Saudi Arabia’s King Salman has made a major change in the cabinet by issuing a royal decree on Thursday. Under this new order, Fahad bin Abduljalil Al-Saif has been appointed as the new Investment Minister of Saudi Arabia. He will replace Khalid al-Falih, who has now been given another responsibility in the government. This decision has been taken in view of the economic reforms under Vision 2030.
Who is the new Investment Minister Fahad Al-Saif?
Fahad Al-Saif has extensive experience in the field of finance and investment. Before becoming the Investment Minister, he held a very important position in the Public Investment Fund (PIF). He was the head of the Investment Strategy and Economic Insights Division there.
Additionally his experience includes:
Serving as Chairman of Gulf International Bank. Serving the Saudi Debt Management Office. To contribute in strengthening the economic policies of the country.
Khalid Al-Falih got new responsibility
Former Investment Minister Khalid al-Falih, who had been holding the post since February 2020, will now be seen in a new role. As per royal order, he has been appointed Minister of State and will remain a member of the Cabinet. Considering his experience, the government has retained him in the cabinet.
Why is this change special for Saudi Arabia?
These days, Saudi Arabia is working rapidly on its Vision 2030. The main goal of the government is to reduce dependence on oil earnings. For this, investment and new industries are being promoted. Fahad Al-Saif’s experience of working in PIF can prove to be very helpful in this mission, because PIF is the main means of changing the economy of Saudi Arabia.
