Saudi finance minister replaced by royal decree

RIYADH: Saudi Arabia on Monday replaced its veteran finance minister as the kingdom undergoes a major economic restructuring because of lower oil revenues. Ibrahim Al-Assaf “has been removed from his position”, said a royal decree, one of a series of orders from King Salman, published by the official SPA news agency. Assaf, who held the post for 20 years, was replaced by Mohammed Al-Jadaan, head of the Capital Market Authority which regulates the stock market. Assaf, who has a doctorate in economics, was reassigned as a minister of state and will remain in the cabinet. Jadaan, a lawyer, had led the CMA since January last year. No replacement for him at the market regulator was immediately named.