The Sovereign Fund of the Kingdom of Saudi Arabia said, in a statement, that it was decided to appoint Turki bin Abdulrahman Al-Nuwaiser as head of the General Department for International Investments, and Yazid bin Abdulrahman Al-Hamid as head of the General Department for Middle East and North African Investments, as deputy governors. To be delegated to some of the current administrative committees on behalf of the fund’s governor, stressing that there will be no change in the functional reference of the governor..
The Public Investment Fund added that this step comes as an affirmation of the leadership role of the Public Investment Fund, by developing its organizational structure, in a way that contributes to ensuring the continued rapid pace of work and achieving the highest levels of efficiency.
He continued: It will also strengthen the fund’s governance system, serve to guide its investment strategies locally and internationally, and achieve its stated goals in the fund’s strategy 2021-2025, as the fund aims to increase the size of its assets under management to more than 4 trillion riyals by 2025, and invest at least 150 billion riyals annually in the local economy during the same period, reinforcing its role as one of the largest and most influential sovereign wealth funds in the world.
The Public Investment Fund clarified that Turki Al-Nuwaiser has held the position of Head of the General Department for International Investments since 2016, where he was able to implement the investment strategy of his management in many asset classes in various countries of the world.
Prior to joining the fund, Al-Nuwaiser held several leadership positions in Saudi institutions, including Saudi Fransi Capital, in which he led asset management, and previously worked at Morgan Stanley. In addition to his membership in the Fund’s Administrative and Investment Committee, Al-Nuwaiser also represents the Fund. He sits on the boards of a number of companies in which the fund invests, including Lucid Motors, Noon Investment Company, and the Saudi Information Technology Company. (SITE)Sanabil Investments, Inc., and Hapag Lloyd I-G Inc (Hapag-Lloyd AG).
And the Sovereign Fund added that Yazid Al-Humayd will occupy the position of Head of the General Administration of Middle East and North Africa Investments, thus expanding the work of its management, and it is managed by two of the most important investment portfolios of the Fund, in addition to its important role in establishing and developing promising strategic sectors in the Kingdom.
Al Humaid has held the position of Head of the General Administration for Investment in Local Companies since 2020, and previously held the position of Chief Administrative Officer of the Fund, where he contributed to the development of an integrated model of governance for the Fund’s portfolio companies.
The fund indicated that Al-Homayed represents him on the boards of directors of a number of companies, including the Chairman of the Board of Directors of the National Security Services Company (SAIF), and the Vice Chairman of the Board of Directors of the National Bank of Saudi Arabia, the Saudi Stock Exchange Company (Tadawul), and the Saudi Telecom Company. (STC). Yazid has more than 16 years of experience in the finance and management sectors, having started his career with PricewaterhouseCoopers. (PwC)before joining the Saudi Capital Market Authority.
The Public Investment Fund is the main driver of the Saudi economic transformation within the Kingdom’s Vision 2030, as the fund has achieved rapid growth since the adoption of its previous organizational structure in 2018.
The number of employees of the Public Investment Fund increased from 40 employees in 2016 to more than 1,100 employees today.
The fund was able to increase its assets under management to 1.6 trillion riyals, and invested approximately 311 billion riyals in the local economy, in addition to creating more than 331,000 direct and indirect job opportunities during the same period..
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