Business

Saudi Wealth Fund makes senior rent, including Goldman banker

Saudi Arabia’s $ 430 billion sovereign wealth fund has leased three senior leases, including Goldman Sachs Group’s head of investment banking services in the kingdom, as it expands the deal. Goldman banker Eyas AlDossari will head investment advice in the MENA investment division, according to a statement. Omar AlMadhi, who previously worked with Saudi Aramco and Volkswagen AG, will join the division as head of direct investment. The fund also appointed Abdullah Shaker, who previously worked for Saudi AlBaraka Banking Group and HSBC Holdings Plc, as head of the Capital Finance Finance Advisory and Planning Division at its Global Capital Finance division. The PIF has been engaged in aggressive leasing for the past six years because it wants to transform from a locally focused holding company into the world’s largest sovereign wealth fund. Last week, the fund appointed Turqi Alnowaiser and Yazeed Alhumied as deputy governors.

EMIRATI TODAY - Emirati News, the UAE Daily News

The Welfare Fund is a major lever for the kingdom’s efforts to revive growth following a recession caused by the coronavirus pandemic and lower oil prices. Under the chairmanship of Crown Prince Mohammed bin Salman, the fund has outlined a plan to grow its assets under management to $ 2025 billion by 2025, while investing $ 40 billion annually in the Saudi Arabian economy. Since 2015, the PIF assets under management have grown to $ 430 billion from about $ 150 billion. It took a stake in Uber Technologies, put $ 45 billion in SoftBank’s Vision Fund and Lucid supports the electric vehicle manufacturer. It also increased the number of people from about 40 to over 1100.