One of the largest sovereign wealth funds in the world, Saudi Arabia’s Public Investment Fund (PIF) has made some significant changes to its leadership.
Mr. Fahad al-Saif, the Saudi Finance Ministry’s debt management center CEO will be the new corporate finance head of the fund. He will be replacing Alireza Zaimi, who will now support the sovereign fund’s governor Mr. Yasir al-Rumayyan as a special advisor.
The newly appointed will also take up Mr. Zaimi’s position as a member of the PIF’s management committee.
Mr. Al-Saif, an industry veteran will bring corporate and investment banking leadership experience of more than 20 years to the new role. He was one of the key individuals who were responsible for building up the ministry’s debt management expertise.
Samba Financial Group’s CEO Rania Nashar will also now support the PIF governor as his special advisor. Her
Mr. Yazeed al-Humied, the fund’s chief of staff will replace Mr. Rashed Sharif from his position as the head of the fund’s local holdings investments. Mr. Sharif will take charge of the newly merged entity of NCB Capital and Samba Capital as its new managing director and chief executive officer.
Public Investment Fund
Launched in 2016 with an initial headcount of just 40 employees, the Saudi PIF has become one of the biggest influences on the Saudi Arabian economy. The $360 billion fund now has more than 1000 people working for it.
Over the last 4 years, the fund has invested as much as $83 billion in the Saudi economy and has added more than 190,000 new jobs in the Kingdom.