The Public Investment Fund (PIF) is a special fund owned by the Kingdom of Saudi Arabia. It is used to invest money on behalf of the country. The person in charge of the PIF is Yasir bin Othman Al-Rumayyan, a businessman from Saudi Arabia.
Al-Rumayyan has held important positions such as the chairman of Saudi Aramco, which is a government-owned oil company, and the chairman of the English football club called Newcastle United. He has also had roles at the Saudi Capital Markets Authority and the Saudi Stock Exchange.
In 2015, Al-Rumayyan, along with Amanda Staveley of PCP Capital Partners and the Reuben brothers, played a leading role in the PIF’s takeover of Newcastle. The following year, he became the chairman of Saudi Aramco, which is the largest oil company in the world.
The PIF, under Al-Rumayyan’s leadership, has assets worth about £260 billion and has offices in London, New York, and California.
Yasir Al-Rumayyan’s company is worth £260 billion:-
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How Much is Yasir Al-Rumayyan Net Worth?
Yasir Al-Rumayyan has control over approximately $600 billion through the PIF, although the exact value of his personal fortune is not known. In 2021, as the chairman of Saudi Aramco, he earned $313,372, which is a relatively small amount compared to his other investments. Overall, he is considered one of the wealthiest businessmen globally.
What Are Al-Rumayyan’s Comments on the Newcastle Takeover?
“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” Al-Rumayyan stated after PIF bought the club.
“We thank Newcastle fans for their tremendously loyal support over the years and are excited to work together.”
Who Are the Other Members of the Newcastle Board?
Newcastle’s new board has three members. Amanda Staveley of PCP Capital Partners and James Reuben of RB Sports and Media will join Al-Rumayyan in power. “This is long-term investment,” Staveley remarked. “We are excited about the future prospects for Newcastle United.”
“We intend to instill a united philosophy across the Club, establish a clear purpose, and help provide leadership that will allow Newcastle United to go on to big achievements over the long term.”
“Our ambition is aligned with the fans – to create a consistently successful team regularly competing for major trophies and generating pride across the globe.”
“We look forward to a great future for Newcastle United,” Reuben said. “Newcastle is a fantastic city, which is why our family has been investing heavily in the area for many years. To become part of this great Club and its amazing fans is a privilege.”
“We will build a true community Club, based upon our family’s knowledge of the city and in line with our plans that have been worked on closely with Newcastle City Council to deliver long-term sustainable growth for the area.”
How Did Yasir Al-Rumayyan Start His Career?
Before joining the Capital Markets Authority (CMA) as head of securities listings, he was head of international brokerage at Saudi Hollandi Bank. Al-Rumayyan was SFC’s CEO from 2011 to 2015. He was on the Saudi Stock Exchange board from 2014 to 2015.
Al-Rumayyan chairs Reliance Industries Ltd. and SoftBank Group. Al-Rumayyan became PIF managing director in September 2015. Uber received $3.5 billion from PIF in 2016. In exchange, he joined Uber’s board.
Al-Rumayyan joined the Saudi Aramco board in August 2016 to help PIF restructure the Saudi economy. PIF contributed $45 billion to the new SoftBank Vision Fund in October. PIF invested $20 billion in a Blackstone-PIF US infrastructure fund in May 2017.
Al-Rumayyan transferred assets to PIF after the 2017 Saudi sweep. Al-Rumayyan placed 20 government-seized enterprises into the PIF, including one allegedly used by Saudi operatives to murder writer Jamal Khashoggi.
In October 2021, PIF announced that the consortium consisting of the Public Investment Fund would acquire Newcastle United and elect Al-Rumayyan as chairman.
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FAQs
Who is Yasir Al-Rumayyan?
Saudi billionaire and Public Investment Fund governor Yasir Al-Rumayyan. He is also the chairman of Saudi Aramco, the state-owned petroleum company, and Newcastle United, the English football club.
How Much is Yasir Al-Rumayyan Net Worth?
Yasir Al-Rumayyan net worth is unclear, but he controls about $600 billion through the PIF. He earned $313,372 as the Saudi Aramco chairman in 2021.
What is the Public Investment Fund’s (PIF) Value?
The PIF, under the leadership of Yasir Al-Rumayyan, is worth approximately £260 billion. It has investments and operations in various locations, including London, New York, and California.
