RIYADH: Saudi Arabia has appointed Fahd bin Abduljalil bin Ali al Saif, a senior executive at its sovereign wealth fund, as its new investment minister.
This comes as part of a shift in the Gulf state’s far-reaching economic diversification plan.
At the Public Investment Fund (PIF), Al Saif spearheaded the global capital finance division and investment strategy, and will succeed Khalid Al-Falih as the country’s investment minister, reportedly marking the first Shia minister in the Kingdom’s cabinet history.
With the Cabinet reshuffle, Al-Falith now takes charge as Minister of State.
