Saudi Arabia reshuffles management of $360 billion sovereign wealth fund

Riyadh's reshuffle at the PIF comes as the $360 billion fund looks set to dramatically increase domestic spending.

2 min read

23 December, 2020

The PIF is set to significantly increase domestic spending [Getty/ Archive]

Saudi Arabia has overhauled the top management of its sovereign wealth fund as the investment fund readies itself to take a bigger role in the kingdom's local economy.

Fahad Alsaif, chief executive officer of Saudi Arabia's National Debt Management Center and adviser to the finance minister, will now head the $360 billion Public Investment Fund's corporate finance and sit on its management committee.

Former corporate finance head Alireza Zaimi will now act as special adviser to the PIF Governor Yasir Al-Rumayyan. Al Rumayyan, a close aide of Crown Prince Mohammed bin Salman, is also chairman of Saudi Aramco and Saudi Arabian Mining Co.

Rania Nashar, the first woman to head a Saudi bank, will also be brought into the PIF from her current role as CEO of the Samba Financial Group. Nashar will take a post as senior adviser to Al Rumayyan.

Several other top posts at the sovereign wealth fund will also see changes.

Riyadh's reshuffle at the PIF comes as the $360 billion fund looks set to dramatically increase domestic spending. This will likely mean that the fund, which is currently raising a $7 billion loan, will have to increase borrowing from local and international markets.

De facto ruler Crown Prince Mohammed bin Salman has transformed the once-torpid PIF into a key investment vehicle to develop mega projects to diversify the oil-reliant economy, while also building an international portfolio of investments.

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