Rania Nashar and Alireza Zaimi were named special advisers to the governor of Saudi Arabia's sovereign wealth fund, Public Investment Fund, Riyadh.
They will advise Yasir Al-Rumayyan, a news release said.
A source familiar with PIF said the roles were newly created.
Ms. Nashar was CEO of Samba Financial Group. She was the first woman to lead a banking group in Saudi Arabia. Mr. Zaimi was head of corporate finance at the fund. He was replaced by Fahad Alsaif, CEO of the National Debt Management Center and adviser to the minister of finance, Mohammed Al-Jadaan. Mr. Zaimi will also join PIF's management committee.
The appointments by Saudi Arabia's sovereign wealth fund, which has more than $360 billion in assets, were announced Monday alongside a number of other appointments to its leadership team.
Yazeed Al-Humied was named head of local holdings investments, replacing Rashed Sharif. Mr. Sharif was appointed managing director and CEO of the merged entity of NCB Capital and Samba Capital. PIF said the newly merged bank was a key strategic PIF portfolio company.
Mr. Humied was chief of staff at the fund. Saad Alkroud, head of stakeholder management, was named acting PIF chief of staff.
"I would like to welcome Rania and Fahad to PIF," Mr. Rumayyan said in a news release. "As we continue PIF's ambitious strategy, they will bring extensive global capital finance and banking experiences to their positions, which will play an integral role in helping accelerate PIF's growth trajectory."
The sovereign wealth fund has grown to more than 1,000 staff from 40 in 2016.
The fund has invested $83 billion in the Saudi economy over the past four years and contributed to creating more than 190,000 new jobs in the kingdom.