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Saudi Arabia appoints new investment minister in diversification plan pivot
1 min Mena Today
Saudi Arabia appointed Fahd bin Abduljalil bin Ali al Saif as the new investment minister, it said on Thursday, replacing Khalid Al-Falih who oversaw the kingdom's opening to foreign investment amid massive economic diversification plans.
The change comes with Riyadh's $925 billion wealth fund PIF due to unveil a new five-year strategy © Mena Today
Saudi Arabia appointed Fahd bin Abduljalil bin Ali al Saif as the new investment minister, it said on Thursday, replacing Khalid Al-Falih who oversaw the kingdom's opening to foreign investment amid massive economic diversification plans.
The change comes with Riyadh's $925 billion wealth fund PIF due to unveil a new five-year strategy, Reuters reported this week citing sources - the biggest reset yet of Crown Prince Mohammed bin Salman's "Vision 2030" transformation plan to reduce the Gulf country's dependence on oil revenues.
The new blueprint will emphasise sectors including tourism, minerals and artificial intelligence, while scaling back and in some cases reconfiguring expensive mega projects, sources have said.
Al Saif was previously head of the PIF's investment strategy and economic insights division.
The PIF was not immediately available for comment.
Reporting by Federico Maccioni and Ahmed Elimam
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