Al-Rumayyan: According to what I gathered from the Crown Prince, this is how the Public Investment Fund inaugural meeting was conducted.

He said that Prince Mohammed bin Salman respects viewpoints, considers the big picture, and pays close attention to even the tiniest details. Yasser bin Othman Al-Rumayyan, the governor of the Public Investment Fund, provided information about the first meeting of the fund, which was presided over and attended by His Highness, Crown Prince Mohammed bin Salman.

During this meeting, a road map for the work of the fund’s future was developed, as well as a diagnostic analysis of what the fund was and consideration of what other nations are doing.

“Al-Rumayyan” discussed the tale of his appointment as governor of the Public Investment Fund during his hosting of an edition of the “Socrates” podcast that was broadcast on Radio Eight. Was he the one to designate the leaders of the Crown Prince for this position? Where did the change of the fund start?

What is the Crown Prince’s current vision? Why does the local development agency not have a local leader? Why did Newcastle FC be picked as the Fund’s first foray into the entertainment and sports industries, and what happened to the new airlines? What is the most crucial lesson he took away from Crown Prince Mohammed bin Salman, his director?

Before being chosen as the fund’s governor, Al-Rumayyan said the following about his career: From 2004 to the end of 2015, I served as the CEO of Saudi Fransi Capital, the investment arm of Banque Saudi Fransi, the fourth-largest bank in the Kingdom. Prior to that, I was one of the founding members of the Capital Market Authority. In 2010,

Prior to that, I was studying to become a chartered accountant at the Saudi Organization for Certified Public Accountants. I was then employed by the Dutch Bank.

Al-Rumayyan spoke to his selection as the Public Investment Fund’s governor as follows: “One day, I received a call from the Royal Court, and they informed me of His Highness, Crown Prince Mohammed bin Salman’s intention to meet with me. I’m delighted with my decision.

In order to create a decision-making support centre for the Royal Court, he continued: “Before that, I had no prior knowledge of His Highness the Crown Prince and I had not met him.

Public Investment Fund He continued: His Highness the Crown Prince outlined to me his vision for the centre because he believed that the majority of judgments were made based on opinion rather than on facts, knowledge, and statistics.

He continued: When I first started working for the Royal Court, under His Highness the Crown Prince’s direction, I was named to the board of the Public Investment Fund, one of the most important initiatives. Saudi.

The Public Investment Fund’s Governor stated: His Highness the Crown Prince wanted the Public Investment Fund to grow and become something much larger than it was, so the board of directors was reorganised. The Crown Prince also used to ask the members of the Council, including myself, for advice on various issues.

He continued: I was requested to suggest a CEO for the fund, so I got in touch with the Capital Market Authority and asked them for a list of CEOs in the investing industry. Then, while we were travelling by plane with His Highness the Crown Prince,

I gave him the names of the contenders along with their paperwork, but he wasn’t completely sold on most of them. The decision was reached to put the Public Investment Fund supervisor under the direction of the Crown Prince after he sought the selection of a different individual.

Al-Rumayyan referred to the fund’s initial meeting as lasting two consecutive days. The fund’s board of directors convened on a weekly basis. Public Investment Fund I recall that during the first meeting, which lasted 12 hours straight, His Highness the Crown Prince did not get up from the chair he was seated in. The second meeting lasted 6 hours straight.

The Crown Prince relied on knowledge, proof, and statistics more than mere opinion, and he did so with respect and gratitude, therefore this meeting saw the creation of a road plan for the future of the Fund in 2015.

The first thing we did, he said, was a comprehensive diagnostic analysis of the fund’s operations and performance at the time. We looked at what might be done or avoided and drew on the experiences and knowledge of sovereign wealth funds from across the world.

We discovered that the Kingdom requires at least six investment portfolios. The first is a portfolio of investments in Saudi companies, the second is a portfolio of investments in the growth and development of promising sectors, the third is a portfolio of investments in real estate and infrastructure projects, and the fourth is a portfolio of investments in significant Saudi projects.

The latter two portfolios were allotted to foreign and global investments, and the portfolio of significant Saudi projects is regarded as a whole economic system.

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