Bloomberg/Simon Dawson

Moves

Saudi's PIF appoints former IFC official as chief economist

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In February, the Managing Director of Public Investment Fund (PIF) said that 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 US.

Monday 18, March 2019 BY KUDAKWASHE MUZORIWA

Saudi Arabia's sovereign wealth fund has appointed Ted Chu, a former International Finance Corporation (IFC) official as its Chief Economist within a plan to boost hiring and expand overseas, reported Reuters.

Chu held the same position at IFC.

PIF is chaired by the Crown Prince Mohammed bin Salman and manages over $250 billion in assets including stakes in Uber Technologies and SoftBank Group.

The sovereign wealth fund plans to increase its assets to $600 billion by 2020, as part of the Kingdom to diversify the economy and reduce dependence on oil.

TAGS : PIF, MbS, Crown Prince Mohammed bin Salman, IFC

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