RIYADH: Saudi Arabia’s Public Investment Fund (PIF) said on Tuesday it has created two new deputy governor roles to help drive its expansion.
Turqi Alnowaiser, who heads the international investments division, and Yazeed Alhumied, who leads the MENA investments division, will take on their deputy governor roles alongside their current responsibilities, the PIF said in a statement on Tuesday.
There will be no changes to the current reporting structures to Governor Yasir Al-Rumayyan, nor to the existing structure of the Fund’s business units, the PIF said.
PIF aims to reach assets under management of over $1.07 trillion by 2025 while investing $40 billion annually into the local economy during the same time period.
PIF announced in December 2020 that its total employee count surpassed 1,000, up from around 700 at the start of the year. The sovereign fund had around 40 staff members in 2016.
The fund said around 84 percent of its employees were Saudi citizens and 26 percent were women.