Saudi: New Finance Chief

Saudi Arabia’s King Salman has dismissed the kingdom’s long serving Finance Minister Ibrahim al-‘Assaf. A 31 October royal decree replaced him with Muhammad al-Jad’an, chairman of the Capital Markets Authority (CMA) since early 2015.

The sacking of Mr Assaf, first appointed in 1966 and close to the late King ‘Abd Allah, is part of the undergoing shake up in the Saudi administration since King Salman’s accession to the throne in early 2015. In May 2016 long-time Oil Minister Ali Naimi was replaced by Saudi Aramco CEO Khalid al-Falih. Mr ‘Assaf has been appointed minister of state and will remain a member of the council of ministers, according to a number of decrees which also included a reshuffling in other top ranking appointments in the kingdom. (CONTINUED - 387 WORDS)