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Saudi Arabia’s wealth fund PIF bolsters MENA investments division

Published: Updated:

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, on Sunday said it has appointed Eyas al-Dossari and Omar al-Madhi as senior directors to its MENA investments division.

PIF, which manages $430 billion, has also appointed Abdullah Shaker as senior director to its global capital finance division.

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PIF earlier this month expanded its local holdings investments division to become the MENA investments division, and its corporate finance division to become the global capital finance division.

The fund also established two deputy governor roles to support the fund’s continued growth and expansion.

The PIF is at the center of Saudi Arabia’s plans to transform the economy by creating new sectors and diversifying revenues away from oil.

The fund is expected to inject at least $40 billion annually into the local economy until 2025, and increase its assets to $1 trillion by that date.

In the latest statement, the PIF said Dossari, a former Goldman Sachs’ investment banking head for Saudi Arabia, will head investment advisory within the MENA investments division, supporting the decision-making process of investment activities and capital recycling.

Madhi will co-head direct investments for the MENA division, overseeing PIF investments and opportunities in key strategic sectors, it said.

He worked at Abdul Latif Jameel Investments, Volkswagen Group, McKinsey & Company, and Saudi Aramco.

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