To the outside world,
Saudi Arabia has long been seen as a country of largesse, a kingdom gifted with vast oil wealth, where thousands of princes live in opulence, a place that the world’s biggest banks and struggling nations turn to in their hours of financial need.
But beneath that veneer lies another reality: one of a country getting deeper and deeper into debt. Since 2015, when a collapse in oil prices forced it to borrow money to balance the books, Saudi has borrowed more than US$200bn – either directly from banks or on the global bond markets.
Simply put, the kingdom is living beyond its means. Despite big cuts to government handouts, oil sales are no longer enough to balance the budget. It’s a problem that’s set to worsen in coming years as Saudi embarks on a massive – and hugely expensive – overhaul of its oil-dependent economy.
RIYADH: Saudi Arabia’s Projects Support Fund Initiative has signed an agreement with Tadawul, the Saudi Stock Exchange, to provide economic stimulus for listed companies. The initiative targets private sector companies in the healthcare, education and large real estate development sectors, in a bid to help gross domestic product growth, create employment and support local
Wednesday, 23 December, 2020 - 12:30
Logo of the Saudi Public Investment Fund (PIF) Riyadh- Asharq Al-Awsat
The Saudi Public Investment Fund (PIF) announced a string of new appointments in its executive team under the framework of an expansion strategy to achieve its goals, as one of the main engines of the Kingdom’s economy.
The appointments announced Tuesday included Yazeed al-Humied, as new Head of the Fund’s Local Holdings Investments and Rashed Sharif, as Managing Director and CEO of the merged entity of NCB Capital and Samba Capital, a key strategic PIF portfolio company.
Leading Saudi financier, Rania Nashar was appointed as Senior Advisor to PIF Governor, Yasir al-Rumayyan. In addition, Fahad Alsaif was named as the new Head of Corporate Finance, Alireza Zaimi appointed to the role of Special Advisor to Rumayyan, and Saad al-Kroud as acting PIF Chief of Staff.
Saudi’s $360bn sovereign wealth fund PIF rejigs top leadership
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The reshuffle comes as the PIF and its subsidiaries prepare to significantly increase domestic spending
December 23, 2020
Saudi Arabia’s sovereign wealth fund overhauled some of its top management as it prepares to take a greater role in the local economy.
The $360bn Public Investment Fund on Tuesday said that Fahad Alsaif, chief executive officer of the country’s National Debt Management Center and adviser to the finance minister, will become head of corporate finance and a member of its management committee.