Saudi Public Investment Fund has appointed Omar Jaheedi as the Director of Investments for the Middle East and North Africa, according to sources from Bloomberg. Jaheedi, who previously held the position of Director of Investment Banking Advisory at HSBC in Saudi Arabia, is expected to join the fund in the coming weeks, as reported by Bloomberg, which was reviewed by Al Arabiya.net.
Jaheedi will report to Iyass Al-Dosary, head of investment advisory for the Middle East and North Africa, who previously managed investment banking services for Saudi Arabia at Goldman Sachs and also worked at HSBC.
Recently, the Public Investment Fund has made several high-level appointments, including the appointment of Turki Al-Nuwasir and Yazeed Al-Humaid as Deputy Governors, and Abdullah Shakir, who previously worked at Bahrain's Al Baraka Banking Group and HSBC.
Jaheedi joins the Public Investment Fund as it rapidly expands, transforming from a holding company largely focused on domestic matters into a driving force behind Crown Prince Mohammed bin Salman's plans to achieve the desired transformation and development in the Kingdom's economy and diversify sources of income.
Since 2015, the assets under the management of the Public Investment Fund have increased to $430 billion from around $150 billion. The fund has acquired stakes in Uber Technologies, invested $45 billion in SoftBank's Vision Fund, and supported electric vehicle manufacturer Lucid Motors Inc. It has also increased its workforce to over 1,000 from about 40.
