When banks still had managers, they observed a time-honoured ritual: Wednesday afternoon golf. It was regarded as compensation for working on Saturday mornings. Yasir Al-Rumayyan might have agreed with such an arrangement.

Al-Rumayyan, 53, is a golfer and bank manager. He’s an ordinary golfer but no ordinary bank manager. As governor of Saudi Arabia’s Public Investment Fund (PIF), he recently bought the PGA, which runs professional golf in North America, and the DP World Tour, formerly the European Tour, which has professional golf tournaments across the world, including four in South Africa...

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