Yasir Al-Rumayyan
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 serves as the chairman of English football club Newcastle United and the chairman of state-owned petroleum company Saudi Aramco.
Yasir Al-Rumayyan | |
|---|---|
| ياسر الرميان | |
| Chairman of Newcastle United F.C. | |
| Assumed office 19 November 2021 | |
| Preceded by | Lee Charnley |
| Owner of Newcastle United F.C. | |
| Assumed office 7 October 2021 Serving with Amanda Staveley and Jamie Reuben | |
| 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 | |
Early life and education edit
Yasir Al-Rumayyan was born in Buraidah, Al-Qassim Province, in 1970 and graduated from King Faisal University in Alahsa in 1993.
Career edit
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.[1][2] Between 2011 and 2015, Al-Rumayyan was CEO of Saudi Fransi Capital (SFC), the investment banking arm of Banque Saudi Fransi.[3][4] From 2014 to 2015 he was on the board of directors of the Saudi Stock Exchange.[4]
Al-Rumayyan sits on the boards of SoftBank Group and Reliance Industries Ltd.[5]
Public Investment Fund edit
In September 2015, Al-Rumayyan was appointed managing director of the Public Investment Fund of Saudi Arabia (PIF).[6][7]
In 2016, PIF invested $3.5 billion in the US-based Uber[8] He joined Uber's board of directors as part of the agreement.[9]
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.[10] In October that year, PIF invested $45 billion in the newly established SoftBank Vision Fund.[11] In May 2017, PIF invested $20 billion to a joint US infrastructure fund with Blackstone.[12]
Al-Rumayyan was involved in the transfer of assets to PIF in the wake of the Saudi Arabian government's 2017 purge.[13] Al-Rumayyan transferred 20 companies that had been seized by the government into the PIF,[13] including one later alleged to be used by Saudi operatives in the murder of journalist Jamal Khashoggi.[13]
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.[14]
References edit
- ^ . The Business Year. June 2014. Archived from the original on 7 January 2022. Retrieved 25 June 2019.
- ^ David French (6 March 2014). "Banque Saudi Fransi loses key equity banker to Jadwa Investment". Reuters.
- ^ "FaceOf: Yasir Al-Rumayyan, head of the Saudi Public Investment Fund". Arab News. 9 May 2018.
- ^ a b "MOVES-CEO of Saudi Fransi Capital resigns - source". Reuters. 23 February 2015.
- ^ "Saudi Aramco chairman Yasir Al-Rumayyan joins Reliance Industries Board". The Economic Times.
- ^ Andrew Torchia (25 October 2017). "Huge Saudi fund to be conservative borrower, chief says". Reuters.
- ^ "KSA keen on overseas buying with potential for knowledge transfer". Saudi Gazette. 28 October 2015.
- ^ Alex Konrad (1 June 2016). "Uber Raises $3.5 Billion From Saudi Sovereign Wealth Fund, Keeps $62.5 Billion Valuation". Forbes.
- ^ "Saudi signals new investment strategies in $3.5 bln Uber deal". Reuters. 2 June 2016.
- ^ "Saudi Aramco appoints chief of sovereign wealth fund to board". Reuters. 10 August 2016.
- ^ Margherita Stancati; Mayumi Negishi; Nicolas Parasie (20 May 2017). "SoftBank, Saudis Launch $100 Billion Tech Fund". The Wall Street Journal.
- ^ "Saudi's PIF commits $20 bln to $40 billion fund with Blackstone". Reuters. 24 October 2017.
- ^ a b c "Revealed: Newcastle chairman's links to Saudi 'anti-corruption' drive". the Guardian. 16 October 2021. Retrieved 17 October 2021.
- ^ "PIF, PCP Capital Partners and RB Sports & Media acquire Newcastle United Football Club". Newcastle United. Retrieved 7 October 2020.