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Who is Yasir Al-Rumayyan? Meet PGA and LIV Golf’s new Chairman

The newly formed PGA/LIV Golf entity has appointed Yasir Al-Rumayyan as its chairman, effectively giving Saudi Arabia control over world professional golf.

PGA's Saudi Arabian chairman Yasir Al-Rumayyan

The successful Saudi businessman Yasir bin Othman Al-Rumayyan is making waves in the financial and sports industries. At 53 years old, Al-Rumayyan holds a prestigious position as the governor of the Public Investment Fund (PIF), which is the sovereign wealth fund of Saudi Arabia. He is also the chairman of Newcastle United, a well-known English football club, and the state-owned petroleum company Saudi Aramco, and from two days ago, he became the new chairman of the newly merged PGA-LIV golf entity.

The career of Al-Rumayyan started at Saudi Hollandi Bank, where he worked his way up to become the head of the international brokerage. He then moved to the Capital Markets Authority (CMA) and became the head of securities listings. Al-Rumayyan showcased his financial expertise when he served as the CEO of Saudi Fransi Capital (SFC) from 2011 to 2015, leading the investment banking division of Banque Saudi Fransi. He also sat on the board of directors of the Saudi Stock Exchange during this time.

Al-Rumayyan holds significant influence in Saudi Arabia and the global business landscape, serving on the boards of SoftBank Group and Reliance Industries Ltd. His appointment as the managing director of the Public Investment Fund of Saudi Arabia (PIF) in September 2015 further established his pivotal role in the country’s financial sphere.

The strategic investments made by PIF have gained global recognition, and Al-Rumayyan has been instrumental in several significant transactions. One such trade was in 2016 when PIF made a substantial investment of $3.5 billion in Uber, a US-based transportation network company. As a result of the agreement, Al-Rumayyan was appointed to Uber’s board of directors, further strengthening the relationship between PIF and the tech giant.

Yasir bin Othman Al-Rumayyan was appointed to the board of Saudi Aramco in August 2016 to improve cooperation between the company and the Public Investment Fund (PIF) to restructure the Saudi economy. Later that same year, PIF invested an impressive $45 billion in the newly formed SoftBank Vision Fund, showcasing its global reach. In May 2017, the PIF also invested $20 billion in a joint US infrastructure fund with Blackstone.

Following the 2017 purge by the Saudi Arabian government, Al-Rumayyan was involved in transferring 20 government-seized companies to PIF. Unfortunately, it was later revealed that one of these companies was allegedly used in the controversial murder of journalist Jamal Khashoggi.

In October 2021, PIF again made headlines with its acquisition of Newcastle United, led by a consortium chaired by Yasir bin Othman Al-Rumayyan. This further firmed his presence in the sports world.