Saudi Arabia’s PIF appoints former Dow Chemical top boss as special adviser

      Published on Wednesday, 5 September , 2018      86 Views     
Saudi Arabia’s PIF appoints former Dow Chemical top boss as special adviser


Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), picked Andrew Liveris, the former chairman and chief executive of Dow Chemical, as a special adviser to help boost the value of PIF’s portfolio.

Mr Liveris will work closely with the fund on matters of strategic importance, “in several areas and assist the fund in efforts to increase the value of the portfolio, and ensure the important contribution of PIF companies to the achievement of Vision 2030 goals“, it said on Sunday.



He will be an adviser to Crown Prince Mohammad Bin Salman, who is also the chairman of PIF, and the fund’s board. He currently serves on the board of technology major IBM and Saudi Arabia’s oil giant Saudi Aramco, according to the PIF.

The sovereign fund, which is the primary investment vehicle of Saudi Arabia, the world’s biggest oil exporter and the top Arab economy, plans to increase its assets portfolio by to $400 billion by 2020.

PIF holds stakes in some of the biggest publicly traded companies in Saudi Arabia including petrochemical firms, banks and other financial institutions.

It is at the heart of the kingdom’s economic reform agenda and is the financial muscle behind entertainment resort Qiddiya, which at 334 square kilometres will be more than twice the size of Disney World in Orlando, Florida.

Neom – a $500bn mega city and industrial zone extending into Egypt and Jordan – and a Red Sea project that includes a nature reserve, diving in coral reefs and heritage sites on about 50 islands, are among other projects PIF is undertaking in Saudi Arabia as part of the broader Vision 2030 economic reform plan. It is also among the cornerstone investors in the Japanese billionaire Masayoshi Son’s $93bn SoftBank Vision Fund, with an investment of $45bn.

PIF last week announced the formation of an advisory board that includes 11 executives from across the globe’s technology, finance and business spheres who will provide strategic guidance on developing the kingdom’s Future Investment Initiative as a platform to attract investments.

Advisory board members include Mr Son, the chief executive of SoftBank Group, Joe Kaeser, the president and chief executive of German industrial giant Siemens and Stephen Schwarzman, the CEO of private equity major Blackstone, which manages about $450bn of assets, according to PIF.



 

Keywords:
Category Business | 2018/09/05 latest update at 7:00 AM
Source : The National | Photocredit : Google
87 Views
Comments Add comment



Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



STEP Conference To Make Its Mark In Saudi Arabia In March
Saudi Arabia Saudi Arabia news

STEP Conference To Make Its Mark In Saudi Arabia In March

STEP Conference is getting all set to launch its first summit in the Kingdom of Saudi Arabia in Riyadh on…

Oman tourists expected to rise to 3.5m by 2023

Saudi Arabia new rules

Property prices continue to fall in key UAE markets

King Salman receives Kuwait’s National Assembly Speaker in Riyadh King

King Salman receives Kuwait’s National Assembly Speaker in Riyadh

King Salman received Kuwait’s National Assembly Speaker Marzouq Al-Ghanim and other members of the Assembly at Al-Yamamah Palace…

Saudi Arabia: King Salman welcomes Lavrov to Riyadh Gulf TV, Saudi Arabia

Saudi Arabia: King Salman welcomes Lavrov to Riyadh

King of Saudi Arabia Salman bin Abdulaziz Al-Saud received Russian Foreign Minister Sergei Lavrov and his Russian delegation…

Saudi king meets Russian foreign minister in Riyadh King

Saudi king meets Russian foreign minister in Riyadh

Saudi Arabia’s King Salman met Russian Foreign Minister Sergei Lavrov in Riyadh on Tuesday, footage on the Russian…

King Salman receives dignitaries in Riyadh King

King Salman receives dignitaries in Riyadh

The Kingdom’s Grand Mufti Sheikh Abdul Aziz Al-Asheikh, senior scholars, ministers and a group of citizens called on…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

1990 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government