Saudi Arabia creates ministry for investment
Wednesday, 02 26 2020, Category: Economy, Country: Saudi Arabia
Saudi state entities governing investment, tourism and sport were promoted to full ministries on Tuesday as part of a major Cabinet reshuffle
The Saudi Arabian General Investment Authority (SAGIA) will become the Ministry of Investment, led by former Energy Minister Khalid Al-Falih, the new Minister of Investment. SAGIA Governor Ibrahim Al-Omar has been relieved of his post.
The Saudi Commission for Tourism and National Heritage will become the Ministry of Tourism, under new minister Ahmed Al-Khatib. And the General Sports Authority is to become the Ministry of Sports, with Prince Abdul Aziz bin Turki Al-Faisal as its minister.
In other changes, Turki Al-Shabanah was relieved of his position as minister of media, replaced in an acting capacity by Dr. Majid bin Abdullah Al-Qassabi, the minister of commerce.
Mohammed bin Abdullah Al-Ameel has been appointed deputy secretary-general of the Council of Ministers.
Sulaiman bin Abdullah Al-Hamdan is no longer minister of civil service, with the ministry merging with the Ministry of Labor and Social Development to become the Ministry of Human Resources and Social Development.
Majid bin Abdullah Al-Hogail, the minister of housing, will be acting minister of municipal and rural affairs in addition to his current role.
“The new system will stimulate investment in residential real estate units that represent the majority of the real estate market, and will work to regulate the relationship, and clarify responsibilities, rights and duties among owners of real estate units with common ownership,” Al-Hogail said.
New Minister of Sports Prince Abdul Aziz thanked King Salman and Crown Prince Mohammed bin Salman “for this precious confidence and the unlimited support that the sports sector enjoys.”
The ministerial changes were welcomed as far afield as Russia. Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, said the new investment ministry under Khalid Al-Falih “will help Russia and Saudi Arabia reach the goal of increasing mutual investments outlined during the visit of the Russian president to the Kingdom last year.”
Dmitriev added: “We are looking forward to working on new investment deals … that will be mutually beneficial for both of our nations.”
Source: Arab News