Saudi Arabia's Public Investment Fund created an investments division focused on the Middle East and North Africa by expanding its local investments unit.
The Riyadh-based sovereign wealth fund appointed Yazeed Alhumied to the newly created role of head of MENA investments. He had been head of the local holdings investment division since December, responsible for two investment pools and driving international investment in Saudi Arabia.
Further details on the new MENA investments division and the fund's allocation to the region were not available.
Mr. Alhumied was also named one of two new deputy governors for PIF, a notice on the wealth fund's website said. Turqi Alnowaiser, head of PIF's international investments division — investing outside the kingdom and MENA region — was also named deputy governor. He retains his other responsibilities.
Messrs. Alhumied and Alnowaiser's new responsibilities include acting as deputies at selected existing management committees on behalf of Governor Yasir Al-Rumayyan.
PIF has about $430 billion in assets and employs 1,100 staff. Under its 2021-2025 strategic plan, PIF aims to reach more than $1.07 trillion in assets by 2025, to invest $40 billion annually in the local economy and create 1.8 million direct and indirect jobs.
Spokesmen could not be reached for comment.