Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) said on Tuesday it has established two deputy governor roles to support the $430 billion fund’s continued growth and expansion, several outlets report.
Turki Bin Abdulrahman Alnowaiser, who heads PIF’s International Investments Division, and Yazeed Bin Abdulrahman Alhumied, who leads PIF’s MENA Investments Division, will take on their deputy governor roles alongside their current responsibilities.
They will also act as deputies at selected existing management committees on behalf of PIF Governor Yasir Al-Rumayyan. There will be no changes to the current reporting structures to the governor, nor to the existing structure of the Fund’s business units, the Saudi Gazette reports.
Turki Bin Abdulrahman Alnowaiser, who heads PIF’s International Investments Division, and Yazeed Bin Abdulrahman Alhumied, who leads PIF’s MENA Investments Division, will take on their deputy governor roles alongside their current responsibilities.
The Public Investment Fund (PIF), led by Governor Yasir al-Rumayyan, plays a pivotal role in the Kingdom’s far-reaching economic and social transformation plan, Vision 2030.
The establishment of the two new deputy governor positions “will add to the world-class governance model PIF has in place to guide its domestic and international investment strategies,” the Saudi Gazette adds.
The PIF has investments in numerous of global brands and assets. It owns a majority stake in Tesla-rival Lucid Motors, as well as U.S. entertainment and travel brands, and dozens of local Saudi companies and services.
Yassir Al-Rumayyan continues to lead the PIF, which aims to reach AUM of over $1.07 trillion by 2025 while investing $40 billion annually into the local economy.
