Saudi Arabia’s Wealth Fund (PIF) Taps Insider to Run Investment Strategy - Bloomberg
Saudi Arabia’s sovereign wealth fund tapped an insider who oversaw its financing activities to run its investment strategy and economic insights division as it hunts for cash to finance the kingdom’s ambitious economic transformation.
Fahad Al Saif will start in his new role immediately, according to a statement from the $925 billion Public Investment Fund on Tuesday. He will continue to lead the PIF’s global capital finance unit, overseeing government asset transfers and fundraising.
Prior to joining the wealth fund in 2020, Al Saif was chief executive officer of the Saudi National Debt Management Center and adviser to the finance minister. He also helped establish the kingdom’s sovereign borrowing program in 2016.
As the main entity tasked with driving Crown Prince Mohammed Bin Salman’s plan to diversify the Saudi economy, the PIF has been making aggressive bets at home and abroad on new industries and technologies.
The scale of those ambitions has put pressure on both it and the kingdom and the fund has turned to debt markets to help boost firepower. Total borrowing by the PIF has risen to $125 billion compared to $85 billion a year earlier, according to its latest financial statements.
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