Saudi Arabia appointed Fahd bin Abduljalil bin Ali al Saif as the kingdom’s new investment minister Thursday, replacing Khalid Al-Falih, a key figure who oversaw foreign investment inflows and economic diversification, as Riyadh reckons with mounting obstacles to its ambitious Vision 2030 plans.
The shakeup comes amid a broader Saudi economic restructuring: The kingdom opened its financial markets to all foreign investors on Feb. 1, and has significantly revised plans for trademark gigaprojects, as subdued oil prices weigh on its efforts to diversify into tourism, manufacturing, and advanced technology.
“Foreign direct investment inflows remain far below the kingdom’s Vision 2030 targets,” Al-Monitor noted; Saudi’s sovereign wealth fund is set to unveil a new five-year plan, Reuters reported, marking “the biggest reset yet” in its economic diversification efforts.