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Economy

Saudi Arabia splits ministry of industry and mineral from energy portfolio

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In a series of royal orders by King Salman bin Abdulaziz Al Saud, Bandar Alkhorayef, an investor and industrialist was appointed as the head of the new entity, which will become independent on 1 January 2020.

Sunday 01, September 2019 BY KUDAKWASHE MUZORIWA

Saudi Arabia has created a new ministry for industry and mineral resources that is separate from the Kingdom’s massive energy ministry, reducing of Energy Minister Khalid Al-Falih, according to Saudi Press Agency.

The existing Ministry of Energy, Industry and Mineral Resources, led by Al-Falih, will be renamed the Ministry of Energy and hand over its other files to the new ministry at the start of the next fiscal year.

Al-Falih oversaw more than half the Saudi economy through a massive portfolio, including logistics and mining, in addition to his core role at the energy portfolio and chairmanship of Saudi Aramco. The industrial portfolio was added to the ministry when Al-Falih was appointed in 2016 and had previously been part of a separate trade ministry.

The new Minister of Industry and Mineral Resources, Alkhorayef, is chairman of a company called Abdullah Ibrahim Alkhorayef & Sons and also heads a printing firm, Alkhorayef Printing Solutions.

 

TAGS : King Salman bin Abdulaziz Al Saud, Bandar Alkhorayef, Ministry of Industry and Mineral Resources, Khalid Al Falih

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