Saudi Arabia reshuffles $360 billion sovereign wealth fund's management
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.
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.
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.
Follow us on Facebook, Twitter and Instagram to stay connected