Public Investment Fund appoints 2 deputy governors

Public Investment Fund (PIF) logo

The Public Investment Fund (PIF) announced today, June 8, 2021, the appointment of Turqi Alnowaiser and Yazeed Alhumied as deputy governors, Governor Yasir Al-Rumayyan said in a statement.

The appointments follow the board of directors’ approval of the fund’s new organizational structure.

The two new deputy governors will also act as deputies at selected existing management committees on behalf of Al-Rumayyan. There will be no changes to the current reporting structures to the governor, or to the existing structure of the fund’s business units.

Alnowaiser has held the position of head of PIF’s international investments division since 2016, implementing the fund’s international investment strategy across several geographies and asset classes. He previously held several senior positions in top Saudi institutions, including Saudi Fransi Capita as asset management head. He also worked at Morgan Stanley.

In addition to his membership on PIF’s management and investment committees, Alnowaiser represents the fund on the boards of several corporations, including Lucid Motors, Noon Investments, Saudi Information Technology Company (SITE), Sanabil Investments and Hapag-Lloyd AG.

Turqi Alnowaiser 

Meanwhile, Alhumied will head the MENA Investments division, expanding the work of his department. He manages two of the PIF’s most important investment portfolios, in addition to his prominent role in establishing and developing promising strategic sectors across the Kingdom.

Alhumied headed PIF’s local holdings investments division since December 2020. Previously, he held the position of chief of staff at PIF, contributing to the development of a comprehensive governance model for the fund’s portfolio companies.

He also represents PIF on the boards of several companies, including chairman of the National Security Services Co., and vice-chairman for Saudi National Bank, Saudi Exchange (Tadawul), and stc.

He has more than 16 years of experience in finance and management in Saudi Arabia and internationally, starting his career at PriceWaterhouseCoopers (PwC) before joining the Capital Market Authority (CMA).

Yazeed Alhumied 

PIF grew rapidly to over 1,100 employees from just 40 staff in 2016. Its assets under management (AUM) increased to SAR 1.6 trillion since 2016, as it invested approximately SAR 311 billion in the Saudi economy, creating more than 331,000 new direct and indirect jobs in the Kingdom.