Rashed Sharif, executive at Saudi Public Investment Fund

Rashed Sharif
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Updated 14 October 2020
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Rashed Sharif, executive at Saudi Public Investment Fund

Rashed Sharif joined the Public Investment Fund (PIF) as head of the Local Holding Investments Division in 2017, and is a member of the PIF management committee and the management investments committee.
He is responsible for shaping the PIF’s investment strategy for local holdings in Saudi Arabia, with the goal of targeting industries to maximize long-term returns, drive economic development, and contribute to the diversification of the Saudi economy. This strategy centers on a number of investment pools, and involves extending support to companies operating across various sectors that the PIF aims to establish as regional and global champions.
The PIF invests in and builds promising new area that enable private sector participation, particularly among small and medium enterprises, with the goal of driving job creation and localization of capabilities.
As a global player, the fund actively engages its vast network to bring select strategic partners to the Kingdom in these new sectors. Through such partnerships, the PIF facilitates the transfer of technology and expertise, subsequently building competitive advantages while bolstering direct foreign investments in Saudi Arabia.
As a key partner to the private sector, the PIF enables companies to compete in regional and global markets. Sharif oversees the deployment of significant capital over a long-term investment horizon to enable the fund to act as a cornerstone investor.
Under his leadership, the Local Holding Investments Division manages an exceptional portfolio of local and regional companies, in addition to a robust pipeline of new investments in various sectors within the Kingdom.

This holistic investment strategy is underpinned by the PIF’s proprietary engagement model for its portfolio companies, “The PIF Way,” which covers five main pillars: Positive governance, full potential plan, operational enablement, network advantage, and scalable infrastructure.
An active advocate for world-class corporate governance practices, Sharif’s role is vital in identifying and capturing opportunities, optimizing capital allocation, and institutionalizing portfolio companies’ governance and performance management frameworks.
Before joining the PIF, Sharif served as CEO of Riyadh Capital, a closed joint-stock company fully operated by Riyad Bank.
Prior to this, he served as the head of the listing department at the Capital Market Authority (CMA) between 2006 to 2013.
In 2006, he held the role of consumer finance relationship manager for the newly established Al-Bilad Bank, where he played a prominent role in establishing its consumer finance policies and procedures.
Earlier in his career, Sharif worked at the Saudi Industrial Development Fund, a government entity that specializes in providing loans to the manufacturing industry.
Rashed holds a master’s degree in business administration from Prince Sultan University in Riyadh, and a bachelor’s degree in finance from King Fahd University of Petroleum and Minerals in Dhahran.
In addition, he participated in the Chase Manhattan Bank Credit Program and the Corporate Finance Modular Program at the London Business School, and is certified in the International Institute for Management Development’s prestigious High-Performance Leadership and High Performance Boards programs


225 pilgrims treated for heat stress and fatigue on second day of Hajj

Updated 16 June 2024
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225 pilgrims treated for heat stress and fatigue on second day of Hajj

  • The cases were treated at the Medical Center for Heat Exhaustion and Sunstroke 

ARAFAT, Makkah: Some 225 cases of pilgrims suffering from heat stress and fatigue had been treated at the Medical Center for Heat Exhaustion and Sunstroke in Makkah, the Saudi Press Agency said early Sunday.

The cases were reported on Saturday, the second day of Hajj, when pilgrims ascended Mount Arafat to ask God for mercy, blessings, prosperity and good health.

The ritual at Mount Arafat, known as the Hill of Mercy, is considered the peak of the Hajj pilgrimage. 

Medics at the center for heat exhaustion and sunstroke in Makkah attend to a heat stroke victim on Saturday. (SPA)

The center, affiliated with the Saudi Ministry of National Guard Health Affairs, has 20 beds equipped with the latest devices to deal with cases of heat stress and sunstroke.

It is also equipped with an air and water spray distribution system through sprinklers covering all parts of the injured person’s body, in addition to clinics for men and women and a pharmacy.

Saudi officials had earlier advised pilgrims to wear umbrellas and keep themselves hydrated, and to take rest periods between rituals to avoid heat fatigue. 

The National Center for Meteorology had forecasted that temperatures in Makkah will range between 45 degrees Celsius and 48 degrees Celsius, from hot to very hot, with little rain potential.

 

 


Arafat sermon projected to reach 1 billion listeners worldwide

Updated 16 June 2024
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Arafat sermon projected to reach 1 billion listeners worldwide

  • The translated sermons promote peace, coexistence, and a deeper understanding of Islam

ARAFAT, Makkah: The Arafat sermon delivered on Saturday at Namira Mosque in Makkah was projected to reach a staggering one billion listeners worldwide, the Saudi Press Agency reported.

The sermon was translated live into 20 languages as part of the groundbreaking initiative launched by Saudi Arabia’s King Salman's in 2018. Non-simultaneous translations into 17 languages were further made.

Spearheaded by the Presidency of Religious Affairs of the Two Holy Mosques, the project serves as a cornerstone in spreading the message of moderation and centrism espoused by the holy sites, SPA said.

"The translated sermons promote peace, coexistence, and a deeper understanding of Islam — a religion built on mercy, tolerance, and peaceful living," the report said.

When the project was first launched in 2018, translations were offered in only five languages.  Its reach has continued to grow each year. Sermons are translated into an increasing number of languages and broadcast on various platforms, including digital platforms, FM radio, and Islamic television channels.

"These efforts demonstrate the Kingdom’s unwavering commitment to serving Islam and the global Muslim community," the report said, adding that the initiative "exemplifies Saudi Arabia’s dedication to serving the Two Holy Mosques and their pilgrims. It further reflects the leadership’s commitment to promoting global peace and the values of tolerance and moderation," said the report.

"Having surpassed 200 million listeners in 2020, the project fulfills the Kingdom’s sacred responsibility of caring for the Two Holy Mosques and their visitors. By translating the Arafat sermon, they effectively share the message of these holy sites with the entire Muslim world," it further said.

 


Interior minister inspects Hajj security forces in Makkah

Prince Abdulaziz bin Saud inspects Hajj security forces in Makkah. (SPA)
Updated 16 June 2024
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Interior minister inspects Hajj security forces in Makkah

  • Prince Abdulaziz met with the commanders of the forces and discussed their preparations for their assigned tasks.

RIYADH: Saudi Arabia’s Minister of Interior and chairman of the Supreme Hajj Committee Prince Abdulaziz bin Saud has inspected the special security forces participating in this year's Hajj security forces in Makkah, the Saudi Press Agency said early Sunday.

As part of the visit, Prince Abdulaziz met with the commanders of the forces and discussed their preparations for their assigned tasks.

Prince Abdulaziz was accompanied by several high-ranking officials and senior officials from the Ministry of Internal Affairs and State Security.

 


Hajj reaches its pinnacle; number of pilgrims placed at 1.83 million

Updated 10 min 40 sec ago
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Hajj reaches its pinnacle; number of pilgrims placed at 1.83 million

  • 150 treated for heat exhaustion
  • Sermon includes prayer for war-hit Palestinians
  • ‘Stoning the devil’ ritual begins today

JEDDAH: Muslims from around the world congregated on Saturday at a sacred hill in Saudi Arabia for worship and reflection amid sweltering heat.

The ritual at Mount Arafat, known as the hill of mercy, is considered the peak of the Hajj pilgrimage. It is often the most memorable for pilgrims, who stand together asking God for mercy, blessings, prosperity and good health.

Thousands of pilgrims walked here through the predawn darkness. They recited “Labbaik Allahumma Labbaik” (O Lord, here I am answering your call) and verses from the Holy Qur’an.
According to the Saudi Press Agency, the number of pilgrims reached 1,833,164.
This year’s Hajj came against the backdrop of the Israel-Hamas war, which pushed the Middle East to the brink of a regional conflict.

On the slopes of Mt. Arafat and the surrounding plains, many pilgrims raised hands in worship with tears streaming down their faces. (SPA photo)

In his sermon at the Namira Mosque in Arafat, imam Maher bin Hamad Al-Mu’wiqly, urged pilgrims to pray for the Palestinians who have been “harmed and hurt by their enemy” that killed them, and “deprived them of what they need from food, medicine and clothing.” 
Most of the pilgrims at Mount Arafat carried umbrellas, while others sat in the shade. Many were seen splashing water on their faces and bodies. 
Saudi Health Minister Fahd bin Abdurrahman Al-Jalajel said more than 150 pilgrims have been treated for heat exhaustion. 
He urged pilgrims to drink water and carry umbrellas as they perform Hajj’s rituals.
At sunset on Saturday, pilgrims left Mount Arafat, heading to a nearby site known as Muzdalifah to collect pebbles they will use in the symbolic stoning of pillars representing the devil back in Mina. Pilgrims then return to Mina for three days, coinciding with the festive Eid Al-Adha holiday. Afterward, they return to Makkah for a final circumambulation, known as Farewell Tawaf. Once the Hajj is over, men shave their heads, and women snip a lock of hair in a sign of renewal.
 


Saudi FM holds meetings on sidelines of Ukraine Peace Summit in Switzerland

Updated 15 June 2024
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Saudi FM holds meetings on sidelines of Ukraine Peace Summit in Switzerland

RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan on Saturday met today with his Ukrainian counterpart, Dmytro Kuleba, on the sidelines of the Ukraine Peace Summit, being held in the Swiss city of Lucerne.
During the meeting, they discussed developments in the Ukrainian-Russian conflict, opportunities to enhance cooperation between the Kingdom and Ukraine, and ways to support and develop it in many fields, the Kingdom’s foreign ministry said.
Prince Faisal also held talks with Iraq’s Deputy Prime Minister and Foreign Minister Fuad Hussein, where they reviewed relations between their two countries and ways to strengthen and develop them, and discussed regional and international developments.


In a separate meeting with European Council President Charles Michel, the two sides reviewed relations and existing cooperation between the Kingdom and the EU countries and discussed ways in achieve security and stability in the region and the world.
He also discussed ties with Norwegian Prime Minister Jonas Gahr Store.
The Saudi minister had arrived in Lucerne earlier on Saturday to head the Kingdom’s delegation at the major conference, where more than 100 countries and organizations have gathered to forge a path to peace in the Russia-Ukraine conflict.