Saudi sovereign wealth fund hires new corporate finance chief, makes other changes

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DUBA, December 22 (Reuters)Saudi Arabia’s sovereign wealth fund has hired Fahad al-Saif, director general of the finance ministry’s debt management center, as the new head of corporate finance.

He replaces Alireza Zaimi, who will become special advisor to fund governor Yasir al-Rumayyan, the Public Investment Fund (PIF) said in a statement on Tuesday.

Saif, who will also become a member of the fund’s management committee, was responsible for developing the ministry’s expertise in debt management and brings to this position more than 20 years of investment banking management experience and investment, he said.

PIF, which manages $ 360 billion in assets, also named Rania Nashar, former CEO of Samba Financial Group 1090.SE, as Rumayyan’s senior advisor.

Samba Financial Group merges with National Commercial Bank 1180.SE, the kingdom’s largest lender.

The fund pursues a two-pronged strategy: building an international portfolio of investments and investing locally in projects that will help reduce Saudi Arabia’s dependence on oil.

Its employee count topped 1,000 in December, marking an addition of around 300 since the start of the year despite the COVID-19 pandemic.

He also said his chief of staff, Yazeed al-Humied, would become the fund’s new local investment manager, replacing Rashed Sharif, who was appointed managing director and managing director of the merged entity of NCB Capital and Samba. Capital.

Saad Alkroud has been appointed acting chief of staff, the statement said.

(Reporting by Saeed Azhar; Editing by Edwina Gibbs)

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