The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud issued a royal order on 25 February 2020, which saw the appointment of Saudi Arabia’s former energy minister and ex-chairman of the world’s largest oil producer Saudi Aramco, Khalid Al-Falih as the minister of investment.
Following the issuance of another royal order the Saudi Arabian General Investment Authority (SAGIA) has been transformed into Ministry of Investment.
The news coincides with the on-going Future Project Forum (FPF), a two-day event that is being organised by the Saudi Contractors Authority (SCA), where Saudi Aramco announced that it will more than double the number of projects under its portfolio from 200 to 418 by 2022.
Commenting on his appointment as the minister of investment, Al-Falih took to his Twitter account to say in an Arabic-language tweet: “I extend my highest thanks to the shrine of the Custodian of the Two Holy Mosques and HRH Crown Prince for the confidence in appointing me as Minister of Investment, praying to God to help me to carry the trust, and to help me and my colleagues to achieve the aspirations of leadership and attract qualitative investments that contribute to achieving the Kingdom's 2030 Vision.”
أرفع أسمى آيات الشكر لمقام سيّدي خادم الحرمين الشريفين ووليّ عهده الأمين على الثقة الملكيّة بتعييني وزيرًا للاستثمار، داعيًا الله أن يعينني على حمل الأمانة، وأن يوفقني وزملائي لتحقيق تطلعات القيادة وجذب الاستثمارات النوعيّة المساهِمة في تحقيق رؤية المملكة ٢٠٣٠— خالد الفالح|Khalid Al Falih (@Khalid_AlFalih) February 25, 2020
In September 2019, King Salman had passed a royal order replacing Al-Falih as the minister of energy and appointing Prince Abdulaziz bin Salman bin Abdulaziz Al Saud to the role. This came a week after Al-Falih was replaced by HE Yasir Al-Rumayyan, advisor to the General Secretariat of the Council of Ministers and governor of the kingdom’s Public Investment Fund, as board chairman of Saudi Aramco.
The same month saw Saudi Arabia establish the Ministry of Industry and Mineral Resources and the Ministry of Energy, effectively separating the former Ministry of Energy, Industry, and Mineral Resources, following Royal Orders issued by the kingdom’s government.
King Salman also passed royal orders appointing Prince Abdulaziz Bin Turki Bin Faisal as the minister of sports and Ahmad Al-Khateeb as the minister of tourism, marking the creation of the new ministries.