title
The David Rubenstein Show: Saudi Wealth Fund Head Yasir Al-Rumayyan

description
Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund (PIF) and chairman of Saudi Aramco, talks about investing in Uber and Softbank's Vision Fund, growing the business and how the country is now more open for business. He appears on the latest episode of "The David Rubenstein Show: Peer-to-Peer Conversations." This interview was recorded on Feb. 27 in Berlin.

detail
{'title': 'The David Rubenstein Show: Saudi Wealth Fund Head Yasir Al-Rumayyan', 'heatmap': [{'end': 105.874, 'start': 83.695, 'weight': 0.773}, {'end': 1196.527, 'start': 1176.71, 'weight': 0.854}, {'end': 1414.435, 'start': 1375.062, 'weight': 1}], 'summary': "Delves into the saudi sovereign wealth fund's goal to reach $2 trillion by 2030, its investment in uber, pif's substantial asset growth from $150 billion to over $325 billion, and pif's expansion to reduce oil dependency for a sustainable economy, along with discussions on saudi aramco's mega partnership with softbank and pif's involvement in giga projects and saudi arabia's future goals.", 'chapters': [{'end': 53.837, 'segs': [{'end': 53.837, 'src': 'embed', 'start': 4.853, 'weight': 0, 'content': [{'end': 9.755, 'text': 'Some sovereign wealth funds say their goal is to get the highest rate of return.', 'start': 4.853, 'duration': 4.902}, {'end': 12.156, 'text': 'What is your overall goal, principal goal?', 'start': 9.975, 'duration': 2.181}, {'end': 20.919, 'text': 'We need to have higher returns, positive economic impact, be in the engine of the economic growth in Saudi.', 'start': 12.396, 'duration': 8.523}, {'end': 26.361, 'text': 'Now you have said, I think publicly, you would like it to be the largest sovereign wealth fund in the world at some point.', 'start': 21.239, 'duration': 5.122}, {'end': 32.803, 'text': "When do you think you'll be able to get to $2 trillion? It's very much achievable, by 2030.", 'start': 26.641, 'duration': 6.162}, {'end': 37.807, 'text': 'Early on, your tenure, I think, was a $3.5 billion investment in Uber.', 'start': 32.803, 'duration': 5.004}, {'end': 42.61, 'text': 'How did a deal like that come about? It came about from an app that I used, an Uber.', 'start': 38.007, 'duration': 4.603}, {'end': 44.071, 'text': 'It was an amazing app.', 'start': 42.85, 'duration': 1.221}, {'end': 49.234, 'text': "Would you fix your tie, please? Well, people wouldn't recognize me if my tie was fixed.", 'start': 44.931, 'duration': 4.303}, {'end': 52.036, 'text': 'Just leave it this way.', 'start': 51.216, 'duration': 0.82}, {'end': 53.837, 'text': 'All right.', 'start': 53.577, 'duration': 0.26}], 'summary': 'Saudi sovereign wealth fund aims to reach $2 trillion by 2030, focusing on high returns and economic growth.', 'duration': 48.984, 'max_score': 4.853, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s4853.jpg'}], 'start': 4.853, 'title': 'Saudi sovereign wealth fund', 'summary': "Discusses the saudi sovereign wealth fund's goal of reaching $2 trillion by 2030 and its $3.5 billion investment in uber.", 'chapters': [{'end': 53.837, 'start': 4.853, 'title': 'Saudi sovereign wealth fund and economic growth', 'summary': 'Discusses the principal goal of the saudi sovereign wealth fund, aiming for a $2 trillion target by 2030, and highlights a $3.5 billion investment in uber, facilitated through a personal experience with the app.', 'duration': 48.984, 'highlights': ['The Saudi sovereign wealth fund aims to reach $2 trillion by 2030, emphasizing the goal of higher returns and positive economic impact.', 'The $3.5 billion investment in Uber was facilitated through a personal experience with the app, showcasing a strategic investment decision.', 'The discussion of fixing a tie adds a lighthearted moment to the conversation but is less pertinent to the overall content.']}], 'duration': 48.984, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s4853.jpg', 'highlights': ['The Saudi sovereign wealth fund aims to reach $2 trillion by 2030, emphasizing the goal of higher returns and positive economic impact.', 'The $3.5 billion investment in Uber was facilitated through a personal experience with the app, showcasing a strategic investment decision.']}, {'end': 268.096, 'segs': [{'end': 117.043, 'src': 'heatmap', 'start': 83.695, 'weight': 0, 'content': [{'end': 92.903, 'text': "We're here today with His Excellency Yasser Al Rumian, who is both the chairman of Saudi Aramco and also the head of the PIF,", 'start': 83.695, 'duration': 9.208}, {'end': 95.225, 'text': 'which is the Saudi Sovereign Wealth Fund.', 'start': 92.903, 'duration': 2.322}, {'end': 98.468, 'text': 'So you have both jobs.', 'start': 96.026, 'duration': 2.442}, {'end': 105.874, 'text': 'How do you allocate your time between running the Sovereign Wealth Fund, PIF, and being the chair of Saudi Aramco?', 'start': 99.509, 'duration': 6.365}, {'end': 107.416, 'text': "Doesn't that take you 80 or 100 hours a week to do??", 'start': 105.914, 'duration': 1.502}, {'end': 111.739, 'text': 'PIF role is an executive role.', 'start': 108.937, 'duration': 2.802}, {'end': 117.043, 'text': "While the Aramco role is chairmanship, I don't have the executive chairmanship role.", 'start': 112.039, 'duration': 5.004}], 'summary': 'Yasser al rumian balances executive role at pif and chairmanship at saudi aramco.', 'duration': 24.14, 'max_score': 83.695, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s83695.jpg'}, {'end': 248.23, 'src': 'embed', 'start': 140.178, 'weight': 1, 'content': [{'end': 148.124, 'text': "it's an executive role and i'm there every day for a long number of hours, looking after our investments,", 'start': 140.178, 'duration': 7.946}, {'end': 153.047, 'text': 'opportunities and looking after our current portfolio companies.', 'start': 148.124, 'duration': 4.923}, {'end': 156.409, 'text': 'In August of 2015,, you became the head of PIF.', 'start': 153.867, 'duration': 2.542}, {'end': 163.642, 'text': 'What size was PIF then in terms of the assets under management? PAF was totally different than what it is today.', 'start': 156.509, 'duration': 7.133}, {'end': 166.444, 'text': 'So in 2015, the board was changed.', 'start': 164.002, 'duration': 2.442}, {'end': 173.148, 'text': 'It became chaired by the Crown Prince, Prince Mohammed bin Salman.', 'start': 167.905, 'duration': 5.243}, {'end': 177.231, 'text': 'And we changed the strategy.', 'start': 174.169, 'duration': 3.062}, {'end': 182.194, 'text': 'So the assets under management then was something like $150 billion.', 'start': 177.391, 'duration': 4.803}, {'end': 182.595, 'text': "Today it's over.", 'start': 182.214, 'duration': 0.381}, {'end': 191.718, 'text': 'more than $330, $325 billion.', 'start': 188.155, 'duration': 3.563}, {'end': 194.44, 'text': 'You said that the Crown Prince appointed you to the position.', 'start': 192.018, 'duration': 2.422}, {'end': 201.625, 'text': "How well did you know the Crown Prince before he appointed you? Did he know you well? No, actually I didn't know him at all.", 'start': 194.84, 'duration': 6.785}, {'end': 203.886, 'text': 'I heard of him.', 'start': 201.905, 'duration': 1.981}, {'end': 205.387, 'text': 'I received a call.', 'start': 204.207, 'duration': 1.18}, {'end': 211.472, 'text': 'Before I took the post, I was a CEO of Saudi Forensic Capital.', 'start': 206.889, 'duration': 4.583}, {'end': 224.578, 'text': 'And at one stage I turned around this company from a losing company to one of the most profitable companies in Saudi Arabia and the Middle East in investment banking.', 'start': 212.23, 'duration': 12.348}, {'end': 230.282, 'text': 'So at one stage, we had like 41% of all investment banking activities.', 'start': 225.118, 'duration': 5.164}, {'end': 235.025, 'text': 'So I think the crown prince heard of me.', 'start': 231.202, 'duration': 3.823}, {'end': 238.248, 'text': 'I got the call.', 'start': 237.208, 'duration': 1.04}, {'end': 239.368, 'text': 'You got a call to meet with him.', 'start': 238.268, 'duration': 1.1}, {'end': 241.169, 'text': 'Yes So it was like an interview.', 'start': 239.449, 'duration': 1.72}, {'end': 242.009, 'text': 'He just said guess what?', 'start': 241.209, 'duration': 0.8}, {'end': 245.11, 'text': 'We picked you and you have to leave your job and this is a better job?', 'start': 242.029, 'duration': 3.081}, {'end': 246.09, 'text': 'Or what did he say?', 'start': 245.13, 'duration': 0.96}, {'end': 248.23, 'text': 'I thought it was going to be an interview, but it was like.', 'start': 246.15, 'duration': 2.08}], 'summary': "In 2015, pif had $150b in assets under management; now it's over $325b. the crown prince appointed the speaker without prior acquaintance.", 'duration': 108.052, 'max_score': 140.178, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s140178.jpg'}], 'start': 60.622, 'title': "Yasser al rumian's leadership and investment growth", 'summary': "Delves into yasser al rumian's roles at saudi aramco and pif, and the substantial growth of pif's assets under management from $150 billion to over $325 billion since 2015, despite the dual responsibilities and the unexpected appointment by the crown prince.", 'chapters': [{'end': 166.444, 'start': 60.622, 'title': 'Yasser al rumian: leadership and management roles', 'summary': "Discusses yasser al rumian's dual roles as the chairman of saudi aramco and the head of the pif, managing his time between the two roles and the significant growth of pif's assets under management since 2015.", 'duration': 105.822, 'highlights': ["Yasser Al Rumian's dual roles as the chairman of Saudi Aramco and the head of the PIF, and how he manages his time between the two roles.", "The significant growth in PIF's assets under management since 2015 when Yasser Al Rumian became the head of PIF.", "Yasser Al Rumian's focus on four key areas in Saudi Aramco: strategy, annual targets, performance monitoring, and board management.", "The distinction between Yasser Al Rumian's executive role in PIF and his non-executive chairmanship role in Saudi Aramco."]}, {'end': 268.096, 'start': 167.905, 'title': "Crown prince's appointment and investment growth", 'summary': 'Discusses the significant increase in assets under management from $150 billion to over $325 billion and the appointment of the interviewee by the crown prince without prior acquaintance.', 'duration': 100.191, 'highlights': ['The assets under management increased from $150 billion to over $325 billion, showcasing a substantial growth in investment.', "The interviewee was appointed by the Crown Prince without prior acquaintance, emphasizing the trust and confidence placed in the interviewee's capabilities.", "The interviewee successfully turned around a company from a losing state to one of the most profitable companies in Saudi Arabia and the Middle East, achieving 41% of all investment banking activities, highlighting the interviewee's significant professional accomplishments."]}], 'duration': 207.474, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s60622.jpg', 'highlights': ["Yasser Al Rumian's dual roles as the chairman of Saudi Aramco and the head of the PIF, and how he manages his time between the two roles.", 'The assets under management increased from $150 billion to over $325 billion, showcasing a substantial growth in investment.', "The interviewee was appointed by the Crown Prince without prior acquaintance, emphasizing the trust and confidence placed in the interviewee's capabilities.", "The significant growth in PIF's assets under management since 2015 when Yasser Al Rumian became the head of PIF.", "The interviewee successfully turned around a company from a losing state to one of the most profitable companies in Saudi Arabia and the Middle East, achieving 41% of all investment banking activities, highlighting the interviewee's significant professional accomplishments."]}, {'end': 648.836, 'segs': [{'end': 381.254, 'src': 'embed', 'start': 299.319, 'weight': 0, 'content': [{'end': 301.239, 'text': "and you'd like it to get to a trillion dollars.", 'start': 299.319, 'duration': 1.92}, {'end': 302.72, 'text': 'Two trillion dollars.', 'start': 301.659, 'duration': 1.061}, {'end': 303.34, 'text': 'Two trillion dollars.', 'start': 302.74, 'duration': 0.6}, {'end': 306.961, 'text': "Yes, So when do you think you'll be able to get to two trillion dollars?", 'start': 303.36, 'duration': 3.601}, {'end': 313.983, 'text': 'The number looks really big, because you know the largest sovereign wealth fund today is about one trillion.', 'start': 307.561, 'duration': 6.422}, {'end': 322.24, 'text': "We think that it's very much achievable by 2030.", 'start': 316.604, 'duration': 5.636}, {'end': 325.582, 'text': 'And I will tell you where the growth will be coming from.', 'start': 322.24, 'duration': 3.342}, {'end': 330.504, 'text': "So number one is the performance and we're doing extremely good performance.", 'start': 326.022, 'duration': 4.482}, {'end': 337.408, 'text': "Number two is the assets that we're getting from the government like different companies.", 'start': 331.285, 'duration': 6.123}, {'end': 341.57, 'text': "We're becoming also a land bank for the government.", 'start': 337.488, 'duration': 4.082}, {'end': 346.971, 'text': "Number three, cash injections that we're getting from the government and we've been getting some.", 'start': 342.749, 'duration': 4.222}, {'end': 353.534, 'text': 'And number four is the recycling of our profits.', 'start': 347.811, 'duration': 5.723}, {'end': 356.693, 'text': 'All those different things require a big staff to manage.', 'start': 354.051, 'duration': 2.642}, {'end': 360.997, 'text': 'How big is the PIF staff today? When we started, it was 40 people.', 'start': 356.733, 'duration': 4.264}, {'end': 363.059, 'text': "Today, we're more than 700.", 'start': 361.337, 'duration': 1.722}, {'end': 372.487, 'text': 'By year end, our target is to have more than 1, 000 full-time employees in PIF.', 'start': 363.059, 'duration': 9.428}, {'end': 381.254, 'text': "And they will be all in Saudi Arabia? The bulk of them will be in Saudi, but now we're opening up in the financial capitals of the world.", 'start': 372.807, 'duration': 8.447}], 'summary': 'Pif aims to reach $2 trillion by 2030 through assets, cash injections, and profits, with a staff target of 1,000 by year end.', 'duration': 81.935, 'max_score': 299.319, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s299319.jpg'}, {'end': 648.836, 'src': 'embed', 'start': 620.17, 'weight': 3, 'content': [{'end': 623.69, 'text': '17 So I remember sitting down with 17.', 'start': 620.17, 'duration': 3.52}, {'end': 625.471, 'text': 'the crown brands a number of 17.', 'start': 623.69, 'duration': 1.781}, {'end': 627.711, 'text': 'times trying to strategize on 17.', 'start': 625.471, 'duration': 2.24}, {'end': 629.151, 'text': 'what is it exactly that we would 17.', 'start': 627.711, 'duration': 1.44}, {'end': 630.832, 'text': 'like to be invested in.', 'start': 629.151, 'duration': 1.681}, {'end': 632.232, 'text': "17 Of course, it's the future.", 'start': 630.852, 'duration': 1.38}, {'end': 638.533, 'text': 'So we said artificial intelligence, robotics, internet of things.', 'start': 633.052, 'duration': 5.481}, {'end': 643.415, 'text': 'So these were the main themes that we would like to be in.', 'start': 639.434, 'duration': 3.981}, {'end': 648.836, 'text': 'Remember, 70% of our population is under the age of 30.', 'start': 644.155, 'duration': 4.681}], 'summary': 'Focused on investing in artificial intelligence, robotics, and internet of things, targeting a population where 70% are under 30.', 'duration': 28.666, 'max_score': 620.17, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s620170.jpg'}], 'start': 268.417, 'title': 'Saudi wealth fund growth and diversification', 'summary': "Highlights the saudi sovereign wealth fund's goal to reach $2 trillion by 2030 through good performance, government assets, cash injections, and profit recycling. it also discusses pif's growth from 40 to over 700 staff, targeting 1,000 employees, and its expansion to global financial capitals to reduce oil dependency for a sustainable economy.", 'chapters': [{'end': 353.534, 'start': 268.417, 'title': 'Saudi wealth fund growth plan', 'summary': "Highlights the saudi sovereign wealth fund's aim to reach $2 trillion by 2030 through good performance, government assets, cash injections, and profit recycling.", 'duration': 85.117, 'highlights': ['The Saudi sovereign wealth fund aims to reach $2 trillion by 2030, making it potentially the largest sovereign wealth fund in the world.', 'The growth strategy involves good performance, acquisition of government assets, cash injections, and profit recycling.', "The fund's growth will come from its performance, government assets, cash injections, and profit recycling, aiming to outpace the current largest sovereign wealth fund of about one trillion dollars.", "The fund's growth target of $2 trillion by 2030 is backed by strategies including good performance, acquisition of government assets, cash injections, and profit recycling."]}, {'end': 648.836, 'start': 354.051, 'title': 'Pif growth and diversification', 'summary': 'Discusses the growth of pif staff from 40 to over 700, targeting 1,000 employees, expansion to global financial capitals, and the goal of reducing oil dependency to achieve a sustainable and less volatile economy.', 'duration': 294.785, 'highlights': ['The PIF staff has grown from 40 to over 700, with a target of reaching 1,000 employees by year end, and plans to expand into global financial capitals such as New York, London, and potentially Asia.', 'The goal of PIF is to reduce oil dependency, increase non-oil revenue, and achieve a sustainable and less volatile economy, with the current non-oil revenue already increased quite tremendously in the past three years.', 'The PIF made a significant investment of about $45 billion into the first vision fund, focusing on artificial intelligence, robotics, and the internet of things, aligning with the goal of investing in the future and catering to the young population, 70% of whom are under the age of 30.']}], 'duration': 380.419, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s268417.jpg', 'highlights': ['The Saudi sovereign wealth fund aims to reach $2 trillion by 2030, making it potentially the largest sovereign wealth fund in the world.', 'The growth strategy involves good performance, acquisition of government assets, cash injections, and profit recycling.', 'The PIF staff has grown from 40 to over 700, with a target of reaching 1,000 employees by year end, and plans to expand into global financial capitals such as New York, London, and potentially Asia.', 'The PIF made a significant investment of about $45 billion into the first vision fund, focusing on artificial intelligence, robotics, and the internet of things, aligning with the goal of investing in the future and catering to the young population, 70% of whom are under the age of 30.']}, {'end': 1100.814, 'segs': [{'end': 679.639, 'src': 'embed', 'start': 648.836, 'weight': 3, 'content': [{'end': 652.077, 'text': 'So we need to have something sustainable for them in the longer term.', 'start': 648.836, 'duration': 3.241}, {'end': 663.985, 'text': 'And when I met with Masa-san for the first time, he was talking about the exact same things that we were looking for.', 'start': 653.192, 'duration': 10.793}, {'end': 672.054, 'text': 'So the alignments of the thinking is what drove us to have this mega partnership with SoftBank.', 'start': 664.345, 'duration': 7.709}, {'end': 679.639, 'text': "So today you're happy with the investment? It's up so far after like two and a half years, about $9.5 billion.", 'start': 672.074, 'duration': 7.565}], 'summary': 'Aligned thinking led to a $9.5 billion investment with softbank for long-term sustainability.', 'duration': 30.803, 'max_score': 648.836, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s648836.jpg'}, {'end': 804.46, 'src': 'embed', 'start': 753.224, 'weight': 0, 'content': [{'end': 760.287, 'text': 'So you went public not too long ago, and the valuation, if I recall, roughly $1.8 trillion, something like that.', 'start': 753.224, 'duration': 7.063}, {'end': 766.79, 'text': 'The valuation was $1.7, and now it went above the $2 trillion for a couple of weeks.', 'start': 760.507, 'duration': 6.283}, {'end': 771.491, 'text': "And now it's about 1.8 trillion today.", 'start': 767.33, 'duration': 4.161}, {'end': 774.172, 'text': 'So no company is as valuable as that company.', 'start': 771.531, 'duration': 2.641}, {'end': 777.893, 'text': "None But it's traded on the local stock exchange in Saudi Arabia.", 'start': 774.392, 'duration': 3.501}, {'end': 779.074, 'text': 'The Saudi stock exchange, yes.', 'start': 777.913, 'duration': 1.161}, {'end': 787.108, 'text': 'Have you thought about listing it in New York or London or Tokyo or other places yet? Remember, we only offered 2% of the company.', 'start': 779.314, 'duration': 7.794}, {'end': 793.013, 'text': "So it's still 98% of the company owned by the shareholder, which is the government of Saudi Arabia.", 'start': 787.328, 'duration': 5.685}, {'end': 798.758, 'text': 'So in our program is to have multiple number of listings over the years.', 'start': 793.553, 'duration': 5.205}, {'end': 804.46, 'text': "So we're looking into it to have more offerings.", 'start': 799.378, 'duration': 5.082}], 'summary': "Saudi aramco's valuation fluctuated between $1.7 trillion and $2 trillion after going public, with plans for multiple listings.", 'duration': 51.236, 'max_score': 753.224, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s753224.jpg'}, {'end': 1076.971, 'src': 'embed', 'start': 1004.224, 'weight': 1, 'content': [{'end': 1010.909, 'text': 'And we said we have to get the IPO done before the end of 2019.', 'start': 1004.224, 'duration': 6.685}, {'end': 1012.57, 'text': 'We got it done.', 'start': 1010.909, 'duration': 1.661}, {'end': 1014.451, 'text': 'That was a huge challenge.', 'start': 1012.67, 'duration': 1.781}, {'end': 1016.353, 'text': 'The valuation was amazing.', 'start': 1015.012, 'duration': 1.341}, {'end': 1023.918, 'text': 'The demand that we got was really great, almost five times the demand, the offer size.', 'start': 1016.773, 'duration': 7.145}, {'end': 1026.82, 'text': 'So that was the initial challenge.', 'start': 1024.719, 'duration': 2.101}, {'end': 1032.645, 'text': 'What would you like people to know about Saudi Arabia? Saudi Arabia is progressing every day.', 'start': 1027.3, 'duration': 5.345}, {'end': 1037.689, 'text': 'And the progress that we are witnessing is amazing.', 'start': 1033.366, 'duration': 4.323}, {'end': 1054.058, 'text': 'Welcome to Riyadh.', 'start': 1053.177, 'duration': 0.881}, {'end': 1058.78, 'text': 'Welcome to the Future Investment Initiative 2019.', 'start': 1054.658, 'duration': 4.122}, {'end': 1067.626, 'text': "In recent years, you've instituted a conference in Riyadh, which is an annual event, not unlike Davos or the milking conference,", 'start': 1058.78, 'duration': 8.846}, {'end': 1074.75, 'text': "where it's a gathering of the elites of the investment world, and they come at a conference that you sponsor.", 'start': 1067.626, 'duration': 7.124}, {'end': 1076.971, 'text': 'Why do you do that conference.', 'start': 1075.87, 'duration': 1.101}], 'summary': "Successfully completed ipo with amazing valuation, 5x demand. saudi arabia is progressing daily at riyadh's future investment initiative 2019.", 'duration': 72.747, 'max_score': 1004.224, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1004224.jpg'}], 'start': 648.836, 'title': 'Saudi aramco partnership and ipo', 'summary': "Discusses saudi aramco's mega partnership with softbank, a $45 billion investment, ipo plans, $2 trillion valuation, and annual fii conference in riyadh.", 'chapters': [{'end': 1100.814, 'start': 648.836, 'title': 'Saudi aramco chairman mega partnership and ipo', 'summary': 'Discusses the mega partnership with softbank, the $45 billion investment, the ipo of saudi aramco, its valuation reaching $2 trillion, and the annual fii conference in riyadh.', 'duration': 451.978, 'highlights': ["Saudi Aramco's valuation reached $2 trillion, making it the most valuable company. The valuation was $1.7 trillion and then reached above $2 trillion for a couple of weeks before settling at about $1.8 trillion today.", 'The $45 billion investment and the success of the IPO were major achievements. After a $45 billion commitment, the IPO had a huge demand, almost five times the offer size.', 'The annual Future Investment Initiative conference in Riyadh has become an institution. The FII conference has been held for the third year in a row and is set to continue as an annual event.', "The mega partnership with SoftBank aligned with the company's long-term sustainability goals. The alignment of thinking with Masa-san from SoftBank drove the mega partnership, fulfilling the company's long-term sustainability goals.", "Saudi Aramco's aim for multiple listings and consideration of listing in stock exchanges outside Saudi Arabia. The company aims for multiple listings over the years and is open to considering other stock exchanges to attract value investors."]}], 'duration': 451.978, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s648836.jpg', 'highlights': ["Saudi Aramco's valuation reached $2 trillion, making it the most valuable company.", 'The $45 billion investment and the success of the IPO were major achievements.', 'The annual Future Investment Initiative conference in Riyadh has become an institution.', "The mega partnership with SoftBank aligned with the company's long-term sustainability goals.", "Saudi Aramco's aim for multiple listings and consideration of listing in stock exchanges outside Saudi Arabia."]}, {'end': 1430.481, 'segs': [{'end': 1127.992, 'src': 'embed', 'start': 1101.034, 'weight': 0, 'content': [{'end': 1105.997, 'text': "Now, the Crown Prince announced a project that I assume that you're investing in, which is to build a new city.", 'start': 1101.034, 'duration': 4.963}, {'end': 1111.381, 'text': "Yes, And is that something you're involved with as well, or some of the people you've invested with are involved with?", 'start': 1106.337, 'duration': 5.044}, {'end': 1114.643, 'text': "It's part of PIF Portfolio Companies.", 'start': 1112.141, 'duration': 2.502}, {'end': 1117.204, 'text': 'In PIF, we have six different pools of investments.', 'start': 1114.803, 'duration': 2.401}, {'end': 1119.186, 'text': 'One of these pools is the Giga Projects.', 'start': 1117.364, 'duration': 1.822}, {'end': 1121.587, 'text': '20, and NEOM is on top of these giga projects.', 'start': 1120.106, 'duration': 1.481}, {'end': 1122.988, 'text': '21, and NEOM is on top of these giga projects.', 'start': 1121.607, 'duration': 1.381}, {'end': 1124.529, 'text': '21, and NEOM is on top of these giga projects.', 'start': 1123.008, 'duration': 1.521}, {'end': 1127.992, 'text': 'We have another three giga projects, 21, and NEOM is on top of these giga projects.', 'start': 1124.549, 'duration': 3.443}], 'summary': 'Pif has six investment pools, including giga projects, with neom as one of the top projects.', 'duration': 26.958, 'max_score': 1101.034, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1101034.jpg'}, {'end': 1176.23, 'src': 'embed', 'start': 1143.782, 'weight': 1, 'content': [{'end': 1144.763, 'text': 'We have another three giga projects.', 'start': 1143.782, 'duration': 0.981}, {'end': 1145.503, 'text': 'We have another three giga projects.', 'start': 1144.783, 'duration': 0.72}, {'end': 1146.444, 'text': 'We have another three giga projects.', 'start': 1145.523, 'duration': 0.921}, {'end': 1147.425, 'text': 'We have another three giga projects.', 'start': 1146.464, 'duration': 0.961}, {'end': 1148.606, 'text': 'We have another three giga projects.', 'start': 1147.445, 'duration': 1.161}, {'end': 1156.653, 'text': 'We have Saudi Arabia is progressing every day, and the progress that we are witnessing is amazing.', 'start': 1148.626, 'duration': 8.027}, {'end': 1158.394, 'text': "We're opening up for tourism.", 'start': 1157.053, 'duration': 1.341}, {'end': 1163.819, 'text': "The tourism sites in Saudi Arabia, it's like one of the best in the world.", 'start': 1158.514, 'duration': 5.305}, {'end': 1167.162, 'text': 'My last vacation with the family.', 'start': 1164.159, 'duration': 3.003}, {'end': 1176.23, 'text': 'we were like debating between skiing or doing something else, and we ended up in Al Ula during the holidays and it was just an amazing location.', 'start': 1167.162, 'duration': 9.068}], 'summary': 'Saudi arabia has three giga projects and is making amazing progress, opening up for tourism with world-class sites.', 'duration': 32.448, 'max_score': 1143.782, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1143782.jpg'}, {'end': 1203.532, 'src': 'heatmap', 'start': 1176.71, 'weight': 0.854, 'content': [{'end': 1182.06, 'text': "17, When you're the head of your family and you want to go a certain place, do you say I'm the head of Saudi Aramco,", 'start': 1176.71, 'duration': 5.35}, {'end': 1183.944, 'text': "I'm the head of PIF and this is where we're going to go?", 'start': 1182.06, 'duration': 1.884}, {'end': 1185.847, 'text': 'Or do the children get the vote? 18..', 'start': 1183.964, 'duration': 1.883}, {'end': 1187.47, 'text': "That doesn't work with my wife and children.", 'start': 1185.847, 'duration': 1.623}, {'end': 1188.352, 'text': "No, it doesn't.", 'start': 1187.691, 'duration': 0.661}, {'end': 1192.003, 'text': 'So today, Saudi Arabia is a kingdom.', 'start': 1189.321, 'duration': 2.682}, {'end': 1196.527, 'text': "There's a king and a crown prince and a royal family, just as there are in some other countries.", 'start': 1192.223, 'duration': 4.304}, {'end': 1203.532, 'text': 'So, is Saudi Arabia governed any much differently than other countries in the Gulf or something or different than other countries in the Middle East?', 'start': 1196.867, 'duration': 6.665}], 'summary': 'Saudi arabia operates as a kingdom led by a king and a crown prince, similar to other gulf and middle eastern countries.', 'duration': 26.822, 'max_score': 1176.71, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1176710.jpg'}, {'end': 1234.229, 'src': 'embed', 'start': 1203.552, 'weight': 2, 'content': [{'end': 1214.06, 'text': 'I mean, if you look at the Middle East and if you look at the world, actually we have the same system since 19..', 'start': 1203.552, 'duration': 10.508}, {'end': 1220.423, 'text': '30s, when the third Saudi kingdom came into existence.', 'start': 1214.06, 'duration': 6.363}, {'end': 1226.645, 'text': "The good thing about the regime that we have in Saudi, it's progressing and developing over the years.", 'start': 1220.943, 'duration': 5.702}, {'end': 1229.026, 'text': "And that's why we have reform after reform.", 'start': 1226.966, 'duration': 2.06}, {'end': 1234.229, 'text': 'The latest reforms that we have are really good.', 'start': 1230.187, 'duration': 4.042}], 'summary': 'Saudi regime has been progressing since 1930s, with ongoing reforms.', 'duration': 30.677, 'max_score': 1203.552, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1203552.jpg'}, {'end': 1307.374, 'src': 'embed', 'start': 1249.354, 'weight': 3, 'content': [{'end': 1259.657, 'text': 'So today, if you were looking at the future of Saudi Arabia, you would like it to be much less dependent on oil in 20 or 30 years than it is today.', 'start': 1249.354, 'duration': 10.303}, {'end': 1260.678, 'text': 'I assume, is that right?', 'start': 1259.657, 'duration': 1.021}, {'end': 1260.978, 'text': 'Yes,', 'start': 1260.798, 'duration': 0.18}, {'end': 1264.72, 'text': '17 Your other goals are to 17.', 'start': 1262.098, 'duration': 2.622}, {'end': 1266.862, 'text': 'Make Saudi Arabia goals as a 17.', 'start': 1264.72, 'duration': 2.142}, {'end': 1267.883, 'text': 'Citizen of Saudi Arabia is to 17.', 'start': 1266.862, 'duration': 1.021}, {'end': 1270.905, 'text': 'Make it more comparable to other 17.', 'start': 1267.883, 'duration': 3.022}, {'end': 1273.167, 'text': 'Western countries in terms of 17.', 'start': 1270.905, 'duration': 2.262}, {'end': 1273.968, 'text': 'The business community.', 'start': 1273.167, 'duration': 0.801}, {'end': 1277.465, 'text': "We're opening up Saudi.", 'start': 1275.684, 'duration': 1.781}, {'end': 1278.667, 'text': 'Oh, absolutely.', 'start': 1277.806, 'duration': 0.861}, {'end': 1283.612, 'text': "We're opening up the Saudi economy and Saudi is open for business.", 'start': 1278.707, 'duration': 4.905}, {'end': 1286.775, 'text': "Okay, so you're the chairman of Saudi Aramco.", 'start': 1283.892, 'duration': 2.883}, {'end': 1288.216, 'text': 'That must take some time.', 'start': 1286.815, 'duration': 1.401}, {'end': 1292.48, 'text': "Yes And then you're the chief executive of the PIF.", 'start': 1288.456, 'duration': 4.024}, {'end': 1293.622, 'text': 'That takes some time.', 'start': 1292.5, 'duration': 1.122}, {'end': 1298.466, 'text': 'But you must have a little time for one of your hobbies, which is golf.', 'start': 1294.202, 'duration': 4.264}, {'end': 1301.709, 'text': "Yeah 17, you're also the chairman of 17, you're also the chairman of 17, you're also the chairman of the national golf.", 'start': 1298.587, 'duration': 3.122}, {'end': 1302.09, 'text': 'the national golf.', 'start': 1301.729, 'duration': 0.361}, {'end': 1302.47, 'text': 'the national golf.', 'start': 1302.11, 'duration': 0.36}, {'end': 1302.91, 'text': 'Saudi golf federation.', 'start': 1302.49, 'duration': 0.42}, {'end': 1303.371, 'text': 'Saudi golf federation.', 'start': 1302.93, 'duration': 0.441}, {'end': 1303.811, 'text': 'Saudi golf federation.', 'start': 1303.391, 'duration': 0.42}, {'end': 1304.652, 'text': 'Are there a lot of golf courses?', 'start': 1303.831, 'duration': 0.821}, {'end': 1305.432, 'text': 'Are there a lot of golf courses?', 'start': 1304.652, 'duration': 0.78}, {'end': 1306.573, 'text': 'Are there a lot of golf courses in Saudi Arabia?', 'start': 1305.432, 'duration': 1.141}, {'end': 1306.894, 'text': 'in Saudi Arabia?', 'start': 1306.593, 'duration': 0.301}, {'end': 1307.214, 'text': 'in Saudi Arabia?', 'start': 1306.914, 'duration': 0.3}, {'end': 1307.374, 'text': 'Not yet.', 'start': 1307.234, 'duration': 0.14}], 'summary': 'Saudi arabia aims to reduce oil dependency, open up the economy, and develop golf infrastructure.', 'duration': 58.02, 'max_score': 1249.354, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1249354.jpg'}, {'end': 1414.435, 'src': 'heatmap', 'start': 1375.062, 'weight': 1, 'content': [{'end': 1384.829, 'text': "Next month, we're going to have the first ladies European tour in March in Jeddah, and it's going to be an amazing experience for us.", 'start': 1375.062, 'duration': 9.767}, {'end': 1391.414, 'text': "So if you're playing, you're the head of the Saudi, or chairman of Saudi Aramco, you're the head of PIF.", 'start': 1384.849, 'duration': 6.565}, {'end': 1398.239, 'text': "When you have a putt, if it's three or four feet, do they just say they give it to you, or do they actually make you putt it out? No comments.", 'start': 1391.894, 'duration': 6.345}, {'end': 1398.92, 'text': 'Oh, yeah, okay.', 'start': 1398.599, 'duration': 0.321}, {'end': 1401.483, 'text': "17 So by my standards, you're a teenager.", 'start': 1399.701, 'duration': 1.782}, {'end': 1402.263, 'text': "You're very young.", 'start': 1401.503, 'duration': 0.76}, {'end': 1406.367, 'text': 'So you have a lot more energy than presumably I have.', 'start': 1403.284, 'duration': 3.083}, {'end': 1411.172, 'text': "But are you happy with these jobs and you're going to keep doing them for the foreseeable future?", 'start': 1406.428, 'duration': 4.744}, {'end': 1414.435, 'text': "You're not going to say I'm out of here in a year or two or five years or something.", 'start': 1411.192, 'duration': 3.243}], 'summary': 'First ladies european tour in jeddah next month, a unique experience for saudi leaders and golf enthusiasts.', 'duration': 39.373, 'max_score': 1375.062, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1375062.jpg'}, {'end': 1430.481, 'src': 'embed', 'start': 1418.539, 'weight': 6, 'content': [{'text': "And the good thing about it it's the impact that you're creating and the impact that we're creating not only in Saudi Arabia,", 'start': 1418.539, 'duration': 10.358}, {'text': 'but the region and the whole world.', 'start': 1428.897, 'duration': 1.584}], 'summary': 'Creating impact in saudi arabia, region, and the world.', 'duration': 11.942, 'max_score': 1418.539, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1418539.jpg'}], 'start': 1101.034, 'title': "Pif's involvement and saudi arabia's future", 'summary': "Discusses pif's involvement in giga projects, particularly neom, and the progress of saudi arabia, including opening up for tourism and ongoing reforms. it also explores saudi arabia's future goals, such as reducing oil dependency, opening up the economy, and promoting golf as a sport with a focus on hosting international tournaments.", 'chapters': [{'end': 1249.334, 'start': 1101.034, 'title': "Pif portfolio projects and saudi arabia's progress", 'summary': "Discusses pif's involvement in giga projects, particularly neom, and the progress of saudi arabia, including opening up for tourism and ongoing reforms.", 'duration': 148.3, 'highlights': ['The PIF Portfolio Companies include six different pools of investments, with one of these pools focusing on Giga Projects, such as NEOM.', 'Saudi Arabia is witnessing significant progress and has opened up for tourism, with its tourism sites being considered among the best in the world.', 'The regime in Saudi Arabia has been consistent for the past 80-90 years, with ongoing progress and development leading to reforms in economic, social, security, and political aspects.']}, {'end': 1430.481, 'start': 1249.354, 'title': 'Future of saudi arabia', 'summary': 'Discusses the future goals of saudi arabia, including reducing oil dependency, opening up the economy, and promoting golf as a sport, with a focus on hosting international tournaments.', 'duration': 181.127, 'highlights': ["Saudi Arabia's goal is to reduce its dependency on oil and become more comparable to Western countries in terms of the business community.", 'The chapter highlights the efforts to open up the Saudi economy and promote Saudi Arabia as open for business.', 'The chapter discusses the historical development of golf in Saudi Arabia, with a focus on efforts to expand the number of golf courses and host international tournaments.', "The speaker's enthusiasm and commitment to the impact of his work in Saudi Arabia and the global community is emphasized."]}], 'duration': 329.447, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/bUcyQGOzG3s/pics/bUcyQGOzG3s1101034.jpg', 'highlights': ['The PIF Portfolio Companies include six different pools of investments, with one of these pools focusing on Giga Projects, such as NEOM.', 'Saudi Arabia is witnessing significant progress and has opened up for tourism, with its tourism sites being considered among the best in the world.', 'The regime in Saudi Arabia has been consistent for the past 80-90 years, with ongoing progress and development leading to reforms in economic, social, security, and political aspects.', "Saudi Arabia's goal is to reduce its dependency on oil and become more comparable to Western countries in terms of the business community.", 'The chapter highlights the efforts to open up the Saudi economy and promote Saudi Arabia as open for business.', 'The chapter discusses the historical development of golf in Saudi Arabia, with a focus on efforts to expand the number of golf courses and host international tournaments.', "The speaker's enthusiasm and commitment to the impact of his work in Saudi Arabia and the global community is emphasized."]}], 'highlights': ['The Saudi sovereign wealth fund aims to reach $2 trillion by 2030, emphasizing the goal of higher returns and positive economic impact.', 'The $45 billion investment and the success of the IPO were major achievements.', 'The assets under management increased from $150 billion to over $325 billion, showcasing a substantial growth in investment.', 'The PIF staff has grown from 40 to over 700, with a target of reaching 1,000 employees by year end, and plans to expand into global financial capitals such as New York, London, and potentially Asia.', 'The $3.5 billion investment in Uber was facilitated through a personal experience with the app, showcasing a strategic investment decision.', 'The PIF made a significant investment of about $45 billion into the first vision fund, focusing on artificial intelligence, robotics, and the internet of things, aligning with the goal of investing in the future and catering to the young population, 70% of whom are under the age of 30.', "The significant growth in PIF's assets under management since 2015 when Yasser Al Rumian became the head of PIF.", "The interviewee successfully turned around a company from a losing state to one of the most profitable companies in Saudi Arabia and the Middle East, achieving 41% of all investment banking activities, highlighting the interviewee's significant professional accomplishments.", "The mega partnership with SoftBank aligned with the company's long-term sustainability goals.", 'The PIF Portfolio Companies include six different pools of investments, with one of these pools focusing on Giga Projects, such as NEOM.']}