Saudi Arabia Names PIF Head as Minister Overseeing FDI Push

(Bloomberg) — Saudi Arabia has appointed Fahad Al-Saif as its new investment minister and named an official from the kingdom’s sovereign wealth fund to head the unit tasked with attracting more capital to the country.

Al-Saif, head of investment strategy and global capital finance at the Public Investment Fund, was appointed by royal decree, the state-run Saudi Press Agency said on Thursday. He will replace Khalid Al-Falih, who has been in this position since 2020.

It is unclear what Al-Saif’s appointment means for his duties at the wealth fund or how PIF may be affected by the announcement. Neither the ministry nor the PIF responded to requests for comment.

The changes, announced as part of a broader reshuffle affecting dozens of positions, come at a critical time for the kingdom as it reviews its policies and spending priorities in the face of wider fiscal pressures.

Both the government and the PIF are expected to soon unveil updated strategies for the next five years to accelerate Crown Prince Mohammed bin Salman’s agenda to diversify the economy beyond oil.

The de facto ruler has also introduced reforms in recent months aimed at attracting more foreign capital to help Saudi Arabia compete more effectively with Abu Dhabi and Dubai as an investment hub.

Al-Saif’s appointment places him at the center of this initiative, which is increasingly critical at a time when the Gulf nation faces new oil price fluctuations and investment pressure. Al-Saif also held positions at the Ministry of Finance and the National Debt Management Center.

Al-Falih, who traveled around the world to raise interest in Saudi investment opportunities while he was investment minister, will remain in the cabinet as Minister of State. The former chief executive of oil giant Saudi Aramco also previously served as Saudi Arabia’s Minister of Energy.

–With help from Omar Tamo.

More stories like this available Bloomberg.com