Saudi creates new ministry in overhaul

Saudi creates new ministry in overhaul

Saudi arabia created a new ministry for industry and mineral resources separating it from the kigdom’s  colossal energy ministry, and replaced the powerful head of the royal court, in a series of royal orders

Issued late on Friday.

                  

Bandar akhorayef, an investor and industrialist plucked from the private sector, was named to head the new entity, which will become independent on January , the move appears to diminish the

saudi arabia

sprawling authority of khalid al-falih who retains control of the energy portfolio and chairmanship of state oil giant Saudi economy through the super ministry, which was created in 2016 to help streamline new reforms. But despite sectors have seen relatively little development.

                   

Tow sources said Saudi industrialists were unhappy with a lack of results during falih’s  tenure. The separation followed meetings between those businessmen and crown prince Mohammed bin salman, the country’s de facto ruler, one source added.

                     

Industry and mining are critical to the prince’s push to diversify the economy of the worlds top oil exporter away from crude, cut bloated state appending and create millions of jobs for young Saudis.

                    

In another decree, Fahd bin Mohammed al-Essa was appointed head of the royal court, a powerful gatekeeper position in the monarchy.