World, Middle East

Saudi Arabia replaces finance minister

King Salman dismisses Al-Assaf who had been in the post since 1996

01.11.2016 - Update : 01.11.2016
Saudi Arabia replaces finance minister RIYAHD, SAUDI ARABIA - APRIL 25: King of Saudi Arabia Salman bin Abdulaziz al-Saud announces an economical reform plan known as 'Vision 2030' in Riyahd, Saudi Arabia on April 25, 2016. ( Pool / Bandar Algaloud - Anadolu Agency )

RIYADH

King Salman bin Abdulaziz Al Saud on Monday appointed market regulator Mohammed al-Jadaan as the country’s new finance minister.

Al-Jadaan replaces Ibrahim Abdulaziz Al-Assaf who has held the position since 1996.

In a royal decree announced on state television, Al-Assaf was made minister of state and will remain a member of the Council of Ministers, known as the Saudi Cabinet.

Al-Jadaan was formerly the chairman of the Saudi Capital Market Authority.

Saudi Arabia's long-serving oil minister Ali al-Naimi was replaced in a major government reshuffle in May.

Saudi Arabia, the world’s largest oil exporter, has been hard hit by a recent slump in world energy prices.


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