Saudi Arabia reshuffles $360 billion sovereign wealth fund's management

Saudi Arabia reshuffles management of $360 billion sovereign wealth fund
2 min read
23 December, 2020
Riyadh's reshuffle at the PIF comes as the $360 billion fund looks set to dramatically increase domestic spending.
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.


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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