Saudi sovereign wealth fund PIF makes key leadership changes

PIF last week surpassed the 1,000-employee mark, expanding from an initial 40 employees in 2016

  
Light trails from automobile traffic traveling along the King Fahd highway, left, and Olaya Street, right, in Riyadh, Saudi Arabia. Image used for illustrative purpose.

Light trails from automobile traffic traveling along the King Fahd highway, left, and Olaya Street, right, in Riyadh, Saudi Arabia. Image used for illustrative purpose.

Getty Images/Simon Dawson/Bloomberg

Saudi Arabia's sovereign wealth fund, Public Investment Fund (PIF), has appointed Fahad al-Saif, the chief executive of the finance ministry's debt management centre, as its new corporate finance head.

Al Saif replaces Alireza Zaimi, who will become a special advisor to PIF's governor Yasir al-Rumayyan.

According to a statement from PIF, Al Saif, will also become a member of the fund's management committee.

He was responsible for building up the ministry's debt management expertise and brings more than 20 years of corporate and investment banking leadership experience to the role, PIF said.

The wealth fund, which manages $360 billion in assets, also named Rania Nashar, the former chief executive of Samba Financial Group , as senior advisor to Rumayyan.

Yazeed al-Humied, the fund's chief of staff will become the new head of the its local holdings investments, replacing Rashed Sharif who has been named as managing director and chief executive of the merged entity of NCB Capital and Samba Capital.

PIF last week surpassed the 1,000-employee mark, expanding from an initial 40 employees in 2016, the statement said.

The Fund has also manages more than $360 billion in assets and has invested a total of $83 billion in the Saudi economy in the last four years, while contributing to the creation of more than 190,000 new jobs in the kingdom during the same period, PIF said.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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