(Bloomberg) — Saudi Arabia has appointed Fahad Al-Saif as its new funding minister, placing an official from the dominion’s sovereign wealth fund on the helm of the entity tasked with drawing extra capital to the nation.
Al-Saif, head of funding technique and world capital finance on the Public Funding Fund, was appointed by royal decree, in accordance with an announcement from the state-run Saudi Press Company on Thursday. He replaces Khalid Al-Falih, who served within the function since 2020.
It’s unclear what Al-Saif’s appointment means for his roles on the wealth fund or how the PIF could also be affected by the announcement. Neither the ministry nor the PIF responded to requests for remark.
The modifications — introduced as a part of a broader reshuffle that affected dozens of positions — come at a vital time for the dominion because it critiques its insurance policies and spending priorities amid broader fiscal pressures.
Each the federal government and the PIF are anticipated to quickly unveil up to date methods for the subsequent 5 years in a bid to speed up Crown Prince Mohammed bin Salman’s agenda to diversify the financial system past oil.
The de-facto ruler has additionally launched reforms in latest months geared toward hauling in additional overseas capital that may assist Saudi Arabia compete extra successfully with Abu Dhabi and Dubai as an funding hub.
Al-Saif’s appointment places him on the middle of that initiative, which is seen as more and more vital because the Gulf nation faces contemporary oil-price volatility and funding strain. Al-Saif has additionally held roles on the Ministry of Finance and Nationwide Debt Administration Middle.
Al-Falih, who traveled the world drumming up curiosity in Saudi funding alternatives throughout his time as funding minister, will stay within the cupboard as Minister of State. The previous chief govt of oil large Saudi Aramco had additionally beforehand served as Saudi Arabia’s Minister of Power.
–With help from Omar Tamo.
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