Saudi Arabia’s Public Investment Fund has created two new deputy governor roles and expanded its local holdings division to become MENA Investments as it seeks more growth.
Turqi Alnowaiser and Yazeed Alhumeid were named the two deputy governors in a statement from PIF on Tuesday (June 8).
They will support the fund’s continued growth and expansion and will also act as deputies at selected existing management committees on behalf of the governor Yasir Al-Rumayyan, said PIF.
Alnowaiser is also head of PIF’s international investments division and Alhumied, who has been head of the local holdings division, will continue its work looking at the bigger Middle East and North Africa region.
The Saudi wealth fund in January released a plan to catapult its assets under management to $1.07 trillion by 2025 from around $430 billion currently, while investing $40 billion annually into the local economy during the same period.