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
Saudi oil giant Aramco announced Tuesday a 44% surge in net profit for the second quarter compared to the same period last year, driven by soaring crude prices amid the war in the Middle East.
U.S. President Donald Trump said talks with Iran will happen on Monday but declined to set a deadline for an agreement after earlier saying he had called off an imminent attack in hopes of quickly reaching a deal to reopen the Strait of Hormuz and resolve the impasse over Tehran's nuclear capabilities.
Saudi Arabia, Russia and five other OPEC+ members meeting online Sunday agreed to raise oil production quotas for September, even as war rages across the Middle East.
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