Aramco’s Al-Falih Named Chairman of Saudi Mining Company Maadenby
Saudi fund Replaces Its Maaden Board Representatives
Saudi businesswomen Al Olayan named to Maaden board by PIF
The Saudi Public Investment Fund replaced its representatives on the board of Saudi Arabian Mining Co. and named Aramco’s Khalid Al-Falih as chairman.
Al-Falih, who is also Aramco chairman and the country’s health minister, was among four new board members named by the PIF, along with prominent Saudi businesswoman Lubna Al Olayan, the mining company, also known as Maaden, said in a statement to the local bourse.
The decision is part of the government’s “aspiration to promote further investments in the kingdom’s mining sector,” the company said. The appointments require shareholder approval.
The investment fund is a key part of Saudi Arabia’s blueprint for the post-oil era, announced this week by Deputy Crown Prince Mohammed bin Salman. Under the plan, the kingdom will sell less than 5 percent of Aramco in an initial public offering and transfer the company’s ownership to the PIF, making it the world’s largest sovereign wealth fund.