AIAC AT ECONOMIC CLUB OF DC’S LUNCHEON HONORING THE HEAD OF SAUDI ARAMCO AND THE SAUDI SOVEREIGN WEALTH FUND
For Immediate Release
September 8, 2025 – Washington, DC American Industrial Acquisition Corporation (AIAC) hosted their clients, colleagues and friends at a midday program today sponsored by the Economic Club of Washington DC featuring David Rubenstein, Co-Founder and Chairman of The Carlyle Group, in conversation with His Excellency Yasir Al-Rumayyan, Govenor of Saudi Arabia’s Public Investment Fund (PIF), Chairman of Saudi Aramco, and Member of the Board of Directors of Softbank, Uber, and Reliance. The luncheon event was held at the Washington DC Marriott Hotel.
The complete video of the interview is found here:
During the wide-ranging interview, H.E. Al-Rumayyan described his modest start as an auditor advancing to banker, broker, investment banker, portfolio manager and his eventual appointment as head of PIF. He then described the economic expansion of Saudi Arabia and the evolution and investment objectives of PIF. He stressed the nation’s desire to diversify the economy of Saudi Arabia and promote technology adoption and job creation.
Al-Rumayyan reflected on the exploration and development strategies of Saudi Aramco, noting its pioneering use of supercomputers and AI to promote production efficiency and sustainability, commenting, “We are the most influential adopter of AI in the world.” He reflected on the growth of the nation’s tourism industry supported by major airport construction projects throughout the Kingdom.
On a lighter note, Rubinstein asked “Who’s a better golfer, you or President Trump? In rapid-fire response, Al-Rumayyan replied “That’s a state secret.” When Al-Rumayya described the rapid expansion of PIF from a single office in Riyadh to worldwide outposts in New York, London, Paris, and Hong Kong, Mr. Rubinstein quickly interjected, “Why not Washington DC?” Later, Mr. Rubinstein remarked on how Al-Rumayyan had lost weight recently. “What’s your secret?,” he asked, to which the Chairman quipped “Not eating.”
At the conclusion of the interview, as a parting gift, David Rubinstein offered H. E. Al-Rumayyan a framed, antique map of Washington, DC.
Since 2015, H. E. Yasir Al-Rumayyan has led PIF, one of the world's largest sovereign wealth funds with over $925 billion in assets under management. The United States is the largest market PIF invests in outside of Saudi Arabia. He also serves as Chairman of Saudi Aramco and of Saudi Arabia Mining Company (Ma’aden), and is a Director of Softbank, Uber, and Reliance Industries.
He brings over 25 years of leadership experience in Saudi Arabia’s top financial institutions, including Saudi Fransi Capital, Capital Market Authority, and Saudi Hollandi Bank. He holds a degree in accounting from King Faisal University and is a graduate of the Harvard Business School’s General Management Program.
Established in 1971, PIF actively manages a broad, diversified investment portfolio, encompassing a wide range of sectors, asset classes, and geographies. This multifaceted investment strategy has solidified PIF’s status as a global investment powerhouse. The impact of PIF’s investments extends far beyond financial gain, positively impacting the lives of millions of people across Saudi Arabia and globally.
Attending in person or virtually, AIAC’s distinguished guests included:
Hon. Wilbur L. Ross – Former US Secretary of Commerce, Former Chairman of W. L. Ross & Co., Former Partner, Rothschild & Co.
General David H. Petraeus – Partner and Chairman, KKR Global Institute; Kissinger Senior Fellow, Yale Jackson School of Global Affairs; Former Director of the CIA, Former Head of US Central Command
Mary Callahan Erdoes – CEO, J.P. Morgan Asset & Wealth Management
Hon. John Manley – Former Deputy Prime Minister of Canada
Bill Isaac – Chairman, Secura/Isaac, Former Chairman, FDIC, and Former Chairman of Fifth Third Bankcorp
Jeffrey Sonnenfeld – Senior Associate Dean, Yale School of Management; Founder, Yale Chief Executive Leadership Institute
Dr. Joshua W. Walker – President & CEO, The Japan Society
Michelle Caruso-Cabrera – CEO, MCC Productions; former CNBC Chief International Correspondent
Dritan Nesho – Founder & CEO, HarrisX; Co-Director, Harvard CAPS/Harris Poll
Lyndsay Howard – Foreign Policy Advisor to Michael R. Bloomberg, Senior Editor for Bloomberg LP, former Aide to Dr. Henry Kissinger and Leonard Blavatnik
Ken Lin – Senior Vice President for Global Investment, CP Group, Thailand
Bailey J. Siegfried – Director, NORDAM Aerospace
Dr. Tina Park – Co-Founder & Managing Director, The Park Group and Administrative Director, The Trilateral Commission, North America
Dr. Deborah Brosnan – President, Deborah Brosnan & Associates, Co-Founder, OceanShot
Karim N. Kanji – President & CEO, Sutter Hill Investment Corporation
Annette Selmeier – Chair, Effective Energy GmbH
Richard Salomon – Vice Chairman, Vantage Group, Former Partner, Mayer Brown
Nicholas Beale – Chairman, Sciteb Ltd., Former Consultant, McKinsey & Company
Frances Townsend – Former U.S. Homeland Security Advisor; former Executive Vice President, Activision Blizzard
AIAC Chairman, L. M. Levie commented, “We are pleased and privileged to welcome our dear friends and colleagues to this important fireside chat with His Excellency Yasir Al-Rumayyan, among the most influential leaders in the realms of finance, energy, technology, infrastructure, and transportation. His thoughtful observations on asset allocation, investment return expectations, demographic, cultural and technology trends, and the transition to alternative energy offered a rare glimpse into the priorities, decisions and deliberations within the most consequential board rooms in the world, Saudi Aramco, PIF, Softbank, Uber, and Reliance. David Rubinstein conducted the interview superbly, gaining keen insights with his signature combination of genuine curiosity, keen analysis, warmth and good natured humor.”
For decades AIAC companies have served Saudi Aramco and other major multinational energy firms with precision manufactured components, assemblies, supplies, and equipment for responsibly exploring, extracting and processing oil and gas. AIAC products include high performance electric generators, pressure vessels, heat exchangers, tubes, pipes, fittings, wire and cable. AIAC’s manufacturing processes for this market include large scale forging, machining, fabrication, extrusion, cladding, coating, and plating.
AIAC Chairman L. M. Levie is a Member of the Economic Club of Washington DC, the Economic Club of New York and its Centennial Society and Legacy Society. He is also a member of the Legacy Society of Johns Hopkins University and Johns Hopkins Medicine, partner with Saudi Aramco in Johns Hopkins Aramco Healthcare.
About His Excellency Yasir Al-Rumayyan
His Excellency Yasir O. Al-Rumayyan has been Governor of the Public Investment Fund of Saudi Arabia since 2015, leading all areas of operation of the sovereign wealth fund, which sits at the heart of Saudi Arabia’s Vision 2030 and economic transformation strategy. His Excellency also serves as Advisor to the General Secretariat of the Cabinet of Ministers, a position he has held since 2016.
H.E. Al-Rumayyan’s experience encompasses over 25 years working in some of Saudi Arabia’s prominent financial institutions. He began his career at the Saudi Hollandi Bank, where he occupied key positions across various departments before becoming Head of International Brokerage. In 2004, His Excellency joined the Capital Market Authority as part of the founding team, being appointed Director of the Corporate Finance and Issuance Division in 2008. From 2010 until 2015, he served as Chief Executive Officer and board member of Saudi Fransi Capital, during which he also sat on the board of Tadawul, the Saudi Stock Exchange, from 2014 to 2015.
His Excellency holds key positions on the boards of some of the world’s most influential companies and organizations, most notably as Chairman of Saudi Aramco, among the world’s most valuable listed companies, a position he has held since September 2019. He has also held the position of Chairman of Saudi Arabia Mining Company (Ma’aden) since September 2019. H.E. Al-Rumayyan is currently a board member of Uber Technologies Inc., Saudi Industrial Development Fund, SoftBank Group Corp. and ARM Limited respectively.
H.E. Al-Rumayyan holds a degree in Accounting from King Faisal University in Saudi Arabia and is a graduate of the Harvard Business School’s General Management Program.
For further information, please see:
https://en.wikipedia.org/wiki/Yasir_Al-Rumayyan
About Saudi Aramco
Saudi Arabian Oil Company, known globally as Saudi Aramco, stands as the world's most valuable oil company and the cornerstone of Saudi Arabia's economy. Founded from a 1933 American concession, the company discovered oil in 1938 and gradually transitioned to full Saudi ownership by 1988, transforming the kingdom into a global energy superpower.
Saudi Aramco operates the world's largest conventional oil reserves at 267 billion barrels, including the massive Ghawar and Safaniya oil fields. With production costs averaging just $3-4 per barrel, the company generates exceptional profits while producing millions of barrels daily. As OPEC's swing producer, Saudi Aramco wields significant influence over global oil prices through its ability to rapidly adjust production levels.
The company's 2019 initial public offering raised $25.6 billion in the largest IPO in history, valuing Saudi Aramco at approximately $1.7 trillion. Its substantial profits fund Saudi Arabia's national budget and ambitious Vision 2030 diversification projects. Beyond traditional oil operations, the company has embraced technological innovation, investing billions in carbon management, renewable energy integration, and blue hydrogen production.
Saudi Aramco's global footprint includes refinery partnerships across Asia and strategic investments in emerging energy technologies. As energy markets evolve amid climate concerns, the company continues adapting through cleaner technologies and circular carbon economy initiatives while maintaining its position as both Saudi Arabia's economic backbone and a pillar of global energy security.
For further information, please see.
https://en.wikipedia.org/wiki/Saudi_Aramco
About PIF
The Public Investment Fund of Saudi Arabia serves as the kingdom's primary sovereign wealth fund and the driving force behind its Vision 2030 economic transformation. Established in 1971 with just $2 billion in assets, PIF evolved from a modest development fund into one of the world's most ambitious investment vehicles under Crown Prince Mohammed bin Salman's leadership, growing to over $700 billion in assets under management.
Unlike traditional sovereign wealth funds focused solely on returns, PIF operates as an active economic development engine tasked with diversifying Saudi Arabia away from oil dependence. The fund finances transformative domestic megaprojects including NEOM, a $500 billion futuristic city, and The Red Sea Project, a luxury tourism destination, while simultaneously pursuing strategic international investments in companies like Tesla, Uber, and SoftBank Vision Fund.
PIF's dual strategy encompasses building entirely new economic sectors domestically while gaining global market access and technology transfer through international partnerships. The fund has positioned itself at the forefront of technology investment, focusing on artificial intelligence, renewable energy, biotechnology, and digital infrastructure that align with Saudi Arabia's development priorities.
The fund's impact extends beyond financial returns to encompass diplomatic objectives and economic diversification. Through job creation initiatives, human capital development programs, and emphasis on environmental sustainability, PIF contributes to reducing youth unemployment and building a knowledge-based economy. With plans to grow assets to over $1 trillion within the decade, PIF represents the primary mechanism for achieving Vision 2030's ambitious goals while establishing Saudi Arabia as a global investment destination and regional innovation hub.
For further information, please see:
https://en.wikipedia.org/wiki/Public_Investment_Fund
About American Industrial Acquisition Corporation
American Industrial Acquisition Corporation (AIAC) is a diversified industrial group with manufacturing and distribution sites in 24 countries in North America, Europe, Africa, Asia, and Australia-New Zealand. AIAC has acquired and grown non-core subsidiaries and divisions of Boeing, Siemens, Lockheed Martin, Northrop Grumman, Raytheon, Johnson Controls, Merck, Pfizer, Astellas, Visteon, Carlyle, Ahlstrom, Tolko, Groupe Suez, Groupe Rexel, and many other leading multinational corporations.
AIAC companies serve companies and governmental entities worldwide in all major sectors, including aviation, space, defense, automotive, truck, rail, marine, petrochemical, solar, nuclear, food, confectionary, beverage, civil engineering and infrastructure, commercial construction, mining, dredging, disaster relief, education, medical devices, and pharmaceuticals. In addition, AIAC companies are exclusive, authorized distributors of leading branded industrial and consumer products and serve as critical suppliers for the construction of major airports, schools, hospitals, performing arts and sports centers, offices and hotels throughout Southeast Asia, Australia, and New Zealand. AIAC is a leading manufacturer of building, street, and highway signage in Europe, signage and illumination structures in North America, and a distributor of electrical products throughout France and New Zealand.
Of note, AIAC purchased Boeing Canada in 2005 and has produced over 10,000 unique components for every Boeing jet plane ever since, reliably serving Boeing from manufacturing facilities in North America. A leader in ultra-high precision jet engine component manufacturing, AIAC companies produce 2,200 fan blades for each jet engine produced by GE, Pratt & Whitney, Rolls Royce, and Honeywell.
AIAC companies actively support exploration into outer space, manufacturing critical components for launching and propelling spacecraft and satellites. AIAC customers in this sector include NASA, the European Space Agency, SpaceX, Blue Origin, and Boeing. AIAC companies also lead in the design and manufacture of undersea umbilical cables for worldwide oceanographic research.
AIAC companies produce the critical automotive wire and cable for Tesla, GM, Ford, Chrysler-Fiat, Toyota, and Nissan. In connection with its kraft paper manufacturing interests in Canada and the US, AIAC controls and sustainably manages 22 million acres of Manitoba, Canada forestland, an area equivalent in size to the nation of Hungary. AIAC affiliate, Metallwarenfabrik Gemmingen GmbH, located in Germany, designs, manufactures and distributes high performance, emergency portable power generators utilized in global conflict zones and during natural disasters.
For further information, please see:
About AIAC Philanthropy
AIAC and the AIAC Foundation support a wide range of nonprofit, nonsectarian, bipartisan organizations which promote international conflict resolution, disaster relief, economic development, environmental sustainability, exploration, and the performing arts. The exploration-focused nonprofit organizations which they actively support include the Explorers Club, the National Geographic Society, the Royal Geographical Society, the American Museum of Natural History and the Hayden Planetarium, the Victoria & Albert Museum, the National Air and Space Museum, the National Space Society, and the United States Space Foundation.
AIAC’s other beneficiaries include the Appeal of the Nobel Peace Laureates Foundation Inc., the Asia Society, the Atlantic Council, the Bill and Melinda Gates Foundation - Gates Philanthropy Partners, the Bretton Woods Committee, the Carnegie Endowment for International Peace, the Carter Center, the Council on Foreign Relations, the Economic Club of New York, the Foreign Policy Association, the Institut Française des Relations Internationales, the International Committee of the Red Cross, the International Crisis Group, the International Rescue Committee, the Japan Society, the JFK School of Government of Harvard University, the Peterson Institute for International Economics, the Richardson Center for Global Engagement, the Royal Institute of International Affairs (Chatham House), the Sierra Club, the Trilateral Commission, and the Yale Chief Executive Leadership Institute.
For further information, please see:
https://www.aiac.com/our-values
About the Economic Club of Washington DC
Established in 1986 as a nonprofit, nonpartisan organization created to strengthen ties among the diverse and growing business community based in metropolitan Washington, D.C., and with the diplomatic community, The Economic Club of Washington, D.C. promotes global awareness of the pivotal role Washington plays in the national and world economies. Its goals are twofold: to provide a prominent forum where eminent global leaders can share their insights about major issues of the day; and to promote a robust peer community for the area’s top executives. Today the Economic Club has nearly 1,000 members representing businesses and organizations operating all over the United States and abroad. Featured speakers in recent years have included the Presidents of the United States, Colombia, and Panama; the Prime Ministers of Finland, Israel and Singapore; a former Prime Minister of Great Britain; Speakers of the U.S. House of Representatives; heads of the Federal Reserve Board; every Secretary of the Treasury since 1986; other Cabinet members and government officials; and leaders of Fortune Global 100 corporations. David M. Rubenstein, Co-Founder and Co-Chairman of the Board of The Carlyle Group, is the current Chairman.
For further information, please see:
Media Contact:
Isabel Carro-Toro, Vice President
American Industrial Acquisition Corporation
+34 689 295 827 (Spain)
+ 1 787 244 3175 (USA)
icarro-toro@aiac.com