Riyadh – Mubasher: Saudi Arabia’s Public Investment Fund (PIF) has appointed Turki bin Abdulrahman Alnowaiser and Yazeed bin Abdulrahman Alhumied as deputy governors of the fund alongside their current responsibilities, Saudi Press Agency reported on Tuesday.

Alnowaiser is the Head of the PIF’s International Investments Division, while Alhumied is the Head of MENA Investments Division.

The new appointments aim to support the fund’s ongoing growth and expansion, following the board’s approval of a new organisational structure.

PIF is Saudi Arabia’s main engine that drives its economic transformation as part of Vision 2030. The fund has increased its asset under management portfolio to $430 billion since 2016 while investing approximately $90 billion in the local economy during that time.

Last April, Crown Prince Mohammed bin Salman stated that the PIF’s size will expand to reach SAR 10 trillion by 2030. The goal was set for 2020 at SAR 7 trillion.