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
HSBC in the UAE has become the first market in the bank's global network to launch an upgrade to its Global Money Account, a fully integrated multi-currency account and debit card designed for the way international customers live, earn, travel and support family across borders.
Iran has sufficient foreign currency reserves despite U.S. sanctions, Central Bank Governor Abdolnaser Hemmati said on Tuesday, after U.S. Treasury Secretary Scott Bessent said Tehran was lashing out because it was losing the economic war.
Saudi Arabia, Turkey and Pakistan agreed to establish a secretariat in Saudi Arabia under their Mecca joint defence agreement, which will initially be headed by a Pakistani secretary-general for three years, the three countries said in a joint statement on Monday.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.