Yasir Al-Rumayyan
Saudi businessman (born 1970) From Wikipedia, the free encyclopedia
Yasir bin Othman Al-Rumayyan (Arabic: ياسر الرميان; born 18 February 1970) is a Saudi Arabian 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 Ma'aden.[1]
Yasir Al-Rumayyan | |
|---|---|
ياسر الرميان | |
Al-Rumayyan in 2016 | |
| Chairman of Newcastle United F.C. | |
| Assumed office 19 November 2021 | |
| Owner of Newcastle United | |
| Assumed office 7 October 2021 | |
| Preceded by | Mike Ashley |
| Governor of Public Investment Fund | |
| Assumed office September 2015 | |
| Personal details | |
| Born | Yasir bin Othman Al-Rumayyan 18 February 1970 Buraidah, Saudi Arabia |
| Political party |
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| Occupation | |
He is chairman of the English football club Newcastle United and manages the LIV Golf professional men's golf tour.[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 in finance.[1] When King Abdullah died in 2015 and power consolidated around Crown Prince Mohammed bin Salman, Al-Rumayyan was appointed 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 assisted Bin Salman in consolidating his authority,[1] while the sovereign fund acquired assets seized from prominent Saudi figures.[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
Summarize
Perspective
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] He 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]
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 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]
References
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