Top 100 Arabs 2024

1. Yasir Al-Rumayyan

Governor, Public Investment Fund; chairman, Aramco and chairman, Riyadh Air

Origin: Saudi Arabia

Residence: Saudi Arabia

Sector: Diversified

2023 Rank: 1

With a vision to become the world’s largest sovereign wealth fund by 2030, the Public Investment Fund (PIF) has strategically positioned itself as a pivotal player in Saudi Arabia’s economic diversification efforts.

As governor of PIF, Yasir Al-Rumayyan, plays a key role in directing its initiatives. PIF allocated a substantial $31.6bn across 49 transactions in 2023, marking a notable 33 per cent increase from the previous year, according to a report by Global SWF. Notable investments by the PIF in 2023 include the acquisition of US gaming company Scopely for $4.9bn, the purchase of Standard Chartered’s aircraft leasing division for $3.6bn, and the agreement to acquire Saudi Basic Industries Corporation’s steel unit Hadeed for $3.3bn.

Additionally, the fund expanded its stake in British luxury car maker Aston Martin and agreed to acquire a 49 per cent stake in Rocco Forte Hotels. The fund also recently launched Alat, a global hub for sustainable technology manufacturing. Furthermore, the PIF’s portfolio in US equities experienced an 18 per cent growth in 2023.

Al-Rumayyan is also the chairman of Saudi Aramco. In 2023, Aramco’s average hydrocarbon production was 12.8 million barrels of oil equivalent per day, including 10.7 barrels per day of total liquids. The company also continues to be rated as the Middle East’s most valuable brand by Brand Finance Global 500 index.

Al-Rumayyan, who serves on the boards of Uber and Reliance Industries, also chairs Riyadh Air, which recently marked its first anniversary. The airline is set to launch flights in 2025.

Yasir Al Rumayyan

Dr Sultan Al Jaber