Saudi investment minister among dozens in sweeping reshuffle

• Al Falih out in more than 40 role changes
• Replaced by PIF veteran Fahad AlSaif
• Changes to security, tech and tourism roles

Saudi Arabia replaced more than 40 senior and regional government posts on Thursday, including the minister of investment and the attorney general, marking the most sweeping reshuffle since 2022.

According to a royal decree, Khalid Al Falih, who has been minister for investment for six years, was relieved of his position and replaced by Fahad AlSaif.

AlSaif had been the head of the Investment Strategy and Economic Insights Division of the $1 trillion Public Investment Fund since 2024. The sovereign wealth fund is expected to release information on a forthcoming long-term investment strategy.
He also headed PIF’s Global Capital Finance Division.

Before joining PIF AlSaif worked for HSBC and its Saudi partner Saudi Awwal Bank. He went on to be the first chief executive officer of the government’s National Debt Management Centre, helping establish Saudi Arabia’s debt management framework.

Saudi Arabia is increasingly looking to tap international debt markets to continue funding its Vision 2030 economic transformation programme, through a period of low oil prices.

No official reason was given for the changes.

AlSaif is a familiar face for Saudi Arabia’s financial interlocutors and buyers of Saudi debt.

“This means he is well placed to communicate the kingdom’s pitch for foreign investment,” said Justin Alexander, director of Khalij Economics, “as the focus of Vision 2030 shifts increasingly to sectors like AI and minerals, alongside continued opportunities in tourism and manufacturing.”

Al Falih’s replacement as investment minister caps a long second act in government after he was moved from the energy portfolio, where he served as Saudi Aramco chairman and subsequently energy minister, to head the Investment Ministry in February 2020.

He became one of the most recognisable faces of Vision 2030 and was a major fixture at conferences and investor road shows.

Kristian Coates Ulrichsen, fellow for the Middle East at the Baker Institute, said that Al-Falih’s replacement may be related to an apparent change in approach taken by Saudi Arabia and the PIF towards Vision 2030, in support of its development strategy.

“There clearly seems to have been a reassessment of priorities and a reallocation of resources, so the change of minister could be part of the broader process of change,” he said.

Reuters/Hamad I Mohammed

The reshuffle follows signals made by the Saudi government and PIF that they are prioritising projects that support the forthcoming Riyadh Expo 2030 and the World Cup 2034.

Speaking at an event in Riyadh on Monday, Al Falih made the first public statement by a cabinet minister directly suggesting that PIF would scale back spending on one of its most prominent infrastructures, a 100-mile long city called The Line.

“[Expo 2030 and the World Cup] are the priorities,” he said, “and the feasibility of certain projects, such as The Line, may decline.”

Dr Khalid Al-Yousef, who was the president of the Board of Grievances, takes Al-Muajab’s position as attorney general.

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The reshuffle also included regional leadership changes, with Prince Saud bin Nahar moved from Taif governor to Medina deputy governor, Prince Fawwaz bin Sultan taking over Taif, Prince Rakan bin Salman appointed Diriyah governor, and Prince Mohammed bin Abdullah named Northern Borders deputy governor.

It also brought changes to security, development, tech and tourism.

Faihan bin Fahd Al-Sahli was appointed the new intelligence chief, Haitham Al-Ohali was moved to head the Communications, Space, and Technology Commission, and Abdulaziz bin Abdulrahman Al-Arifi, an advisor at the Council of Ministers, was made governor of the National Development Fund.

Deputy tourism minister, Princess Haifa bint Muhammad Al Saud, was replaced by Abdul Mohsen bin Mohammed Al-Mazid.

The full list of changes was published by the Saudi Press Agency.