Episode summary
The David Rubenstein Show: H.E. Yasir Al-Rumayyan
The David Rubenstein Show
· · Hosts: David Rubenstein · Guests: Yasir Al-Rumayyan
Summary
Yasir Al-Rumayyan described how Saudi Arabia’s Public Investment Fund has evolved from a relatively small state vehicle into a large, more active sovereign investor tied to Vision 2030. He said PIF’s strategy since 2015 has emphasized returns, job creation, GDP contribution, and local content, while shifting the economy away from oil dependence. He cited a rise in Saudi GDP that is now 53% non-oil, and said PIF’s assets under management have grown to roughly $925 billion to $930 billion, with a target of at least $2 trillion by 2030 and possibly $3 trillion.
He also argued that Saudi Arabia’s transformation is broader than investment performance. He said the kingdom is building tourism, infrastructure, and new sectors through projects such as NEOM, the Red Sea, and major airport and World Cup-related investments. He framed Aramco as a technology-driven company with low lifting costs and substantial spare capacity, while saying Saudi Arabia still needs diversification because oil alone cannot support a young and growing population.
The interview also covered Live Golf, Newcastle United, and Saudi Arabia’s push to become a global sports and tourism destination. Al-Rumayyan said the goal is to expand the market rather than simply take share from existing leagues, and he linked sports, foreign investment, and quality-of-life gains to the same national strategy.
Key takeaways
- Al-Rumayyan said PIF’s assets are roughly $925 billion to $930 billion now, with a year-end target of about $1.075 trillion and a 2030 goal of at least $2 trillion.
- He said Saudi GDP is now 53% non-oil, up from about 90% oil-based in 2015, and argued diversification is necessary because oil alone cannot absorb future labor growth.
- He said PIF evaluates investments by returns, GDP contribution, job creation, and local content, not just financial yield.
- Al-Rumayyan said Aramco’s lifting cost is about $3.5 a barrel and its production can be raised by roughly 20% within days.
- He said tourism targets were effectively achieved ahead of schedule, with Vision 2030 now focused on growing visitor numbers beyond 100 million.
- He said the goal of Live Golf and related sports investments is to grow the overall market, not just compete for existing fans.
Notable quotes
“What he wanted to add on top of that is the evidence based kind of decision making process”
“Our targets by 2030 is to be at least 2 trillion. And there's a good chance for us to be $3 trillion”
“Returns is very important, but why are we doing certain investment in certain sector Is there and a GDP contribution, is there job creation”
“Today, the Saudi economy is about 1.1 trillion, grew from about less than 600 billion back in 2016”
“We cannot live only on oil because this will make you more dormant, less active, because you know that there is always an oil coming out of the ground and you you'll sell it”
How the episode opens
This is my kitchen table and also my filing system. Over much of the past three decades, I've been an investor the highest calling of mankind. I've often thought was private equity.
And then I started interviewing. While I watch your interviews, Coach, I know how to do something. I've learned in doing my interviews how leaders make it to the top.
I asked him how much he wanted. He said. 250.
I said, Fine. I didn't negotiate with him. I didn't know due diligence to have something I'd like to sell and how they stay there.
You don't feel inadequate now because being only the second wealthiest man in the world, is that right? One of the most influential investors in the world is Yasser Al Ramyeon. He's the head of the Pier Fund, the Saudi sovereign wealth fund, and also the head of Saudi Aramco.
I had a chance to sit down with him to talk about how he looks at the investment world and how he looks at the opportunities to invest in Saudi Arabia. I was home all day yesterday preparing for this interview. And I was assume you were preparing for it.
And then I watched television and I saw President Trump and you at the tennis matches. So you weren't preparing for this interview so much as I was. Right.
It was, I think, part of the preparation. Okay. So for those people that aren't familiar with the pitch, when was the pitch really started that the in the fun?
When it was just started. It started when I was one year old, 1971, and it did so many great developmental projects in the kingdom of Saudi Arabia when the Crown Prince became the chairman of the Board of Beef back in 2015. And there was a good reason for him to say, I want to be the chairman because he saw the potential and he saw what a sovereign wealth fund like PIF can do to the economy of the Kingdom of Saudi Arabia.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- pif history
- economic diversification
- vision 2030
- neom investment
- tourism and infrastructure
Companies and tickers mentioned
- Saudi Aramco
Watch the episode
Watch “The David Rubenstein Show: H.E. Yasir Al-Rumayyan” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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