Ali bin Ibrahim Al Naimi was born on 1935 in Ar-Rakah, the eastern province of Saudi Arabia, and is a VIP in the oil world as he is the Minister of Oil for Saudi Arabia. As such, Forbes magazine ranks Al Naimi as the 50th most powerful person in the world, a position which he has occupied for a number of years.
So just how rich is Ali Al Naimi? Sources estimate that Al Naimi’s current net worth is over $100 million, accumulated during his almost 60 years in the oil business. His assets are believed to include stocks, properties, luxury yachts and airplanes.
Ali Al Naimi Net Worth $100 Million
Al-Naimi initially joined Saudi Aramco in 1947, and under the company’s training program he studied at the International College and the American University of Beirut, then in the US at Lehigh University graduating with a BSc degree in geology, before earning his masters degree in hydrology and economic geology at Stanford University.
After graduation, Al-Naimi rejoined Aramco in 1957, and gained experience at lower levels of the company before becoming the supervisor of the Abqaiq production department in 1969, which was a strong base for the growth of his net worth. He was then promoted to assistant director and then director of production in the Northern Province (1972-1975). Al –Naimi became vice-president of production affairs in 1975, and was subsequently appointed vice-president of petroleum affairs in 1978.
Ali Al Naimi was elected a member of the board of directors of Aramco in 1980, and was quickly promoted to the newly created position of executive vice-president of oil and gas affairs in 1981. He was named president of Saudi Aramco in 1983, an enormous honour as he was the first Saudi to hold that position. Soon afterwards the presidency and chief executive position were combined, and he was named president and chief executive officer.
Ali Al-Naimi became the minister of petroleum and mineral resources in 1995, the start of his tenure in one of the most important posts in both Saudi Arabia and indeed the world overall, as oil remains the mineral powering a huge part of the world’s machinery.
Today Al-Naimi is highly respected in the country due to his wide experience within the industry. As the world’s economic outlook continues to fluctuate, Al-Naimi stands out in oil supply decisions.Even though the United States will soon surpass Saudi Arabia as the world’s biggest oil producer, Ali Al-Naimi remains the world’s most powerful oilman. As Saudi oil minister and chairman of Saudi Aramco, still the world’s biggest oil company and oil exporter, Al-Naimi appears determined that his Kingdom will retain market dominance – declining so far to cut output even during the price slide in 2014-15 to little more than $50 a barrel.
In addition to his ministerial responsibilities, Al-Naimi also chairs the board of the Kimg Abdullah University of Science and Technology.
Finally, in 2014 Ali Al-Naimi was named Energy Personality of the Year, for essentially doing nothing, but apparently thereby restoring OPEC’s position of dominance in the oil-producing world in the face of the aforementioned falling oil price.
In his personal life, Ali Al Naimi is married and has two children.
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