Islamic Finance

Saudi wealth fund boosts MENA investments division with new senior exec hires

Saudi Arabia’s Public Investment Fund has hired two new senior executives to boost its MENA Investments Division as it continues expanding in search of growth.

The $430 billion fund on Sunday (June 13) announced the appointment of Eyas AlDossari and Omar AlMadhi as senior directors to the division that until very recently focused on investments in local holdings.

AlDossari will head investment advisory for the MENA division. He joins from Goldman Sachs Saudi Arabia where he was managing director and head of investment banking since 2017.

AlMadhi will co-head direct investments. He is currently chairperson of the board and executive committee of the Saudi Fisheries Company, and a member of the board of the National Agriculture Development Company, both PIF portfolio firms. He has worked with Saudi Aramco, McKinsey, Volkswagen Group, and Abdul Latif Jameel Investments.

PIF has also hired Abdullah Shaker as senior director for its Global Capital Finance Division. He joins PIF from Saudi Albaraka Banking Group.

The new hires follow the naming of two new deputy governor roles on June 8 that are held by Turqi Alnowaiser as head of PIF’s international investments division, and Yazeed Alhumeid as head of MENA investments.

AlDossari and AlMadhi will report to Alhumeid, and Shaker to the head of PIF’s Global Capital Finance Division, Fahad AlSaif.

PIF in January released a plan to increase its assets under management to $1.07 trillion by 2025 from around $430 billion currently.

The wealth fund is a key financial enabler of economic growth in Saudi Arabia where it has committed to mega projects including the $500 billion new city NEOM. It also invests abroad, including in equities such as Uber.

Crown Prince Muhammad bin Salman took over as head of PIF's board in 2015. 

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