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Saudi’s PIF creates ME, NA investments division, 2 deputy governor roles

Saudi sovereign fund PIF's assets increase by 37% in the third quarter of 2024. (SPA)
By TRENDS Desk
June 9, 2021 4:32 am

    • The Public Investment Fund (PIF), led by Governor Yasir al-Rumayyan, is at the heart of Saudi Arabia’s plans to transform the economy

    • The fund is expected to inject $40 billion annually into the local economy, and increase its assets to $1 trillion by 2025

     

    Saudi Arabia’s Public Investment Fund (PIF) has created a separate investments division for the Middle East and North Africa, the PIF site said.

    It has also established two deputy governor roles to support the $430 billion fund’s continued growth and expansion

    Yazeed Alhumied, the head of Middle East and North Africa investments and Turqi Alnowaiser, head of PIF’s international investments division, will take on the roles alongside their current responsibilities.

    The Public Investment Fund (PIF), led by Governor Yasir al-Rumayyan, is at the heart of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.

    The fund is expected to inject at least $40 billion annually into the local economy, and increase its assets to $1 trillion by 2025.

    PIF has about $430 billion in assets and employs 1,100 staff.

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