Saudi Wealth Fund Said to Seek Bankers in Global Deals - Bloomberg Business

Saudi Wealth Fund Said to Seek Bankers in Global Deals - Bloomberg Business:

"Saudi Arabia’s Public Investment Fund is seeking to hire bankers for international deals to help the kingdom acquire overseas technology and expertise, four people with knowledge of the matter said.
The sovereign wealth fund, which holds about $100 billion worth of stakes in local companies, is looking to appoint Saudi nationals with experience at both local and international investment banks, the people said, asking not to be identified as the talks are private. The hires will help the fund make strategic acquisitions in industries including transport, manufacturing and technology that will give Saudi Arabia access to foreign expertise and know-how, according to the people.
The PIF holds the government’s stakes in companies including Saudi Basic Industries Corp., the world’s second-biggest chemicals manufacturer, and National Commercial Bank, the Middle East’s second-largest lender. Yasir Al Rumayyan, former chief executive officer at Credit Agricole-backed Saudi Fransi Capital and now an adviser to the Royal Court, is driving recruitment and the PIF’s push overseas, according to three of the people."



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