Saudi Arabia Appoints New Investment Minister
At PIF, Fahd bin Abduljalil bin Ali al Saif led the global capital finance division and investment strategy, and will succeed Khalid Al-Falih as the country’s investment minister.
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Saudi Arabia has named 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.
With the Cabinet reshuffle, Al-Falith now takes charge as Minister of State.
”The timing is likely linked to the telegraphed shift in investment strategy, toward more high-impact and revenue-generating sectors,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank, to Reuters.
“Central to the investment programme is the need to increase capital inflows. The change in minister is likely linked to this, alongside the focus on AI.”
With Falih taking charge post-2020 to open up the economy and attract more foreign direct investment to fund Saudi Arabia’s ambitious plans to diversify its oil-focused economy, Al Saif is being seen as a safe bet.
“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,” said Justin Alexander, Gulf analyst at GlobalSource Partners and director at Khalij Economics.
As it advances toward Vision 2030, PIF was slated to unveil a revised five-year strategy this week, its biggest reset yet to reduce the Gulf country’s dependence on oil revenues.
