[News Figures] Yasir Alumayan, the 'Treasurer' of the Saudi Royal Family

Yasir Osman Alhumayan, Chairman of Saudi Arabia's state-owned Saudi Aramco and Chairman of the Public Investment Fund and Industrial Development Fund. / Photo by Saudi Aramco website capture

There is a strong ally for Crown Prince Mohammed bin Salman, the "power behind the throne" of Saudi Arabia, who is scheduled to visit Korea on the 17th. This is Yasir Al-Rumayyan, who has risen as a key figure over the past decade by holding various important positions in the Saudi business world. As the head of Saudi Aramco, the world's largest oil company, and the manager of the sovereign wealth fund embodying Crown Prince bin Salman's economic vision, he can be regarded as the de facto "treasurer" of the current royal family.

The Economic Brain Behind Crown Prince bin Salman, Always Present in Korea-Saudi Trade Talks

Known as one of Crown Prince bin Salman's closest aides, he is at the core of Saudi Arabia's state-led economic development policy. He serves as the chairman and CEO of Saudi Aramco, the state-owned oil company that Crown Prince bin Salman pushed for an IPO, and also holds the position of chairman of the Saudi Public Investment Fund (PIF).

Considering that the PIF is the core of the "Vision 2030" initiative, which Crown Prince bin Salman has promoted to reduce oil dependency and diversify industries, Al-Rumayyan is essentially the commander of the Saudi royal family's current economic strategy.

Alumayan, who visited Korea during President Yoon Suk-yeol's inauguration ceremony last May / Photo by Yonhap News

As a result, his name is always mentioned in Saudi investment and trade talks. In January, former President Moon Jae-in, who visited Saudi Arabia, met Al-Rumayyan right after Crown Prince bin Salman. Al-Rumayyan visited Korea as a diplomatic envoy for President Yoon Suk-yeol's inauguration in May, and from the 4th to the 9th of this month, he discussed various cooperation plans in areas such as the NEOM project, green energy development, and mobility development with Won Hee-ryong, the Minister of Land, Infrastructure and Transport, who visited Riyadh, the Saudi capital. Given the various economic cooperation agendas prepared for Crown Prince bin Salman's scheduled visit to Korea on the 17th, it is highly likely that Al-Rumayyan will join the delegation.

Led Aramco IPO to Establish National Fund... Driving 'Vision 2030'

Born in 1970 in Buraidah, a city in north-central Saudi Arabia, he graduated from the prestigious national university, Faisal University, and studied general management at Harvard Business School in the United States. Returning to his hometown, he began his career at Saudi Hollandi Bank (now Alawwal Bank), rising to head the international brokerage division. In 2004, he laid the groundwork for establishing the Saudi Capital Market Authority, forging ties with government agencies, and also served as CEO of the well-known Saudi investment bank, Faranji Capital.

In 2017, Al-Rumayyan accepted the chairmanship of Saudi Aramco, Saudi Arabia's state-owned energy company and the world's largest oil company. Two years later, when Crown Prince bin Salman pushed for Aramco's IPO, he handled all the behind-the-scenes work.

Al-Mu'ayan, who has held several key positions in the Saudi business world, is also a wealthy individual who acquired a prestigious European football team. The photo shows Al-Mu'ayan watching a Newcastle FC match in person. / Photo by Yonhap News

The Aramco IPO was the first step in the national development strategy envisioned by Crown Prince bin Salman. When he was appointed first in line to the Saudi throne in 2016, he introduced "Saudi Vision 2030." This plan aimed to create a public fund by selling shares of state-owned companies on the open market, using the proceeds to lead investments in advanced industries, eco-friendly energy, and next-generation infrastructure, thereby elevating Saudi Arabia to the ranks of industrialized nations.

In fact, most of the funds raised from Aramco's listing were reinvested into the PIF, laying the foundation for large-scale projects. Additionally, the PIF co-invested with the "Vision Fund" led by SoftBank Chairman Masayoshi Son to establish the "Saudi Industrial Development Fund," worth nearly $100 billion (about 134 trillion won).

Al-Rumayyan, who led this process, currently serves as chairman of both the PIF and the Industrial Development Fund, and exerts influence as a member of SoftBank's board of directors, a joint investor. This is why Arab media refer to Al-Rumayyan as "the most powerful businessman in Saudi Arabia" and a "close aide" to the Crown Prince.

A 'Power Bureaucrat' with Authority Surpassing Ministerial Positions

Despite his active role in all aspects of Saudi national strategy, Al-Rumayyan has not officially entered politics. Since 2016, he has served as secretary-general and advisor to the cabinet led by the king but has never been appointed as a minister.

This form of power structure has raised concerns among Western human rights groups and media. For example, the British newspaper The Guardian cited evidence submitted to a Canadian civil court last year, alleging that Al-Rumayyan was responsible for Saudi Arabia's "anti-corruption drive" in 2017 on behalf of Crown Prince bin Salman and confiscated royal family assets.

At that time, Saudi investigative authorities conducted a large-scale corruption investigation targeting some elite groups, including members of the royal family. Detained royals were released after paying huge bail to the government. The assets collected from the elite by the government reportedly helped restore Saudi Arabia's fiscal soundness.