillion Norwegian Government Pension Fund and the £819 billion Abu Dhabi Investment Fund have been set up by their governments to build national war chests for the future when the wells run dry.

They focus on safe long-term investments such as overseas government bonds or infrastructure.

The PIF, founded in 1971 and revamped by Mohammed bin Salman in 2015, is a different beast. It is at the forefront of the Saudi ruler’s plan to transform the nation’s culture and economy and move it into the mid-21st century. Armed with overflowing oil revenues, he has shown a willingness to invest in anything that will win him favor abroad and support at home.

The Saudi Pro League, or Roshn Saudi, has attracted major headlines in the European press for the astronomical sums paid to bring to the country the biggest names in football such as Brazilian forward Neymar and Portuguese genius Cristiano Ronaldo. Many dismissed this as vanity.

The parties to what is happening have a different view. A senior football manager who was in Riyadh recently said the aim was to create a league as stable as the major European tournaments. Football in Saudi Arabia is extremely popular and many of the country’s 38 million people want to play it.

PIF has the resources for this transformation and more. Ownership of Newcastle United in England is part of the process of learning about television, streaming, franchising and other commercial opportunities.

Unlike other investment funds, the PIF was given large stakes in key local firms, including Saudi National Bank worth £42m and an 8 per cent stake in Saudi Aramco worth £1.8tn.

Only recently has the company looked abroad to increase funds under management. The takeover of world golf is controversial as Northern Ireland’s Rory McIlroy leads the battle against him. There has been much discussion about so-called sportswashing – using big fights, golf and football to deflect attention from human rights abuses, most notably the killing of Washington Post columnist Jamal Khashoggi five years ago.

MBS and the new Persian Gulf were focused on Islamization and democratization. Now the driving force is the economy, investment and growth. Embracing sports is part of that. Saudi Arabia was parking its oil billions in US Treasuries. Now he is buying assets that help tie him directly to the economies of the West.

On the diplomatic front, it finds itself at the center of the Middle East and is being wooed by both Washington and, remarkably, Israel to become part of the “Abraham Accords” that opened up economic ties between the Gulf states, Israel and Morocco .

The economic and diplomatic opportunities are vast and MBS’s ambition is boundless. By squeezing oil-consuming countries, Saudi Arabia is building its economic muscle.

It’s not just football and golf that are enjoying big money as a result of Saudi ambition. Global telecoms, aircraft financing and dominating the LNG market are also on the shopping list.

Previously, Saudi Arabia’s official visits to Britain were only related to the supply of weapons such as BAE’s Tornado and the successor Typhoon Eurofighter. But if and when MBS comes to the UK this year, the choice for those looking for inward investment and the opportunities on the ground in Saudi Arabia, the timing could never be better.