Through recent royal orders aiming at dividing the tasks and focus on developing the Saudi economy, Saudi Arabia announced the independence of the energy sector in the ministry from the industry and mineral wealth sector, each to become a separate ministry from the other.
In this context, Prince Abdulaziz bin Salman replaces Khalid Al-Falih as head of the Ministry of Energy. At the same time, the responsibility of the Ministry of Industry and Mineral Resources was assigned to Bandar Al-Khorayef, an investor and industrialist, and this will work starting from January 2020.
The move curtailes Khaled al-Falih’s vast powers, which oversaw more than half of the Saudi economy through his vast ministry, set up in 2016 to help provide new reforms. But despite ambitious plans for industry and mining, both sectors witnessed relatively little developments.
Some sources say Saudi industrialists were unhappy with the little goals achieved during Faleh’s tenure. One of them added that the decision came after meetings between businessmen and Crown Prince Mohammed bin Salman, who focuses his efforts on diversifying the resources of the Kingdom, reducing inflationary government spending, and providing millions of jobs for the youth sector.[robo-