As the Public Investment Fund opened its accounts for the first time in preparation for issuing a maiden bond, Saudi Arabia’s sovereign wealth fund said that it provided a 25% shareholder return last year.
The ambitious Vision 2030 plan, which aims to get the nation ready for the post-hydrocarbon era by diversifying the economy away from oil and gas, is driven by the fund. The fund is the source of funding for several of the largest mega-projects in the kingdom, including the cutting-edge metropolis of NEOM.
Following the fund’s hiring of banks to serve as bookrunners and co-ordinators as it mulled issuing several billion dollars in green bonds, including five and 10-year tranches and possibly a longer duration bond, details of the $608bn PIF’s financial performance were disclosed in a prospectus. Over the past seven years, the fund’s chair, Crown Prince Mohammed bin Salman, has converted it from a dormant SWF into one of the Gulf’s most active investors.
Here are the names of the 13 people in charge of this massive investment vehicle:
Yasir Othman Al-Rumayyan- The Public Investment Fund’s director. Governor of the Public Investment Fund is Yasir Al-Rumayyan (PIF). He started working for the PIF as managing director in September 2015. Al-Rumayyan started his career at Saudi Hollandi Bank, where he held the post of head of international brokerage, before being involved with the fund. Later, he became head of securities listing for the nation’s financial services regulator, the Capital Markets Authority (CMA), before becoming CEO of Saudi Fransi Capital, the investment banking division of Banque Saudi Fransi. Al-Rumayyan served on the Saudi Stock Exchange’s board of directors from 2014 and 2015. The energy behemoth Aramco, based in Saudi Arabia, is also led by Al-Rumayyan. Newcastle United of the UK Premier League was purchased by the PIF in October 2021. Al-Rumayyan was chosen as the club’s chairman after the takeover.
Turqi A. Al-Nowaiser- Deputy Governor, and Head of International Investments Division. Turqi Alnowaiser is the Public Investment Fund’s Deputy Governor and Head of the International Investments Division (PIF). In 2016, he joined PIF as the division’s head for international investments. He held top positions in several financial organisations before joining PIF, including the Saudi Industrial Development Fund (2004–2007), The Capital Markets Authority (2007–2008), Morgan Stanley (2008–2011), and Saudi Fransi Capital, where his last appointment was the Head of Asset Management (2011-2015). Turqi has a Bachelor of Science in International Business from King Saud University and an MBA from the University of San Francisco.
Yazeed A. Al-Humied- Deputy Governor and MENA Investments Director. Yazeed Alhumied joined PIF as a governor advisor in 2015 to help with the organization’s reorganisation and strategy development following its reallocation to the Council of Economic and Development Affairs. Being the Chairman of the National Security Services Company, Vice Chairman for the Saudi National Bank, the Saudi Stock Exchange (Tadawul), and the Saudi Telecom Company (STC), as well as a board member in several businesses like Saudi Arabian Airlines, Civil Aviation Holding, Richard Attias & Associates, and Flyadeal, in addition to being a member in several subcommittees from the aforementioned organisations, his contributions go beyond PIF as an organisation. Yazeed Alhumied has an accounting bachelor’s degree from King Saud University and has completed senior management programmes at several of the world’s most prestigious academic institutions, including the London Business School.
Aiman M. AlMudaifer- The division’s head of local real estate investments. Aiman AlMudaifer joined the Public Investment Fund (PIF) in October 2018 as the Head of the Local Real Estate division. He is a member of the PIF Management Committee and is responsible for 57 real estate projects. The Chairman of Saudi Real Estate Company and Rua Almadinah Holding Company is AlMudaifer. He also serves on the board of the King Abdullah Financial District Development & Management Company.
Yasir A. AlSalman- Chief Financial Officer Yasir A. AlSalman. The Public Investment Fund (PIF) hired Yasir A. AlSalman as its chief financial officer in 2016. The National Water Company, Saudi Railway Company, Bahri, King Abdullah Financial District Development Company, and Saudi Agricultural and Livestock Investment Company are other organisations on whose boards he serves as a member.
Bander A. Mogren- Operating Officer, chief. Since joining the Public Investment Fund (PIF) in 2016, Bander Bin Mogren has served as its Chief Operating Officer, where he oversees the growth of the organization’s shared services function as well as the strategic transformation of its IT infrastructure and systems.
He served as the Managing Director of Corporate Services and Human Resources at NCB Capital before joining PIF. Bander has held a variety of important positions in some of the top Saudi investment firms over the course of his career, including Head of Human Resources at Jadwa Investments. Bander Bin Mogren graduated from Eastern Washington University with a BA in Human Resources and Business Administration.
Fahad AlSaif- Director of Global Capital Finance. At the Public Investment Fund, Fahad Al-Saif is a Senior Managing Director and the Head of the Global Capital Finance Division. He served as the president and a board member of the National Debt Management Center in 2020 before being named the head of the Global Capital Finance Division at the Public Investment Fund in 2021.
Rania Nashar- Supervisor of the Compliance and Governance Divisions. Rania Nashar joined the Public Investment Fund (PIF) in February 2021 as a Senior Advisor to the Governor. She provides His Excellency Yasir Al-Rumayyan, the PIF Governor, with business and governance advice based on her more than 20 years of experience working in the banking sector. She oversees compliance and governance at the Public Investment Fund as well.
and many more…
Analysts have questioned how the PIF will pay for all of its projects given the scope of its commitments, which include a promise to invest $40 billion yearly in the domestic economy until 2025 and the construction of Neom, a massive futuristic project estimated to cost $500 billion. Additionally, Riyadh has been tasked with directing Saudi Arabia’s efforts to promote renewable energy, to have 50% of the nation’s electricity come from solar and wind sources by 2030. The fund anticipates that its move to release its financial records to sell the bonds will allay concerns about its openness and governance.
Its obligations included $11 billion from a group of multinational banks due for repayment in 2023 at the end of 2021. Additionally, it has a $15 billion revolving credit facility that will not be used until 2021. According to the prospectus, PIF had 1,750 employees at the end of July, with around 29% of them being women.
