Latest news with #Al-Rumayyan
Yahoo
7 days ago
- Business
- Yahoo
Newcastle insist Alexander Isak 'not for sale' as PIF intervene
Newcastle United's stance on Alexander Isak remains firm — the striker is not for sale. However, the ultimate decision over his future will lie in the hands of chairman Yasir Al-Rumayyan and Saudi Arabia's Public Investment Fund (PIF), in a saga that has begun to ripple through the club just as they embark on their pre-season tour of the Far East. Telegraph Sport has revealed that PIF, the majority owners of the club, will have the final say on Isak's future. Despite growing speculation, including serious interest from Premier League champions Liverpool, there remains a defiant mood within St James' Park. Liverpool have indicated a willingness to shatter the British transfer record with a bid of £120 million for the Swedish international. While eye-catching, such a sum falls well short of Newcastle's valuation, which is believed to exceed £150 million. No formal offer has yet been submitted, but that could change in the coming days as Liverpool seek to test Newcastle's resolve. Isak, 25, has three years remaining on his current deal and has been unequivocally told by the club that he is not available for transfer this summer. Nonetheless, rumours that the forward is open to exploring his options have unsettled the squad and caught the coaching staff off guard. Newcastle's unexpected move in recent days to assess a deal for RB Leipzig striker Benjamin Šeško has only added fuel to the fire. Šeško has long been admired by the Magpies' recruitment team, but it remains unclear whether he is being lined up as a partner for Isak — or as a potential successor. The involvement of Al-Rumayyan in this matter is highly unusual. The PIF chairman typically maintains a low profile in the daily operations of the club, preferring to leave footballing decisions to head coach Eddie Howe and his staff. But with Isak's future now seen as a matter of strategic significance, PIF have decided to take direct control. The timing of the developments has also caused unrest. Eddie Howe and his squad landed in Singapore early Friday for their pre-season preparations, only to be blindsided by media reports suggesting Isak wanted to reconsider his future. Teammates were reportedly confused by the situation, especially as Isak had earlier told the group he was sidelined with an injury. The coming weeks promise to be pivotal. While Newcastle remain adamant that Isak is central to their ambitions, the fact that the highest levels of club ownership are now involved suggests this is far more than routine transfer chatter. One thing is certain: if Liverpool do formalise their interest with a record-breaking bid, the pressure on PIF and Al-Rumayyan to either stand firm or cash in will reach boiling point. 📸 Stu Forster - 2025 Getty Images
Saudi Gazette
19-05-2025
- Business
- Saudi Gazette
PIF chief calls for ecosystem mindset among directors at second Directors' Gathering
Saudi Gazette report RIYADH — Public Investment Fund (PIF) Governor Yasir Al-Rumayyan called on directors to treat PIF and its 220 portfolio companies as a single, integrated ecosystem, during the second edition of the PIF Directors' Gathering held Monday in Riyadh. Bringing together over 1,000 directors and executives from Saudi Arabia and abroad, the forum aimed to align strategic priorities and foster collaboration across the PIF network. Al-Rumayyan emphasized that cooperation among the portfolio companies should be considered a key measure of success. The event focused on optimizing board performance and enhancing synergies across PIF's portfolio — which includes 103 companies established directly by the sovereign fund. Discussions centered on redefining board impact amid national transformation, strengthening oversight in a changing risk environment, and addressing the governance challenges posed by AI and emerging technologies. Al-Rumayyan outlined three main board responsibilities: setting strategy, ensuring governance frameworks for management, and performance monitoring. He stressed that embracing these roles collectively can help transform macroeconomic challenges into leadership and growth opportunities. The gathering is part of PIF's broader corporate excellence strategy, including the work of its Center for Governance, established in 2020. The center offers development programs, advisory services, and thought leadership to support effective governance across both PIF-owned entities and the wider Saudi private sector. The fund's governance framework promotes merit-based hiring, accountability, and board-management clarity. It also aims to position Saudi Arabia as a global business destination and innovation hub. Since its launch in 2023, the PIF Directors' Gathering has served as a platform for enhancing boardroom excellence and aligning long-term objectives across the Kingdom's investment landscape.
Saudi Gazette
18-05-2025
- Business
- Saudi Gazette
PIF chief warns Europe over 'outrageous' sustainability rules
Saudi Gazette report TIRANA, Albania — The Governor of Saudi Arabia's Public Investment Fund (PIF), Yasir Al-Rumayyan, called the EU's upcoming sustainability regulations 'outrageous' and cited a regulatory decision in Switzerland that impacted PIF's investment in Credit Suisse as a major warning sign for future investment. Speaking at the FII Priority Summit in Tirana on Saturday, Al-Rumayyan warned that the European Union's sustainability rules — which include more than 1,000 compliance metrics — are creating an environment of risk and uncertainty for global investors. He cautioned that the new regulations, set to take effect in 2028 after a two-year delay, could lead to disinvestment from the region. 'The regulation is saying if you're not compliant, you will be penalized not only for your operation in Europe, but you will be penalized on the parent company — 5% of your top line,' he said. 'This is really outrageous for a lot of investors.' He criticized the scope and retroactive nature of the rules, arguing that the lack of predictability is the 'biggest single inhibitor' to both public and private sector financing in suggested that such regulatory frameworks might push businesses to relocate operations outside the a specific case, he pointed to PIF's investment in Credit Suisse, where a sudden change in Swiss regulations effectively wiped out the fund's position.'We owned about 5% of Credit Suisse. Overnight, the Swiss regulator changed the law — 150 years of rule of law was changed overnight. And they wiped out all investors,' he said. 'This is a big red flag.'He added that such abrupt regulatory shifts undermine investor confidence and damage Europe's reputation as a stable destination for the criticisms, Al-Rumayyan emphasized PIF's deep engagement with Europe over the past seven years. Since 2017, the fund has deployed $85 billion in investments and procurement across the EU, with plans to increase that figure to $170 billion by 2030.'Our impact on EU GDP currently stands at $52 billion,' he said. 'By 2030, this will grow to $105 billion. Through these investments, we've created about 254,000 direct and indirect jobs.'He concluded with a call for European leaders to foster a more stable and welcoming business environment.'We want to continue investing here. But we need clarity. We need consistency. The way forward is to pave the way for investors and businesses to come in, grow, and maintain their current investments.'
USA Today
11-04-2025
- Business
- USA Today
Lynch: The Saudi golf boss showed up at the Masters. Most of his players haven't
Lynch: The Saudi golf boss showed up at the Masters. Most of his players haven't AUGUSTA, Ga. – Golf executives weary of negotiating with the unyielding Yasir Al-Rumayyan can draw comfort from his appearance Friday at the Masters, if only because the head of Saudi Arabia's Public Investment Fund came to the iconic meeting place beneath the oak tree at Augusta National's clubhouse rather than insist the tree be brought to him. His presence meant that LIV had as many executives on site as players near the top of the leaderboard, its new CEO Scott O'Neil having spent a couple of days in the company of the usual habitués of the trough. It was all enough to inspire one wag to repurpose Verne Lundquist's legendary call: 'Yas ... Sir!' The diminutive PIF bagman was clad in a sharp business suit, not having yet been granted a jacket in the Pantone 342 shade of green that he reputedly aspires to. Since most patrons lingering by the clubhouse are accustomed to vast wealth and untrammeled power, Al-Rumayyan passed largely unnoticed. He had neither security detail nor retinue, his only employees at hand otherwise engaged trying to make the cut. He chatted amiably with an Augusta National member before retreating upstairs to sit with Condoleezza Rice, the former secretary of state who was national security advisor at the time of the September 11 attacks, which ample evidence suggests bore the fingerprints of the Saudi government. Earlier in the day, Al-Rumayyan met with Augusta National chairman Fred Ridley, according to multiple sources. 'I'm sure this will solve all the problems,' one golf executive wryly noted while standing by the clubhouse, his cynicism owing to extensive business experience with the PIF head and his apparatchiks. Ridley invited Al-Rumayyan to attend the Masters, presumably as a goodwill gesture to encourage a rapprochement between LIV and the PGA Tour, but since the chairman isn't in the habit of discussing his correspondence, it's unclear when the welcome was extended. It could have pre-dated the February 2o meeting at the White House during which prospects of a settlement soured, or it may have come in the aftermath, a Hail Mary bid to resurrect things. Whether being greeted as a notable at the National is sufficient to soften Al-Rumayyan's stance on deal terms remains to be seen, but even the most optimistic types seem either pessimistic about a deal being reached or increasingly convinced one is not needed. Informed expectations lean toward talks reaching a conclusion rather than a solution, but with billions of dollars at stake, even the most reticent can be persuaded to pucker up if Al-Rumayyan decides that a little humility could help make that Masters badge a regular perk. While the boss hobnobbed atop the hill, his hostages — or, if you prefer, the players he recruited — were enjoying mixed results beneath him. Only Bryson DeChambeau and Tyrrell Hatton were within striking distance of the lead as Friday afternoon wore on. Patrick Reed, so often distracted by litigious pursuits, was under par, as were Joaquin Niemann and Bubba Watson. Others were riding the edge of the cut line, like Dustin Johnson, who finished bogey-double bogey. Sergio Garcia was a stroke farther away from the weekend, while Brooks Koepka sealed his fate with a quadruple bogey eight on the final hole. Jon Rahm is 17-for-17 in finishing inside the top 10 in LIV events, but his second-round 71 has him tied for 50th, with 50th and ties making the weekend. He won here in 2023 and jumped to the Saudi-funded circuit eight months later. After playing poorly in 2024's majors, he's eager to dispel the notion that he's a worse golfer on LIV than he was on the PGA Tour. His play thus far has done little to aid that cause. In having to defend his own competitiveness, Rahm is forced to also defend the competitive merits of the tour he's paid to play. That adds a layer of complication he and his colleagues could do without during a major. Twelve golfers began this week with the unspoken understanding that they're playing to promote the credibility of their circuit — well, 11, since Koepka typically declines to play the finger puppet. The other 83 men in the field had no such caveat to carry. Some of those golfers have become demonstrably worse since they joined LIV, but does that really owe to the source of the paycheck? Or the ease with which it is earned? There are other possible factors for their underperforming in majors recently. They're getting older. They don't work as hard. They've put too many miles on the clock this year with stops in Riyadh, Adelaide, Singapore, Hong Kong and Miami before Augusta. Many of them have played only 15 tournament rounds this year, and three of those were at night under lights. DeChambeau and Hatton were already considered the most relevant of LIV's contingent, so their performances come as no surprise, and are no succor for defenders of LIV's competitive worthiness. As the second round of the 89th Masters wound down, Al-Rumayyan looked a lot more comfortable with his position at Augusta National than did his players. But then, wasn't that always the endgame?
New York Times
05-04-2025
- Business
- New York Times
Trump Family's Cash Registers Ring as Financial Meltdown Plays Out
The financial market meltdown was underway when President Trump boarded Air Force One on his way to Florida on Thursday for a doubleheader of sorts: a Saudi-backed golf tournament at his family's Miami resort and a weekend of fund-raisers attracting hundreds of donors to his Palm Beach club. It was a fresh reminder that in his second term, Mr. Trump has continued to find ways to drive business to his family-owned real-estate ventures, a practice he has sustained even when his work in Washington has caused worldwide financial turmoil. The Trump family monetization weekend started Thursday night, as crowds began to form at both the Trump National Doral resort near Miami International Airport, and separately at his Mar-a-Lago resort 70 miles up the coast. Mr. Trump landed on the edge of one of the golf courses in a military helicopter — just in time for a dinner at Doral. The next day, LIV Golf, the breakaway professional league backed by Saudi Arabia's sovereign wealth fund, was scheduled to hold a tournament at the course for the fourth time. On Thursday at Mar-a-Lago, hundreds of guests gathered for the American Patriots Gala, a conservative fund-raiser that featured Homeland Security Secretary Kristi Noem and President Javier Milei of Argentina, who told his supporters back home that he was hoping to catch up with Mr. Trump while there, unaware that Mr. Trump was double-booked at two of his family properties that night. And that was just the weekend's lead-up. Mr. Trump ordered a new set of global tariffs on Wednesday from the White House using his trademark Sharpie pen, a version of which is on sale at Mar-a-Lago for $3. The announcement set off one of the largest market crashes in American history, erasing $5 trillion in market value from companies in the S&P 500 in just two days. Mr. Trump has said his policy would reverse what he calls unfair trade practices, and that eventually the 'markets are going to boom.' On Friday, as markets continued to tumble, thousands of golf fans visited Doral, as did Eric Trump, Mr. Trump's son, and Yasir Al-Rumayyan, the governor of Saudi Arabia's $925 billion sovereign wealth fund. Mr. Al-Rumayyan is also the chairman of LIV Golf, and was there to see its stars compete. 'It is a nice club,' Mr. Al-Rumayyan said as he walked around the golf course watching the players tee off. LIV Golf — a venture intended to lift the Saudi profile worldwide even as it has burned through hundreds of millions of dollars of state funds — is styled as a daylong party, with club music pumping out of speakers lining tournament courses and machines dispensing wine and large beers. On Friday, fans watched a bit of golf and danced on the edges of the course. Others in MAGA hats walked around smoking cigars. In short, the economic turbulence seemed far away. 'You are all looking a little too stiff!' said Matt Rogers, a LIV Golf announcer, as he yelled into a microphone, blasting his message across the greens as the first group of golfers on Friday prepared to play with dance music blaring in the background. 'You need to turn this up! This is LIV Golf.' Every room at the 643-room Trump Doral, including the $13,000-a-night presidential suite, was sold out through the weekend. Not a seat could be found at the BLT Prime steakhouse bar, where a porterhouse steak cost $130. 'This is the perfect venue,' Eric Trump said as he strolled the golf course Friday. He had driven his father in a golf cart from the military helicopter to the resort dinner the day before, as the festivities over the big moneymaking weekend were getting underway. The president spent much of Friday at yet another Trump family venue, Trump International Golf Club, not far from Mar-a-Lago, sending out social media messages during the day, including, 'THIS IS A GREAT TIME TO GET RICH, RICHER THAN EVER BEFORE.' By Friday night, the center of attention had shifted back to Mar-a-Lago, as Mr. Trump held another in a series of $1 million-a-head dinners at his private club in Palm Beach. Since he was elected in November, Mr. Trump has hosted at least four of the fund-raisers, including one in December, two in March and the one Friday night, with a fifth planned for April 24. The fund-raisers unfold in similar ways, according to people who have attended them. Roughly 20 people gather around a candlelit table with big white flowers in the club's 'White and Gold Room' after a photo session. Mr. Trump speaks, then listens to the guests discuss their businesses, one by one. In just an hour or two, he can raise as much as $20 million — a great return on his time investment, associates say. Attendees at some of the post-election dinners at Mar-a-Lago hosted by MAGA Inc., one of Mr. Trump's fund-raising political action committees, have included the casino owner Miriam Adelson, the sugar magnate Pepe Fanjul and a top executive from Lockheed Martin, the world's largest military contractor, along with representatives from the cryptocurrency and energy industries. The dinners have been just the start. Mar-a-Lago remains a popular site for Republican candidates to host their own fund-raisers, Federal Election Commission records show. It is not clear to some Republicans why Mr. Trump has been raising money so aggressively, according to eight people involved in conservative fund-raising who have kept track of his Mr. Trump's efforts. Never before has a president ineligible for re-election vacuumed up so much money for a super PAC. Some of Mr. Trump's associates believe it is prudent to take the money when it is available, as corporate interests and others seek to get access to the president or make amends for perceived slights, people close to him acknowledge. The packed agendas at the two Trump venues recalled the constant buzz and spending by lobbyists, members of Congress and foreign leaders at Trump International Hotel in Washington before the Trump family sold its lease after Mr. Trump's first term. In addition to the Saudi sovereign wealth fund, top sponsors of the Doral golf tournament included Aramco, the Saudi oil company, and Riyadh Air, the airline owned by the sovereign wealth fund, according to a large billboard outside one of the event's party tents. Mr. Trump's merchandise shops — there are at least three of them at Doral — were also doing swift business, selling everything from a $550 Trump-branded crystal-studded purse to $18 Doral-branded paperweights made in China. The store clerk said that he did not know if new tariffs on imported products would mean price increases. Fans in the crowd said that they had traveled from as far as South Africa to attend the event. Some purchased special tickets that cost as much as $1,400 to enter exclusive party areas with free drinks and food — tickets that were sold out as of Saturday. In interviews, tournament attendees said that they did not mind the disconnect between the Wall Street meltdown and the party at the Trump family's resort. 'The sky is falling every day,' said Mike Atwell, a Key Largo, Fla., restaurant owner who was there with his wife enjoying lunch and drinks. 'When you are happy, you drink. When you are sad, you drink. It all works out.' On Saturday, as the tournament continued at Doral, Mr. Trump showed up at yet another family golf course, in Jupiter, Fla., which is holding its own, more modest tournament. Good news was announced by the White House staff: 'The president won his second round matchup of the senior club championship today in Jupiter, Fla., and advances to the championship round on Sunday.' Reporters and photographers were prohibited from watching him play, and were held down the street at a coffee shop. As Mr. Trump returned to Mar-a-Lago, one of his political committees sent out an offer to his followers: They could buy a signed replica of his executive order changing the name of the Gulf of Mexico to the Gulf of America. The minimum contribution was $50. 'I want you to have a PIECE OF HISTORY in your home,' Mr. Trump said in the solicitation. The White House then announced that there would be no more public events on Saturday.
