Khalid Al-Falih, one of the architects of Saudi Arabia's plan to diversify the economy beyond oil, lost his role as the kingdom's top decision-maker yesterday, a move some Saudi officials said was due to his failure to make progress on the kingdom's crucial reform plans.
As part of a new cabinet reshuffle, al-Falih will remain energy minister, but the broader industry portfolio will shift to others. Bandar Al-Khorayef, a senior executive of the Al-Khorayef Group, was appointed by the Saudi government as the newly established Minister of Industry and Mines.
Falih was a key ally of Crown Prince Mohammed bin Salman, who helped steer the kingdom's economy, and the veteran oil official inherited the industry and mining sectors when he was named energy minister in 2016.
According to Saudi officials, Prince Salman al-Falih is responsible for the lack of development. But his prominent role will not change in the Saudi hierarchy, including his post as chairman of Aramco and head of the kingdom's delegation to the Organization of the Petroleum Exporting Countries (OPEC).
The Saudi government has also replaced the president and deputy chief of the royal court and appointed a new head of the country's anti-corruption commission, according to decrees published in official media.