Introducing the Ex-McKinsey Officer Easing NYC CEOs into Zohran Mamdani's World

Yasser Salem is not your average advocate for a socialist agenda, particularly given his previous roles at McKinsey and the Saudi Public Investment Fund. During our meeting, he was dressed in a traditional white shirt, a tweed jacket, and adorned a cap with an American flag design, subtly announcing his roles as 'Husband, Daddy, Protector, Hero.'

Salem, known for his admiration of Ayn Rand and her principles of laissez-faire economics, now finds himself campaigning for Zohran Mamdani's socialist vision in NYC's corporate enclaves. Last September, he initiated OneNYC, a pro-Mamdani political action committee (PAC) that has secured almost $400,000 from contributors including Andrew Milgram, the CEO of Marblegate Asset Management.

Though the PAC has allocated funds to advertisements, notably a $53,000 television commercial, Salem intends for it to serve as a bridge between NYC business magnates and Mamdani, a candidate whose political rise is one of this year's most discussed topics.

This outreach by Salem comes after significant opposition from Wall Street elites such as JPMorgan's Jamie Dimon and hedge fund managers like Bill Ackman and Dan Loeb. Following Mamdani's unexpected primary success by 12 points, corporate leaders have shown more interest, and Salem has engaged with more than 70 CEOs, including heads of prominent firms and key players in the tech sector.

Ralph Schlosstein, a distinguished Democrat and co-founder of BlackRock, praised OneNYC in Business Insider as a "valiant attempt to connect Mamdani with business champions eager to support the city's progress."

Mamdani himself has been actively trying to win over his critics, even proposing to retain NYPD Commissioner Jessica Tisch upon election, which drew mixed responses, particularly from his progressive base. This decision followed strong recommendations from business leaders.

Yasser Salem's Journey to Influence

A Manhattan-raised child of Egyptian immigrants, Salem came up with the PAC idea while celebrating Mamdani's primary win with other campaign supporters. He believed that if he, a well-credentialed NYU Stern and Harvard Business School alum, could unite with progressives, then fostering alignment with NYC's business community under a potential Mamdani leadership was feasible.

Though Salem's own professional history is steeped in corporate strategy rather than grassroots politics, his business acumen has equipped him to take on this challenge. After gaining experience with McKinsey, where he contributed to Saudi Arabia’s response to the MERS virus, he built his own advisory and investment firm, Hira Ventures.

Bringing CEOs into a New Vision

In establishing OneNYC, Salem envisions a coalition of corporate leaders capable of envisioning Mamdani's policies beyond the typical capitalist constraints. Throughout his discussions, Salem discovered that CEOs had little concern over tax issues early on, which intrigued him.

Addressing concerns about public safety and housing affordability, Salem assured business leaders that Mamdani prioritizes practical expertise over strict ideology. Salem has hinted that Mamdani's progressive goals like free childcare and transportation aim to unlock broader economic advantages for the city and its inhabitants.

Salem, although steering clear of endorsing socialism outright, recognizes the nuances in Mamdani's approach by shedding rigid capitalist views to accommodate the evolving economic terrain prompted by challenges such as the pandemic.