Saudi Arabia's Public Investment Fund appoints new Head of Investment Strategy
Date
7/24/2024 5:27:56 AM
(MENAFN) On Tuesday, Saudi Arabia's Public investment Fund (PIF), which oversees approximately USD925 billion in assets, announced the appointment of Fahad Al-Saif as its new head of investment strategy. This role will see Al-Saif lead the fund's overall investment strategy development while continuing his duties as head of the global investment finance department.
The PIF, a central component of Saudi Arabia’s efforts to reduce its economy's reliance on oil, has been actively investing in a variety of ambitious projects. Notable among these is NEOM, a massive urban and industrial development on the Red Sea, which spans an area comparable to Belgium. The fund's portfolio is extensive and diverse, encompassing investments in major multinational corporations.
Reports had previously indicated that the PIF was considering an internal restructuring, which might include merging some of its commercial activities and launching new initiatives. The fund is also aiming to attract increased foreign investment for its projects. To support this goal, it raised USD5 billion through a bond sale in January and an additional USD3.5 billion from sukuk in October, with plans for further debt issuance within the year.
In a significant move to bolster its financial position, the PIF acquired an 8 percent stake in Aramco in March, increasing its total stake in the state-owned oil company to 16 percent. This acquisition positions the fund for substantial potential profits, reflecting its strategic focus on enhancing its investment returns and expanding its global influence.
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