Saudi Arabia’s PIF hires former IFC official as chief economist

Saudi Arabia’s sovereign wealth fund has appointed a former International Finance Corporation official as its chief economist. (Shutterstock)
Updated 18 March 2019

Saudi Arabia’s PIF hires former IFC official as chief economist

RIYADH: Saudi Arabia’s sovereign wealth fund has appointed a former International Finance Corporation official as its chief economist within a plan to boost hiring and expand overseas, it was reported on Sunday.
“Within its plans to add 700 employees to its workforce, the Public Investment Fund (PIF) has appointed Ted Chu as chief economist after he held the same position at the IFC,” Al-Arabiya tweeted without citing a source.
In February, PIF managing director Yasir Al-Rumayyan said the fund plans to boost its staff to 700 by the end of the year from 450 now, and is looking to open offices in London and the United States — initially in New York and then in San Francisco.
PIF, which is chaired by Crown Prince Mohammed bin Salman, manages over $250 billion in assets including stakes in Uber Technologies.
It plans to increase its assets to $600 billion by 2020, as part of a plan to reduce the Saudi economy’s dependence on oil.


MoU signed to facilitate investment in Saudi Arabia

Updated 21 February 2020

MoU signed to facilitate investment in Saudi Arabia

RIYADH: The Saudi Arabian General Investment Authority (SAGIA) and the Diriyah Gate Development Authority (DGDA) signed a memorandum of understanding (MoU) to step up cooperation, the Saudi Press Agency reported on Thursday.

Under the MoU, the two authorities will establish a joint working group to boost cooperation in several areas including facilitation provided to investors, conducting economic studies of the market, building partnerships with commercial and industrial bodies and local companies, launching businesses, promoting the ease of doing business, providing logistic support, participating in local and international exhibitions, forums and special visits and exchanging knowledge and information.

All this will predominantly be in aid of attracting local and foreign investors. 

“SAGIA believes in the importance of such cooperation that can unify and multiply the efforts in a way that sets the world’s attention on the Kingdom’s cultural and heritage treasures and investment opportunities,” said SAGIA Gov. Ibrahim Al-Omar.

“This is done through close cooperation with DGDA to highlight these opportunities and market them internationally and locally. This MoU is a step in the right direction to achieve the objectives and directives of both bodies.”

Jerry Inzerillo, CEO of the DGDA, said: “Cooperating with SAGIA is one of the most important international investment motors to attract local and international investments to the Kingdom. This comes at a time where developing the Kingdom’s investment infrastructure is found within the objectives of its Vision 2030.

“At DGDA, we aim at attracting the best technologies and regional and international investments to the Kingdom. This will contribute to the improvement of the local economy and promote our objectives seeking to turn Diriyah into the Kingdom’s gem and an international economic tourist destination,” he added.