Khaberni - "Bloomberg" 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 responsible for boosting local development to also oversee the investment strategy, a step that indicates a larger shift towards the domestic economy.
Informed sources said that Jerry Todd was appointed as the acting head of investment strategy at the Saudi Public Investment Fund, valued at about one trillion dollars, while continuing to oversee the National Development Department.
Meanwhile, the Chief Financial Officer Yasser Al Salman will add global capital financing responsibility to his current duties, according to sources who preferred to remain anonymous to discuss confidential information.
These moves come following the departure of Fahd Al Saif, who was appointed as the new Investment Minister of the kingdom. In his new position, Al Saif faces the task of implementing Saudi Arabia's vision to attract more than $100 billion annually in foreign direct investment by 2030, roughly three times the levels of 2024.
The fund is the main driver of the kingdom's multitrillion-dollar economic diversification plan, and Jerry Todd has played a pivotal role in this push. His department was created to support national development through the fund's investments, and the unit has contributed to expanding private sector participation.
At the same time, Yasser Al Salman, who has been the CFO since 2016, will directly manage liquidity and financial needs. The fund's decision to streamline its top leadership ranks comes as it prepares to announce a new investment strategy for the next five years.
