The Saudi Public Investment Fund, which manages about $925 billion, said on Tuesday that it had appointed Fahd Al-Saif as the new head of the Fund’s General Department of Investment Strategy.
The fund, which is the main tool for Saudi Arabia’s plans to end the economy’s dependence on oil, has pumped hundreds of billions of dollars into projects including NEOM, a huge urban and industrial development project being built on the Red Sea on an area approximately the size of Belgium.
The fund has a large and broad investment portfolio that includes investments in multinational conglomerates.
The fund said in a statement, “Fahd Al-Saif will be responsible for directing and leading the development of the general investment strategy of the Public Investment Fund... while continuing as head of the General Department of Global Investment Finance.”
Reuters had previously reported that the Fund was considering an internal restructuring, and that the Fund may seek to merge some of its commercial activities and start new activities as part of the restructuring efforts.
Two sources told Reuters earlier that the fund hopes to attract more foreign investment into some projects.
To help diversify funding, the fund raised $5 billion through the sale of bonds in January and $3.5 billion from sukuks in October, and plans more debt sales this year.
Aramco transferred an eight percent stake to the fund in March, raising its stake in the state-owned oil company to 16 percent and giving it the opportunity to make huge profits.
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