Overview
- A royal decree appointed Fahd bin Abduljalil bin Ali Al Saif to replace Khalid Al-Falih, who was named minister of state without an official explanation.
- Al Saif previously led investment strategy at the Public Investment Fund and held senior roles at Saudi British Bank, HSBC, and the Saudi Debt Management Office.
- Reuters reports that the PIF, valued at about $925 billion, is preparing a new five-year plan that prioritizes tourism, minerals, and artificial intelligence and scales back some mega projects.
- Government figures cited in coverage show inbound foreign direct investment at $31.7 billion in 2024, well below the stated $100 billion annual goal tied to Vision 2030.
- Recent coverage notes Saudi Arabia opened its financial markets to all foreign investors on Feb. 1 as part of a broader push to attract capital.