Saudi Arabia's King Salman bin Abdulaziz Al Saud has issued a royal order appointing the former energy minister Khalid Al Falih as the minister of investment. He was also the chairman of Saudi Aramco.
Another royal order transformed the Saudi Arabian General Investment Authority (SAGIA) into the Ministry of Investment.
Al Falih tweeted: "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
The announcement comes during the Future Project Forum, where Saudi Aramco announced that it would double the number of projects in its portfolio from 200 to 418 by 2022.
Al Falih was replaced as the minister of energy and the chairman of Aramco in late 2019.