Key Takeaways
- • Saad Alkroud appointed Head of Local Real Estate Investment Division at PIF, assuming leadership of a portfolio that managed investments in over 35 real estate companies as of 2023 and spans Saudi Arabia's landmark giga-projects and strategic infrastructure developments.
- • Alkroud transitions from Chief of Staff role (held since 2021) to direct operational leadership of a division that has been central to Saudi Arabia's economic diversification, including tourism and cultural infrastructure investments.
- • Maram Al Johani assumes Acting Chief of Staff position and is appointed Secretary General to the PIF Board of Directors, filling the vacancy created by Alkroud's promotion.
- • Leadership transition follows Eng. Aiman AlMudaifer's appointment as Managing Director and CEO of NEOM, where he has served as Acting CEO since November 2024 after leading the Real Estate Investment Division since 2018.
- • Alkroud brings nine-year tenure at PIF with demonstrated expertise in strategic planning and stakeholder management, including prior roles as Head of Stakeholder Management (2016) and Chief of Staff with expanded board governance responsibilities (2021–2025).
Summary
The Public Investment Fund (PIF) has completed a significant leadership reorganization within its real estate and infrastructure portfolio, with Saad Alkroud moving from Chief of Staff to Head of the Local Real Estate Investment Division. This appointment follows the transition of Eng. Aiman AlMudaifer to Managing Director and Chief Executive Officer of NEOM, a position he has held in an acting capacity since November 2024.
Alkroud, who has served as Chief of Staff since 2021, brings extensive institutional experience to the real estate leadership role. He joined PIF in 2016 as Head of Stakeholder Management, where he oversaw board and committee affairs and managed relationships with international and local entities. In 2022, while serving as Chief of Staff, he took on additional responsibilities as Secretary General to the PIF Board of Directors. Throughout his tenure, Alkroud has supervised corporate strategy, project management office operations, and portfolio company affairs while holding board memberships across multiple PIF-owned entities.
In his new capacity, Alkroud will oversee a substantially scaled operation. As of 2023, the Local Real Estate Investment Division managed investments across more than 35 real estate companies and has been instrumental in Saudi Arabia's economic diversification strategy, particularly in tourism and cultural infrastructure development. The division's portfolio encompasses the Kingdom's landmark giga-projects and other strategic developments aligned with broader economic and social reform objectives.
AlMudaifer, who led the division from 2018 through the transition announcement, played a central role in the division's growth and operational transformation over a seven-year tenure. His appointment to NEOM reflects continued expansion of his strategic responsibilities within PIF's major project ecosystem.
To complete the organizational restructuring, Maram Al Johani has been assigned as Acting Chief of Staff and appointed as Secretary General to the PIF Board of Directors, ensuring continuity in PIF's governance and corporate strategy functions. These appointments reflect PIF's stated commitment to strengthening its leadership foundation while maintaining strategic momentum across its diversified portfolio of domestic and international investments.
Alkroud, who has served as Chief of Staff since 2021, brings extensive institutional experience to the real estate leadership role. He joined PIF in 2016 as Head of Stakeholder Management, where he oversaw board and committee affairs and managed relationships with international and local entities. In 2022, while serving as Chief of Staff, he took on additional responsibilities as Secretary General to the PIF Board of Directors. Throughout his tenure, Alkroud has supervised corporate strategy, project management office operations, and portfolio company affairs while holding board memberships across multiple PIF-owned entities.
In his new capacity, Alkroud will oversee a substantially scaled operation. As of 2023, the Local Real Estate Investment Division managed investments across more than 35 real estate companies and has been instrumental in Saudi Arabia's economic diversification strategy, particularly in tourism and cultural infrastructure development. The division's portfolio encompasses the Kingdom's landmark giga-projects and other strategic developments aligned with broader economic and social reform objectives.
AlMudaifer, who led the division from 2018 through the transition announcement, played a central role in the division's growth and operational transformation over a seven-year tenure. His appointment to NEOM reflects continued expansion of his strategic responsibilities within PIF's major project ecosystem.
To complete the organizational restructuring, Maram Al Johani has been assigned as Acting Chief of Staff and appointed as Secretary General to the PIF Board of Directors, ensuring continuity in PIF's governance and corporate strategy functions. These appointments reflect PIF's stated commitment to strengthening its leadership foundation while maintaining strategic momentum across its diversified portfolio of domestic and international investments.
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