Former Chelsea manager Grant yesterday signed a two-year deal with the south-coast club following the Saudi businessman's takeover at Fratton Park.
Chief executive Peter Storrie revealed yesterday that Al Faraj handpicked Grant for the position he formerly occupied during Harry Redknapp's managerial tenure.
"Our aim is to put a stable foundation in place in all aspects of the business, beginning with the financial restructuring of the club," Al Faraj told www.pompeyfc.co.uk. "Once this is in place we can assess our approach to building a much-needed new training ground and redeveloping Fratton Park.
"In order to do this we need to full co-operation and understanding of various parties while we come to terms with the ongoing issues of the club's business and financial commitments.
"We are appointing a professional team to review all aspects of the club, working alongside chief executive officer Peter Storrie. There will also be a restructuring of the board."