Ousted From Oil, Saudi Minister Can Make a Mark in Investing
Khalid Al-Falih’s skills, knowledge and connections are what the kingdom needs as it seeks to become a welcome partner for foreign business.
A familiar face returns to the Saudi government.
Photographer: Chris Ratcliffe/BloombergAfter a week of drama in global financial markets, it’s worth pointing out an intriguing development in Saudi Arabia that warrants watching.
In a surprise move on Tuesday, the kingdom’s ruler King Salman announced the return to government of former oil minister Khalid Al-Falih, who will become head of a newly established ministry of investment. Just six months ago, Al-Falih was unceremoniously dismissed, his removal seen as a “fall from grace” – specifically the good graces of Crown Prince Mohammed bin Salman, who was reportedly displeased with Al-Falih’s slow and cautious approach to the Vision 2030 Saudi economic reform plan and the related IPO of state-owned oil company Saudi Aramco. Now, Al-Falih has been placed in charge of a ministry with an undefined mission and unclear responsibilities – but also much potential for helping Saudi Arabia become the welcoming partner for foreign businesses that it says it wants to be.