Yasir Al-Rumayyan

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Yasir Al-Rumayyan
ياسر الرميان
Yasir bin Othman Al-Rumayyan.jpg
Al-Rumayyan in 2016
Chairman of Newcastle United F.C.
Assumed office
19 November 2021
Occupation

Yasir bin Othman Al-Rumayyan (Arabic : ياسر الرميان; born 18 February 1970) is a Saudi businessman who is governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia. He also chairs the state-owned petroleum company Saudi Aramco and Saudi Arabia's largest mining company Maaden. [1]

Contents

He is chairman of the English football club Newcastle United and manages LIV Golf. [1] He is chairman of Riyadh Air. [1] He is also involved in the construction of Neom, a controversial megaproject. [1]

Al-Rumayyan is a close ally of Saudi ruler Mohammed bin Salman. His early career was spent in finance. [1] When King Abdullah died in 2015 and power consolidated around Crown Prince Mohammed bin Salman, Al-Rumayyan was elevated to positions of power, including chairman of PIF and placed on the board of Saudi Aramco. [1] After Bin Salman's 2017 purge of competing Saudi political elites, Al-Rumayyan and his associates filled the void and helped Bin Salman consolidate power. [1] Al-Rumayyan was involved in transferring assets seized from other Saudi elites into the PIF. [1]

Early life and education

Yasir Al-Rumayyan was born in Buraidah, Al-Qassim Province, [1] in 1970. His father was Saudi and his mother was Syrian. [1] He moved to Riyadh as a child where he attended Al-Abna'a. [1]

He graduated from King Faisal University in Alahsa in 1993 with a degree in accounting. [1] He did a three-month course at Harvard Business School in 2007. [1]

Career

He began his career at Saudi Hollandi Bank, becoming head of international brokerage before joining the Capital Markets Authority (CMA), where he was head of securities listings. [2] [3] Between 2011 and 2015, Al-Rumayyan was CEO of Saudi Fransi Capital (SFC), the investment banking arm of Banque Saudi Fransi. [4] [5] From 2014 to 2015 he was on the board of directors of the Saudi Stock Exchange. [5]

Al-Rumayyan sits on the boards of SoftBank Group and Reliance Industries Ltd. [6]

Al-Rumayyan was made chairman of the Saudi Aramco board in September 2019 after Crown Prince Bin Salman stripped Khalid Al-Falih, the energy minister, of his duties when he questioned Bin Salman's directives. [1]

Public Investment Fund

In September 2015, Al-Rumayyan was appointed managing director of the Public Investment Fund of Saudi Arabia (PIF). [7] [8]

In 2016, PIF invested $3.5 billion in the US-based Uber [9] He joined Uber's board of directors as part of the agreement. [10]

In August 2016, Al-Rumayyan joined the board of the state oil company Saudi Aramco as part of a move toward closer cooperation between Aramco and PIF in restructuring the Saudi economy. [11] In October that year, PIF invested $45 billion in the newly established SoftBank Vision Fund. [12] In May 2017, PIF invested $20 billion to a joint US infrastructure fund with Blackstone. [13]

Al-Rumayyan was involved in the transfer of assets to PIF in the wake of the Saudi Arabian government's 2017 purge. [14] Al-Rumayyan transferred 20 companies that had been seized by the government into the PIF, [14] including one later alleged to be used by Saudi operatives in the murder of journalist Jamal Khashoggi. [14] [15]

In October 2021, PIF announced that the acquisition of Newcastle United by the consortium consisting of the Public Investment Fund and that Al-Rumayyan would be elected as chairman of the club after PIF acquired it. [16]

Personal life

He has at least one son. [1]

Mohammed Bin Salman gave Al-Rumayyan a house worth 250 million Saudi riyals (over $60m) near the presidential palace. [1]

He has been described as passionate about golfing. [1] After Mohammed Bin Salman's purge of other Saudi political elites, Al-Rumayyan's brother-in-law, Mazin bin Ibrahim Al-Kahmous, was made president of Saudi Arabia’s Oversight and Anti-Corruption Authority. [1]

He is close with Donald Trump and has been photographed wearing a ‘Make America Great Again’ hat. [1]

After Trump's win in the 2024 election, he was spotted at a UFC event in Madison Square Garden with the president-elect. [17]

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References

  1. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Whitehead, Jacob. "Yasir Al-Rumayyan: A life of power, privilege and risk for golf's most powerful man". The New York Times. ISSN   0362-4331.
  2. "All transactions go". The Business Year. June 2014. Archived from the original on 7 January 2022. Retrieved 25 June 2019.
  3. David French (6 March 2014). "Banque Saudi Fransi loses key equity banker to Jadwa Investment". Reuters .
  4. "FaceOf: Yasir Al-Rumayyan, head of the Saudi Public Investment Fund". Arab News . 9 May 2018.
  5. 1 2 "MOVES-CEO of Saudi Fransi Capital resigns - source". Reuters . 23 February 2015.
  6. "Saudi Aramco chairman Yasir Al-Rumayyan joins Reliance Industries Board". The Economic Times.
  7. Andrew Torchia (25 October 2017). "Huge Saudi fund to be conservative borrower, chief says". Reuters .
  8. "KSA keen on overseas buying with potential for knowledge transfer". Saudi Gazette . 28 October 2015.
  9. Alex Konrad (1 June 2016). "Uber Raises $3.5 Billion From Saudi Sovereign Wealth Fund, Keeps $62.5 Billion Valuation". Forbes .
  10. "Saudi signals new investment strategies in $3.5 bln Uber deal". Reuters . 2 June 2016.
  11. "Saudi Aramco appoints chief of sovereign wealth fund to board". Reuters . 10 August 2016.
  12. Margherita Stancati; Mayumi Negishi; Nicolas Parasie (20 May 2017). "SoftBank, Saudis Launch $100 Billion Tech Fund". The Wall Street Journal .
  13. "Saudi's PIF commits $20 bln to $40 billion fund with Blackstone". Reuters . 24 October 2017.
  14. 1 2 3 "Revealed: Newcastle chairman's links to Saudi 'anti-corruption' drive". the Guardian. 16 October 2021. Retrieved 17 October 2021.
  15. Crafton, Adam (2024). "Newcastle chairman Al-Rumayyan faces $74m lawsuit for 'carrying out' malicious instructions of Bin Salman". The New York Times. ISSN   0362-4331.
  16. "PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club". Newcastle United. Retrieved 7 October 2020.
  17. "Donald Trump has separate meetings with PGA commissioner, Saudi executive". Washington Post. 17 November 2024.