Saudi Arabia's sovereign wealth fund PIF said on Tuesday it has established two deputy governor roles to support the $430 billion fund's continued growth and expansion.
Turqi Alnowaiser, who heads PIF's International Investments division, and Yazeed Alhumied, who leads the fund's MENA (Middle East and North Africa) Investments Division, formerly the Local Holdings Investments Division, will take on the roles alongside their current responsibilities, it said.
The Public Investment Fund (PIF), led by Governor Yasir al-Rumayyan, is at the center of Saudi Arabia's plans to transform the economy by creating new sectors and diversifying revenues away from oil.
It is the main engine helping to drive Saudi Arabia’s economic transformation as part of the country’s Vision 2030.
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.
"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," PIF said in a statement on its official website.