Major Changes in the Saudi Public Investment Fund… What is Happening?

SadaNews - Bloomberg Agency revealed administrative changes in the Saudi Public Investment Fund to attract additional investments to the Kingdom in line with the economic transformation plan "Vision 2030." The agency reported that the sovereign wealth fund asked one of the senior executives tasked with driving local development to also oversee the investment strategy, in a move indicating a greater shift towards the local economy. Informed sources stated that Jerry Todd has been appointed as acting head of the investment strategy at the Public Investment Fund, which is valued at around one trillion dollars, while continuing to oversee the national development division. At the same time, CFO Yasser Al-Sulaiman will add the responsibility for global capital financing to his current duties, according to sources who preferred to remain anonymous to discuss private information. These moves come following the departure of Fahd Al-Saeef, who was appointed as the new Minister of Investment in the Kingdom. In his new position, Al-Saeef faces the task of implementing Saudi Arabia's vision to attract more than 100 billion dollars annually in foreign direct investment by 2030, nearly three times the levels of 2024. The fund is the key driver of the Kingdom's multi-trillion-dollar economic diversification plan, and Jerry Todd has played a pivotal role in this push. His division was established to support national development through the fund’s investments, and the unit has contributed to expanding private sector participation. Meanwhile, Yasser Al-Sulaiman, who has served as CFO since 2016, will directly engage in managing liquidity and financing needs. The fund's decision to streamline its senior leadership ranks comes as it prepares to announce a new investment strategy for the next five years.