Shields Gazette
Shields Gazette

Yasir bin Othman Al-Rumayyan (Arabic: ياسر الرميان‎) is a Saudi businessman who is Governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia, the chairman of Newcastle United F.C. and the Chairman of Saudi Aramco.

Yasir Al-Rumayyan is the trending man who is going to be the new chairman of Newcastle United. Mike Ashley’s ownership of the club has been ended. The new owners are taking over the club. The Public Investment Fund and Yasir Al-Rumayyan had finalized the deal and is the new owner of Newcastle United.

He is the chairman of the club. He will act as the non-executive chairman of the Newcastle’s board. The acquition of Newcastle United Football Club is completed as informed by the PIF official Twitter account. How much is the Yasir Al-Rumayyan fortune and net worth? What is his business?

Who is Yasir Al-Rumayyan: Biography

Evening Chronicle
Evening Chronicle

Yasir Al-Rumayyan is the governor of Saudi Public Investment Fund (PIF) and Chairman of Saudi Aramco. Aramaco is an oil company which is one of the most valuable company in the world according to Forbes. The oil company earns profit into the millions dollars annually. It was valued at $1.7 trillion in 2020 as per financial and market reports. Yasir Al-Rumayyan is from Saudi Arabia and a successful businessman who invests in companies and stock market. His motive is the expansion of wealth and business outside the Arab world.

Public Investment Fund is also a biggest financial and sovereign bond company in Europe.

Early life and Education

Yasir Al-Rumayyan was born in 1970 and graduated from King Faisal University in Alahsa in 1993, later completing a general management program at Harvard Business School.

Yasir Al-Rumayyan: Career

Fifhy.com
Fifhy.com

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. Between 2011 and 2015, Al-Rumayyan was CEO of Saudi Fransi Capital (SFC), the investment banking arm of Banque Saudi Fransi. From 2014 to 2015 he was on the board of directors of the Saudi Stock Exchange.

In September 2015, Al-Rumayyan was appointed managing director of the Public Investment Fund of Saudi Arabia.

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

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. In October that year, PIF invested $45 billion in the newly established SoftBank Vision Fund. In May 2017, PIF invested $20 billion to a joint US infrastructure fund with Blackstone.

In October 2017, Al-Rumayyan announced that PIF would aim to increase its assets under management to more than $400 billion and create more than 20,000 new jobs by 2020. At the same time he presented a new investment strategy for the fund, based on four objectives of maximizing assets, investing in new sectors, localizing technologies, and developing economic partnerships. He also said PIF would borrow conservatively to finance specific assets and would seek further partnerships such as those with Blackstone and SoftBank. He sits on the boards of SoftBank Group and Reliance Industries Ltd.

In September 2018, Al-Rumayyan announced PIF's first step in incorporating loans and debt instruments into its long term strategy, with an $11 billion loan facility. The following month he said the fund would aim to increase the percentage of international assets in its portfolio from 10% to 50% by 2030.

Mint
Mint

At the Milken Institute in Abu Dhabi in February 2019, Al-Rumayyan announced that PIF would open new offices in London, New York and San Francisco, and would increase its workforce from 450 to 700 by the end of 2019. He also said the fund would invest in renewable energy projects in Saudi Arabia, including the local manufacture of solar panels.

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

Yasir Al-Rumayyan Net Worth

WIRED Middle East
WIRED Middle East

The Yasir Al-Rumayyan’s wealth is huge as he earns from oil business and financial funds. He is now owner and chairman of the football club Newcastle United FC. The £300million+ deal happened between the previous and new owners.

He is 51-years and was born in Saudi Arabia. He has total assets of worth £300billion. He is one of the richest personality of Saudi Arabia. He is the board member of various companies like Uber, Reliance Industries, Softbank, etc. He aims to make Saudi Arabia economy diversified as entertainment and tourism rather than oil.

Saudi sovereign fund buys English soccer team Newcastle United

English Premier League club Newcastle was sold to Saudi Arabia’s sovereign wealth fund on Thursday after a protracted takeover and legal fight involving concerns about piracy and rights abuses in the kingdom.

The 300 million pound ($409 million) takeover by the Saudi Public Investment Fund (PIF) initially collapsed last year over concerns about how much control the kingdom’s leadership would have in the running of Newcastle.

PIF has had to offer assurances to the Premier League that its chairman, Saudi Crown Prince Mohammed bin Salman, and in turn the state, will not have any control of the running of Newcastle.

“We are extremely proud to become the new owners of Newcastle United, one of the most famous clubs in English football,” PIF governor Yasir Al-Rumayyan said. “We thank the Newcastle fans for their tremendously loyal support over the years and we are excited to work together with them.”

The PIF will be the majority partner alongside wealthy British-based Reuben brothers and financier Amanda Staveley.

The takeover ends the 14-year ownership by British retail tycoon Mike Ashley, who has been widely viewed as a figure of scorn in the one-club city, whose St. James’ Park stadium is affectionately dubbed “the cathedral on the hill.”

His ownership has been marked by chronic underinvestment in the playing squad, his use of Newcastle as a vehicle to promote his business interests, and of a general lack of ambition despite the club attracting regular home crowds of more than 50,000.

RAPID DEVELOPMENTS

A rapid sequence of events reignited the deal after Qatar-based broadcaster beIN Sports, a Premier League rights holder, said on Wednesday that Saudi Arabia would lift a ban on it and also shut down illegal streaming services, removing a major obstacle behind the collapsed takeover, according to Reuters.

Another stumbling block was overcome after the Premier League, who came under pressure to block the deal last year, received “legally binding” assurances that there was clear separation between PIF and the kingdom of Saudi Arabia, despite PIF being chaired by the Saudi Crown Prince Mohammed bin Salman.

“All parties are pleased to have concluded this process which gives certainty and clarity to Newcastle United Football Club and their fans,” the Premier League said.

The fate of Newcastle coach Steve Bruce will be high on the agenda of the new owners, who are keen to invest in the club.

“I know everybody has a lot of questions about managers and players and things but right now we just want to get there and do a review of the business. We’re going to let you all know the plans,” Staveley told reporters after the deal was announced.

Hundreds of Newcastle’s so-called Toon Army supporters, who have protested against Ashley’s running of the club, gathered outside the stadium in the drizzle throughout the day, buoyed by news of the imminent takeover.

While they were celebrating, others said it was another example of Saudi Arabia “sportswashing”.
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