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Saudi Arabia Appoints New Investment Minister as per Royal Decree
- On Thursday, Saudi Arabia appointed Fahd bin Abduljalil bin Ali al Saif as investment minister, replacing Khalid Al-Falih in a royal-decree cabinet reshuffle.
- Amid mounting fiscal pressures, officials are pivoting from heavy Vision 2030 project spending toward sectors like logistics, mining, and AI as the PIF prepares a new strategy this week.
- With a PIF background, Al Saif led global capital finance, and Justin Alexander said `Al Saif is well known and respected by the investor community... He is a safe pair of hands as the kingdom works to boost investment at all levels to finance Vision 2030 during a period when lower oil prices are likely to result in fiscal and current account deficits`.
- The change could affect efforts to reach the $100 billion annual FDI target by 2030, with FDI inflows at 119.2 billion riyals in 2024.
- Officials emphasize boosting capital inflows as Monica Malik said `The timing is likely linked to the telegraphed shift in investment strategy, toward more high-impact and revenue-generating sectors`.
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View: Saudi replaces key minister amid pressure to attract foreign cash
Saudi Arabia today replaced Investment Minister Khalid Al-Falih — one of the government’s longest-serving and most internationally well-known figures — with a senior executive from the kingdom’s sovereign wealth fund, part of a wider reshuffle as the kingdom scraps investment projects and steps up efforts to lure foreign cash.One of the more outspoken members of the Saudi government, Al-Falih had this week questioned the feasibility of some proj…
·New York, United States
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Coverage Details
Total News Sources18
Leaning Left7Leaning Right5Center1Last UpdatedBias Distribution54% Left
Bias Distribution
- 54% of the sources lean Left
54% Left
L 54%
R 38%
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