Saudi wealth fund appoints deputy governors to spur growth

Saudi Arabia’s $430bn sovereign wealth fund appointed two deputy governors as it expands investments in the oil-rich kingdom and abroad.

Turqi Alnowaiser and Yazeed Alhumied will take on the new roles alongside their current responsibilities “to support the fund’s continued growth and expansion,” the Public Investment Fund said Tuesday.

They will also act as deputies at selected existing management committees on behalf of governor Yasir Al-Rumayyan.

Alnowaiser heads the PIF’s international investments division, while Alhumied leads the MENA investments division.

The wealth fund is a key lever for the kingdom’s efforts to revive growth after what may be the deepest recession the world’s largest crude exporter has experienced in decades. Chaired by Crown Prince Mohammed bin Salman, the fund has outlined a plan to grow its assets under management to over $1.1 trillion by 2025, while investing $40bn annually into Saudi Arabia’s economy.

The PIF has made several high-profile investments in recent years, including a stake in Uber Technologies and big commitments to Softbank’s Vision Fund.

In the first quarter, the fund doubled down on its pandemic-era investments in video-game makers and added new bets as it raised holdings of US stocks by about a fifth to $15.4bn.