Saudi wealth fund to hire new head for $111 bln portfolio

Saudi Arabia’s Public Investment Fund (PIF) has appointed Rashed Sharif as head of domestic investments, according to sources familiar with the matter.

Sharif will manage $111 billion worth of Saudi assets in the fund and will report to managing director, Yasir Al-Rumayyan, the sources confirmed to Argaam, on condition of anonymity. He had earlier served as chief executive officer of Riyad Bank’s investment banking unit, Riyad Capital.

The domestic portfolio of the sovereign wealth fund, which is being transformed into a $2 trillion investment giant, includes stakes in companies such as Saudi Basic Industries Corp. (SABIC), National Commercial Bank and Saudi Telecom Co. (STC).

The fund also owns about 60 private companies, with total assets of SAR 587 billion at the end of June 2016, according to the prospectus for the government’s $9 billion Islamic bond sale published in April.

A spokesperson for Riyad Capital had told Bloomberg that Adel Al Ateeq will replace Sharif as chief executive of Riyad Capital, without commenting on whether he has joined PIF.