Saudi Arabia’s Public Investment Fund (PIF) is an investing giant. The fund is the powerhouse behind the country’s ambitious Vision 2030, which seeks to prepare the country for a post-hydrocarbon age by diversifying the economy away from oil and gas.
The fund is the financier behind many of the kingdom’s biggest mega-projects, including the futuristic city of NEOM.
Revealed here are the 13 men and women that are leading that lead this enormous investment vehicle:
Yasir Othman Al-Rumayyan
Governor of the Public Investment Fund
Yasir Al-Rumayyan is the Governor of the Public Investment Fund (PIF). He joined the PIF in September 2015 as managing director. Prior to his involvement in the fund, Al-Rumayyan begun his career at Saudi Hollandi Bank, holding the position of head of international brokerage.
Later, he joined the country’s financial services watchdog, the Capital Markets Authority (CMA), as head of securities listing, before moving to Saudi Fransi Capital, the investment banking arm of Banque Saudi Fransi, as CEO. Between 2014 and 2015 Al-Rumayyan was on the board of directors of the Saudi Stock Exchange.
Al-Rumayyan is also Chairman of the Board of Directors for Aramco, Saudi Arabia’s energy giant. In October 2021, the PIF acquired UK Premier League football club Newcastle United. Following the acquisition, Al-Rumayyan was elected as chairman of the club.
Turqi A. Al-Nowaiser
Deputy Governor, and Head of International Investments Division
Turqi Alnowaiser is the Deputy Governor and Head of International Investments Division at the Public Investment Fund (PIF). He joined PIF as the Head of the International Investments Division in 2016.
He leads the Fund’s International Investment strategy across different asset classes including public markets, private markets, real estate and infrastructure. Alnowaiser is a member of the PIF Management Committee & Investment Management Committee, and also represents PIF as a board member on several different companies such as Lucid Motors, Noon Investments, Saudi Information Technology Company (SITE), Sanabil Investments and Hapag-Lloyd AG.
Prior to joining PIF, he held senior roles in a number of financial institutions including the Saudi Industrial Development Fund (2004-2007), The Capital Markets Authority (2007-2008), Morgan Stanley (2008-2011), and Saudi Fransi Capital, where his last position was the Head of Asset Management (2011-2015).
Turqi holds an MBA from the University of San Francisco, and a Bachelor’s Degree in International Business from King Saud University.
Yazeed A. Al-Humied
Deputy Governor, and Head of MENA Investments
In 2015, Yazeed Alhumied joined PIF as an advisor to the Governor to contribute to PIF restructure and strategy crafting, post its reallocation to Council of Economic and Development Affairs.
He was then, in 2016, been appointed as the Chief of Staff, in addition to his advisory post, delivering during that post outstanding achievements, such as contributing to the construction of PIF updated strategy and business plan, managing PIF investment projects from inception to being established as companies, developing a comprehensive governance model for PIF portfolio companies along with establishing the foundations and mechanisms for representations in the Board of Directors for PIF portfolio companies, developing several international strategic partnerships, and enhancing PIF relations to become an enable to other local entities.
In addition to his tenure at PIF, Yazeed Alhumied’s career journey surpasses the 16 years mark, during which he has developed an extensive experience in both financial and management fields, working between two companies PriceWaterhouseCoopers and House of National Consulting from 2004 to 2008, then joining the Capital Market Authority (CMA) afterwards until 2015.
During which he headed the Mergers and Acquisitions, and was exposed to international practices as he was seconded to work at the Malaysian Securities Commission and the regulatory body of mergers and acquisitions in the United Kingdom. He also served as advisor to the Chairman of CMA, enabling him to develop a comprehensive understanding of the CMA and its practices.
Yazeed Alhumied contributions reach beyond his executive role, by being a member in permanent committees in PIF such as the Management Committee, the Portfolio Companies Nomination Committee and Management Investment Committee.
His contributions exceeds PIF as an organisation in both public and private sectors, as being the Chairman of the National Security Services Company, Vice Chairman for the Saudi National Bank, the Saudi Stock Exchange (Tadawul), and Saudi Telecom Company (STC), and a board member in several companies such as Saudi Arabian Airlines, Civil Aviation Holding, Richard Attias & Associates and Flyadeal, in addition to being a member in several sub-committees from the aforementioned boards of directors.
Yazeed Alhumied holds bachelor’s degree in Accounting from the King Saud University, along with being certified by several of the top tier international academic institutes such as London Business School in executive management programmes.
Aiman M. AlMudaifer
Head of Local Real Estate Investments Division
Aiman AlMudaifer joined the Public Investment Fund (PIF) as the Head of the Local Real Estate division in October 2018, where he oversees 57 Real estate projects, and he is a member of the Management Committee in PIF.
Prior to joining PIF, he began his career as a Credit Consultant at the Saudi Industrial Development Fund. Previously, he served in a number of key positions in both the public and private sectors including as the CEO of Shomoul Holding Company, the CEO of Andalus Company, and as the licencing Department official manager of the Investigations Department for the Capital Market Authority.
AlMudaifer is the Chairman of Rua Almadinah Holding Company and Saudi Real Estate Company. In addition, he is a Board Member of King Abdullah Financial District Development & Management Company, among others.
AlMudaifer holds a Bachelor’s Degree in Systems Engineering from King Fahad University of Petroleum and Minerals in Dhahran. In addition, he is a graduate of the Cooperation Program between Chase Manhattan Bank and the Saudi Industrial Development Fund.
Yasir A. AlSalman
Chief Financial Officer
Yasir A. AlSalman joined the Public Investment Fund (PIF) as the Chief Financial Officer in 2016. He also sits on the board of the following companies as a member: The National Water Company, the Saudi Railway Company, Bahri, King Abdullah Financial District Development Company, and the Saudi Agricultural and Livestock Investment Company.
AlSalman started his career in 2001 at Arthur Andersen as an Auditor then as Senior Auditor at PricewaterhouseCoopers from 2002 to 2005, moving to become the Executive Manager of the Finance department at the Kingdom Holding Company in 2008, then joining Mobily Company as General Manager of investments from 2014 to 2015. following from that, AlSalman was the Chief Financial Officer at the Saudi Agricultural and Livestock Investment Company in 2015.
AlSalman received his postgraduate degree in Accounting and Information Systems from Middle Tennessee State University in 2007 and his BA in Accounting from King Saud University in 2001. He is a SOCPA Certified Accountant.
Bander A. Mogren
Chief Operating Officer
Bander Bin Mogren joined the Public Investment Fund (PIF) as the Chief Operating Officer since 2016, where he leads the development of PIF’s shared services function as well as the strategic transformation of Information Technology systems and infrastructure.
He is also a member of the PIF Portfolio Companies Nomination Committee, a board member of the Saudi Technology Development and Investment Company (TAQNIA) and the Chairman of its Remuneration Committee, and the Vice-chairman of the Saudi Real Estate Company (Alakaria) and a member of its Nomination Remuneration Committee.
In addition to Bander is a board member of King Abdullah Financial District Development Company and the Chairman of its Nomination Remuneration Committee, a board member of Jassara and a member of the Nomination Remuneration committees of Tadawul, Sanabil Investments, Noon and the National Center for Privatization.
Prior to joining PIF, he was the Managing Director of Human Resources and Corporate Services at NCB Capital. Throughout his career, Bander held several key positions at a number of Saudi’s leading investment institutions including Head of Human Resources in Jadwa Investments.
Bander Bin Mogren holds a double major BA in Human Resources and Business Administration from Eastern Washington State.
Fahad AlSaif
Head of Global Capital Finance Division
Fahad Al-Saif is a Senior Managing Director, Head of Global Capital Finance Division at the Public Investment Fund Before his appointment as Head of Global Capital Finance Division at the Public Investment Fund in 2021, he was the President and Board member of the National Debt Management Center in 2020.
In July 2017, Alsaif was the President of the DMO, and Deputy Managing Director of SABB (The Saudi British Bank), an associated company of the HSBC Group. He was previously a Board Member of HSBC Saudi Arabia Ltd and the Advisory Committee of Capital Markets Authority (CMA).
In 2016, Al-Saif established and led the Debt Management Office at the Ministry of Finance (MOF) during his secondment with the government. He managed the deficit financing process from local and international markets with the total value of local and international debt instruments and loans issued during fiscal years 2015-2020 amounting to SAR 900 Billion.
Al-Saif has more than 20 years of Corporate, Investment Banking, Global Banking and Markets experience with Ministry of Finance, SABB and HSBC. He was HSBC’s Saudi Arabia principal contact person for corporate finance and capital markets, in relation to ECM (IPO, rights issues, private placements) and to DCM (Sukuk and bond issuances, banks loans and syndication and financing services solutions).
Prior to that, Al-Saif spent 10 years in SABB Treasury managing Trading, Fixed Income and Risk Advisory functions. Al-Saif is a member of multiple Vision2030 Realization Programs Boards, government related entities and private companies including financial sector. Al-Saif holds a Bachelor degree in MIS from KFUPM.
Rania Nashar
Head of Compliance & Governance Divisions
Rania Nashar joined the Public Investment Fund (PIF) as a Senior Advisor to the Governor in February 2021, where she advises His Excellency Yasir Al-Rumayyan, Governor of PIF, in areas of Business and Governance, drawing on more than 20 years of professional experience in the banking industry. In addition, she is the Head of Compliance & Governance at the Public Investment Fund.
Prior to joining PIF, Nashar served as the CEO of Samba Financial Group (SFG), making her the first Saudi woman to lead a major banking group in the Kingdom of Saudi Arabia. She first joined SFG in 1997 at the start of her banking career, where she served in various positions across different divisions of the Group and played a pivotal role in bringing vital changes and developments to SFG’s business sectors.
Nashar also holds various other leadership and advisory positions. During her time as CEO at SFG, she served as Vice Chair of the SambaCapital Board and as a Board member of Samba Bank Limited in Pakistan, Samba Global Markets Limited and Institute of International Finance (IIF) in USA.
In March 2019, the Board of the Capital Market Authority of Saudi Arabia (CMA) appointed Nashar as Vice Chair of the CMA Advisory Committee. Nashar also serves as Board member of Saudi Telecom Company (STC), Saudi Tadawul Group, the National Center for Performance Measurement, Saudi Space Commission and Saudi Polo Federation. Also, she chairs the Audit Committee at FII.
Some of Nashar’s other major achievements throughout her career include becoming the first Saudi women to lead the audit and risk review functions for all business and operations areas at SFG, including investment business, corporate and individual banking, and risk management. She is also the first woman in the GCC financial sector to lead a compliance group and first Saudi woman to be named a certified anti-money laundering specialist by the Association of Certified Anti-Money Laundering Specialists (ACAMS) in the USA. During KSA G20 Presidency Rania chaired the B20 Women in Business Action Council and G20 EMPOWER Alliance.
Saad Alkroud
Chief of Staff and Secretary General to the Board
Saad Alkroud is Chief of Staff at the Public Investment Fund (PIF), where his responsibilities include overseeing PIF business plan delivery; leading the internal institutional and investment projects; delivering the governance model for PIF portfolio companies; and managing PIF stakeholders. And General Secretary of the Board of Directors
In 2016, Alkroud joined PIF as the Head of Stakeholder Management. His role included overseeing international relationships; increasing the collaboration efforts with local and regional governmental entities to deliver strategic initiatives and goals; supporting the PIF Board of Directors and its committee affairs; and supervising periodic reports on investment and non-investment activities.
Having developed a broad experience in several fields while working at Abdullatif Alissa Group Holding Company – including as Advisor to the Chairman of the group in 2010 – prior to joining PIF, Alkroud also participated in establishing Mayaas, a private wealth management and diversification company. As Vice President at Mayaas, from 2012 to 2016, he increased his knowledge further in the financial field.
Alkroud’s contributions extend to non-executive roles, along with participating in governmental committees. From 2010 to 2016, for example, he was appointed as Secretary General of Alissa Corporate Social Responsibility Committee and the Managing Director and owner’s representative at Jeddah Private International School Company.
Alkroud holds a bachelor’s degree in finance from the King Fahd University of Petroleum and Minerals, and a Master’s degree in management and leadership from the University of La Verne, California.
Kevin Foster
Head of Corporate Affairs Division
Kevin Foster joined the Public Investment Fund (PIF) as Head of Corporate Communications in 2019, where he leads all internal, external, digital, brand, and corporate affairs communications activities. During his career, he has served in a variety of senior communication roles across leading global organisations, advising CEOs and other C-suite executives. Foster is a member of PIF’s Management Committee,
Prior to joining PIF, Foster spent 12 years at RBC (Royal Bank of Canada), where he served in various roles including Managing Director, Global Head of Corporate Communications and headed communications across the bank’s Capital Markets, Investor & Treasury Services, Private Bank, Wealth Management, and Insurance businesses. A member of the firm’s Operating Committee, Foster was appointed to 16 leadership committees at RBC.
Previously, Foster was the Corporate and Financial practice head at top-10 global communications firms Weber Shandwick and GCI Group, where he led communications for several top global financial institutions. He also served as Global Head of Communications, Equities, for Standard & Poor’s.
Most recently, he held the position of Chief Brand & Communications Officer at McDonald’s Corporation’s Ronald McDonald House Foundation where he was a member of the Executive Committee of the Board of Directors. Foster also has an extensive background in politics, and is a former journalist.
Foster holds a Bachelor’s degree in Economics and Political Science from the University of Massachusetts and three post graduate degrees, including two Master’s degrees – in Journalism from Northeastern University and an MBA from Boston College, and a certificate degree in Foundations of Financial Management from the University of Western Ontario’s Ivey Business School.
Jerry Todd
Head of National Development Division
Todd joined the Public Investment Fund (PIF) as the Head of the National Development Division in 2020 and is a member of the PIF Management Investment Committee.
Prior to joining the PIF, he served as a Managing Director and Head of Business Development for NCB Capital, the largest investment bank in Saudi Arabia (2014-2020). Previously, he was a Managing Director and Head of Private Equity and Investment Banking at Jadwa Investment, a Saudi merchant bank (2007-2014).
Todd was an Associate Principal at McKinsey & Company, where he focused on identifying and evaluating investment opportunities, developing and implementing growth strategies, and creating high performing organisations (1999-2006). Early in his career, Todd worked as an Energy Engineer for Dobbs International and Johnson Controls (1994-1997).
Todd holds an MBA from Cornell University (1999) and a B.S. in Mechanical Engineering from Christian Brothers University (1994).
Mike Cheng
Head of Internal Audit Division
Mike Cheng joined the Public Investment Fund (PIF) in August 2019 as the Head of the Internal Audit Division. He is responsible for the provision of audit assurance services for PIF covering all investment activities and related support functions.
Cheng has more than 25 years of audit experience in the financial services industry. Prior to Joining PIF, he spent 13 years in Asia firstly as the Managing Director and the Head of Audit for Barclays Bank in the Asia region and later as the Chief Internal Audit Officer of Prudential Corporation Asia overseeing audit activities in 14 countries.
Before Asia, Cheng held a number of senior audit positions within Deutsche Bank in London covering investment-banking assurance activities across UK and Europe.
Cheng holds a Bachelor degree in Aerospace System Engineering from Southampton University, and is a qualified Chartered Accountant with the Institute of Chartered Accountants in England & Wales and with the Hong Kong Institute of Certified Public Accountants. He is a leader in the audit industry and a founding member of the Internal Audit Centre of Excellence Workgroup with the Singapore Accountancy Commission.
Feta Zabeli
Head of Risk Division
Feta Zabeli joined the Public Investment Fund (PIF) as the Head of Risk Division in June 2020 bringing 36 years of executive experience to the role.
Prior to PIF, he worked at Morgan Stanley Investment Management in New York as Managing Director and Chief Risk Officer from 2012 to 2020 where he also performed a variety of board functions for the company’s various investment funds. Preceding that, his career spanned a variety of operational, developmental, research, and risk management functions throughout the US, Hong Kong, Tokyo, and London.
Zabeli holds a Master’s of Business Administration from University of California, Los Angeles in 1992, a Master’s of Science in Electrical Engineering from the University of Southern California In 1988, and a Bachelor’s of Science in Aeronautical/Mechanical Engineering from Rensselaer Polytechnic Institute in 1982.
Source: PIF
Follow us on
