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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, People

Saudi Aramco appoints chief of sovereign wealth fund to board

Posted on 11 August 2016

State oil giant Saudi Aramco has appointed to its board Yasir al-Rumayyan, managing director of its top sovereign wealth fund, in a sign that the two institutions plan to cooperate closely to restructure the economy in an era of low oil prices.
Aramco updated its website to show Rumayyan as a new board member but did not explain the change. Two sources familiar with the matter told Reuters that Rumayyan had replaced telecommunications minister Mohammed al-Suwaiyal on the board. Rumayyan heads the Public Investment Fund (PIF), which the government aims to develop into a $2 trillion behemoth that would invest abroad to earn money and domestically to help expand the kingdom’s non-oil sectors………………………………………..Full Article: Source


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