The latest appointments bolster PIF’s leadership team as it implements its ambitious plans as one of the world’s largest and most impactful investors, with the stated aim of reaching AUM of over $1.07 trillion while investing $40 billion annually into the local economy through 2025. The appointments will help support the delivery of PIF’s strategy as it furthers its considerable expertise, experience and leadership, both within PIF and across its many portfolio companies.
PIF is the main engine helping to drive Saudi Arabia’s economic transformation as part of the country’s Vision 2030. The Fund has grown to $430 billion AUM since 2016, and has invested approximately $90 billion in the Saudi economy during that time, while creating more than 331,000 new direct and indirect jobs in Saudi Arabia. PIF now stands at more than 1,100 employees, having expanded from an initial staff of around 40 in 2016.
Mr. AlDossari will head Investment Advisory within the MENA Investments Division, supporting the decision-making process of investment activities and capital recycling while working closely with other PIF Executive Investment team members. He joins from his position as Managing Director and Head of Investment Banking for Goldman Sachs Saudi Arabia, a position he held since 2017. Mr. AlDossari has a long track record of financial advisory and transaction execution expertise having worked on a large number of landmark transactions during his time at Goldman Sachs and HSBC Saudi Arabia. He also brings deep knowledge of Saudi capital market regulations, having worked in the Initial Public Offering and Merger & Acquisitions Department at the Saudi Capital Market Authority. He holds a BS in the Science of Finance from the King Fahd University of Petroleum and Minerals.
Mr. AlMadhi will co-head Direct Investments for the MENA Investments Division, overseeing PIF investments and opportunities in key strategic sectors. He brings a wealth of senior experience from leading national and international organizations including Abdul Latif Jameel Investments, Volkswagen Group, McKinsey & Company, and Saudi Aramco. He is Chairman of the Board and the Executive Committee of the Saudi Fisheries Company and is also a member of the Board of the National Agricultural Development Company (NADEC) – key portfolio companies of PIF. He has been recognized as a Young Global Leader by the World Economic Forum in 2017 and holds a BS in Chemical Engineering from the University of Pennsylvania and an MBA from the MIT Sloan School of Management.
Mr. Shaker will head the Capital Finance Advisory and Planning department within PIF’s Global Capital Finance Division to become a Center of Excellence for providing holistic transactions advisory. He joins the Fund from Saudi AlBaraka Banking Group, and brings 24 years of experience across banking, financial services and consulting, including with leading organizations such as Deloitte Financial Advisory Services, HSBC Saudi Arabia, and the Saudi Arabia Capital Market Authority. He holds a BS in Accounting from King Abdulaziz University and two Master’s degrees, in Accounting Science and Capital Markets, from the University of Illinois.
Mr. AlDossari and Mr. AlMadhi will report to Deputy Governor and head of PIF’s MENA Investments Division, Yazeed Alhumied, while Mr. Shaker will report to the Head of PIF’s Global Capital Finance Division, Fahad AlSaif. Mr. Shaker’s appointment within the Governance Function will add to the world-class governance model PIF has put in place to guide its domestic and international investment strategies.
The MENA Investment Division shapes PIF’s investment strategy for its local portfolio holdings in Saudi Arabia and the MENA region, focusing on industries and companies that maximize long-term returns, drive economic development, and contribute to the diversification of the Saudi economy. The Global Capital Finance Division is responsible for developing and implementing PIF’s strategic medium-term capital raising strategy, which is built around four clearly established sources of funding as outlined in PIF’s Vision Realization Program.
While the Global Capital Finance Division is responsible for ensuring consistency and continuity of PIF’s ability to raise capital within sustainable parameters, its MENA Investment Division oversees the deployment of significant capital as a cornerstone investor over a long-term investment horizon. MENA Investments manages an exceptional portfolio of local and regional companies, in addition to a robust pipeline of new investments in various sectors, both generating long-term value for PIF and for Saudi Arabia in line with Vision 2030.
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home. PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030. More information can be found at www.pif.gov.sa
Media Contact: Media@pif.gov.sa
© Press Release 2021