Saudi sovereign wealth fund hires new head of corporate finance, makes other changes

DUBAI (Reuters) – Saudi Arabia’s sovereign wealth fund has hired Fahad al-Saif, director general of the finance ministry’s debt management center, as its new head of corporate finance.

He replaces Alireza Zaimi, who will become special adviser to fund governor Yasir al-Rumayyan, the Public Investment Fund (PIF) said in a statement on Tuesday.

Saif, who will also become a member of the fund’s management committee, was responsible for strengthening the ministry’s expertise in debt management and brings to this role more than 20 years of experience in investment banking management and investment, he said.

PIF, which manages $360 billion in assets, has also appointed Rania Nashar, the former chief executive of Samba Financial Group, as senior adviser to Rumayyan.

Samba Financial Group merges with National Commercial Bank, the kingdom’s largest lender.

The fund pursues a two-pronged strategy: building an international portfolio of investments and investing locally in projects that will help reduce Saudi Arabia’s dependence on oil.

Its number of employees surpassed 1,000 in December, marking an increase of around 300 since the start of the year despite the COVID-19 pandemic.

He also said his chief of staff, Yazeed al-Humied, will become the fund’s new head of local investments, replacing Rashed Sharif, who has been appointed managing director and managing director of the merged entity of NCB Capital and Samba. Capital.

Saad Alkroud has been appointed acting chief of staff, the statement said.