Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF) today (December 22) announced major changes in its leadership as part of its ongoing growth strategy.
PIF’s Chief of Staff, Yazeed AlHumied is the new head of the PIF’s Local Holdings Investments replacing Rashed Sharif, who haas been appointed the Managing Director and CEO of the merged entity of NCB Capital and Samba Capital, a key strategic PIF portfolio company and now the largest bank in Saudi Arabia, said a statement from the top Saudi wealth fund.
As part of the shake-up, Saad Alkroud, PIF’s Head of Stakeholder Management, is now the acting PIF Chief of Staff, while Rania Nashar has been appointed as senior advisor to the Governor of PIF, Yasir Al Rumayyan.
Nashar is a prominent name in the banking world, as the first woman to lead a banking group in Saudi Arabia as CEO of Samba Financial Group. She brings more than 20 years of professional experience into the banking industry and has assumed various roles in different divisions within Samba, and is a member of various boards including Saudi Stock Exchange (Tadawul). She joins PIF with vast experience in banking, audit, governance and trade.
Fahad Alsaif is the new Head of Corporate Finance replacing Alireza Zaimi, who has been given the role of special advisor to Al Rumayyan.
Alsaif was earlier the CEO of the National Debt Management Center and advisor to the Minister of Finance. He built a global standard debt management center for the Ministry of Finance.
An industry veteran, he brings more than 20 years of corporate and investment banking leadership experience to the role. He will become a member of PIF’s Management Committee.
These strategic appointments area aimed at supporting the delivery of the Fund’s ambitious mandate and strategy by further strengthening its considerable leadership team, both within PIF and across its many portfolio companies, said a top official.
Welcoming Nashar and Alsaif into PIF, Al Rumayyan said: "As we continue PIFs ambitious strategy they will bring extensive global capital finance and banking experiences to their positions, which will play an integral role in helping accelerate PIF’s growth trajectory."
PIF has a strong leadership team with proven experience and diverse capabilities. As the Fund grows, and to support its ambitious mandate, this experience will be maximized and leveraged across a diverse portfolio and range of business interests, he added.-TradeArabia News Service