Saudi Arabia appoints Fahd Al Saif, former head of investment strategy at the Public Investment Fund (PIF), as new Investment Minister, replacing Khalid Al-Falih ahead of PIF’s five-year strategy reset aligned with Vision 2030.
Leadership Change Signals Strategic Reset Ahead of PIF’s New Five-Year Vision 2030 Roadmap
Saudi Arabia has appointed Fahd bin Abduljalil bin Ali Al Saif as its new Investment Minister, replacing Khalid Al-Falih, as the kingdom prepares for a strategic economic reset aligned with its Vision 2030 transformation agenda.
The leadership transition comes ahead of the unveiling of a new five-year strategy by Saudi Arabia’s $925 billion Public Investment Fund (PIF), according to sources cited by Reuters. The updated roadmap is expected to mark one of the most significant recalibrations of Crown Prince Mohammed bin Salman’s Vision 2030 programme, which aims to reduce the kingdom’s dependence on oil revenues and diversify its economy.
Fahd Al Saif previously served as Head of Investment Strategy and Economic Insights at PIF, where he played a key role in shaping the sovereign wealth fund’s capital allocation framework and long-term investment direction.
The upcoming strategy is expected to prioritise high-growth sectors such as tourism, minerals, and artificial intelligence, while reassessing and, in some cases, reconfiguring large-scale and capital-intensive mega projects.
Under Khalid Al-Falih’s leadership, Saudi Arabia expanded its global investment outreach and strengthened its efforts to attract foreign direct investment as part of broader economic reforms. The appointment of Al Saif signals continued strategic discipline, with stronger alignment between ministerial oversight and PIF’s evolving capital-deployment priorities.
The Public Investment Fund was not immediately available for comment.
