Riyadh – VIJAY SHAH via SAEED AZHAR and Reuters
A sovereign fund in Saudi Arabia has appointed a new special advisor formerly associated with the chemicals manufacturer Dow, and who was a chief executive officer there, the Business News desk at news agency Reuters reported this morning.
The state fund, run by the royal government of the Kingdom of Saudi Arabia, appointed Andrew Liveris, who was previously U.S. firm Dow’s chairman and CEO, today in an announcement. In English the fund trades under the name Public Investment Fund (PIF) and manages more than USD 250 billion (GBP 192.8 billion) in state assets. The fund plans to more than double its portfolio to USD 400 billion (GBP 309 billion) by the year 2020, Reuters reported. The PIF is run by the Saudi Council of Economic and Development Affairs on behalf of the kingdom, and in July 2018, bought a 5% minority stake in American electric car maker Tesla.
Liveris’s new role will see him work with the PIF on essential and significant matters, as well as help PIF strengthen its collection of assets and give input on the contribution of PIF companies to Saudi Arabia’s ambitious economic plan, Vision 2030.
Liveris is an Australian national, currently residing in Midland, in Michigan state of the U.S. He served at Dow for fourteen years before retiring in April this year.
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“Saudi sovereign fund appoints ex-CEO of Dow Chemical as special adviser” – Saeed Azhar & Alison Williams, Reuters – Business News/Thomson Reuters (2 September 2018) https://www.reuters.com/article/us-saudi-pif/saudi-sovereign-fund-appoints-ex-ceo-of-dow-chemical-as-special-adviser-idUSKCN1LI0BF?feedType=RSS&feedName=businessNews&utm_source=Twitter&utm_medium=Social&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29