The Public Investment Fund (PIF) today announced the establishment of two Deputy Governor roles in order to support the Fund's continued growth and expansion. The appointments follow the Board of Directors' approval of PIF's new organizational structure. Turki bin Abdulrahman Alnowaiser, who heads PIF's International Investments Division, and Yazeed bin Abdulrahman Alhumied, who leads PIF's MENA Investments Division, will take on their Deputy Governor roles alongside their current responsibilities. They will also act as deputies at selected existing management committees on behalf of PIF Governor Yasir Al-Rumayyan. There will be no changes to the current reporting structures to the Governor, nor to the existing structure of the Fund's business units. The establishment of the two new Deputy Governor positions demonstrates the strength of PIF's leadership, its strong succession planning and its robust governance. The new structure will add to the world-class governance model PIF has in place to guide its domestic and international investment strategies. It will also help facilitate the delivery of PIF's 2021-2025 Strategy, announced earlier this year, and is in line with its position as one of the world's largest and most impactful investors. PIF aims to reach Assets Under Management (AUM) of over $1.07 trillion by 2025 while investing $40 billion annually into the local economy during the same time period. PIF is the main engine helping to drive Saudi Arabia's economic transformation as part of the country's Vision 2030. Since the last internal structure was approved in 2018, PIF has grown rapidly to over 1,100 employees, from just 40 staff in 2016. PIF has also grown its AUM to $430 billion since 2016, and has invested approximately $90 billion in the Saudi economy during that time, while creating more than 331,000 new direct and indirect jobs in Saudi Arabia. As Head of PIF's International Investments Division since 2016, Alnowaiser has successfully driven the Fund's International Investment strategy across a number of geographies and asset classes. Alnowaiser joined PIF having held senior positions at a number of leading Saudi institutions, including at Saudi Fransi Capital where he headed Asset Management. He also previously worked at Morgan Stanley. In addition to his membership on PIF's Management Committee & Investment Committee, Alnowaiser also represents PIF on the boards of several corporations, including Lucid Motors, Noon Investments, Saudi Information Technology Company (SITE), Sanabil Investments, and Hapag-Lloyd AG. Alhumied has headed PIF's Local Holdings Investments Division since December 2020, where he is responsible for managing two key investment pools and many portfolio companies, and driving international investment into Saudi Arabia. In line with the new organizational structure, Alhumied will also take on the newly created role as Head of MENA Investments, with the Local Holdings Investments Division being expanded to become the MENA Investments Division. Alhumied was previously Chief of Staff at PIF, where his significant achievements included developing a comprehensive governance model for PIF's portfolio companies. Alhumied also represents PIF on the boards of several companies, including 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). He has more than 16 years of experience in finance and management in Saudi Arabia and internationally, starting his career at PriceWaterhouseCoopers before joining Saudi Arabia's Capital Market Authority.
