Saudi Prince Puts His Stamp on Major Government Overhaul
- Kingdom's top central banker, long-time oil minister replaced
- Saudi Arabia's Deputy Crown Prince intent on making his mark
Saudi Oil Minister Replaced: What It Means for Markets
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Saudi Arabia replaced its central bank chief and long-time oil minister as part of sweeping economic changes led by Deputy Crown Prince Mohammed bin Salman to reduce the nation’s reliance on hydrocarbons.
King Salman appointed Ahmed Alkholifey to head the Saudi Arabian Monetary Agency, as the central bank is known, succeeding Fahad Al Mubarak, who had been in the role since 2011. Also out is Oil Minister Ali Al-Naimi, the architect of the 2014 switch in OPEC policy that’s since roiled crude markets, replaced by Saudi Aramco Chairman Khalid Al-Falih.