When BlackRock Inc. landed a $5 billion investment pledge from Riyadh in April, pictured smiling alongside Larry Fink and Public Investment Fund Governor Yasir Al Rumayyan was an executive seen as a rising force within the sovereign investor.
That man, Yazeed Al Humied, is one of the fund’s two deputy governors and runs its Middle East and North Africa unit. While this was regarded as the less glamorous arm of the PIF for years, the $925 billion fund’s growing domestic focus means that Al Humied is now increasingly being courted by the titans of investing.
He was the executive handpicked to deliver a blunt message to firms eyeing business and big checks from Riyadh. Foreign outfits should set up “not just their reception desks but their kitchens” in Saudi Arabia if they want to continue raising money from the PIF, Al Humied told attendees at a summit last year.
He’s now being sought out by international firms looking to set up Saudi entities and raise money for domestic investments, according to people familiar with the matter, who declined to be identified discussing confidential information.
Since such agreements are mostly routed through the fund’s local investments arm, Al Humied’s leading the charge for a more aggressive PIF that, like other Gulf funds, is increasingly asking big money managers to offer concessions in return for cash.
In one sign that he’s been groomed for a higher profile role, Al Humied is among many senior executives who have been offered training similar to what was made available to Al Rumayyan, according to one of the people. This includes language coaching and tips on how to interact with executives at the top echelons of world finance, the person said.
Representatives for the fund declined to comment.
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