Saudi Arabia’s Public Investment Fund (PIF) has appointed Turqi Alnowaiser and Yazeed Alhumied as deputy governors.
The newly created roles are designed to support the fund’s expansion and follow the recent board approval of the PIF’s new organisational structure.
The local holdings division has been renamed as the Mena investments division and will be led by Alhumied.
Alnowaiser will remain as head of the internal investments division, a role he has held since 2016. He has previously held roles at a number of Saudi institutions including Saudi Fransi Capital where he led the asset management department.
Since 2016, the fund has grown its assets under management to US$430 billion, investing roughly $90 billion in the Saudi economy. The sovereign wealth fund is aiming to reach $1 trillion in assets by 2025.
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