Saudi fi­nance min­is­ter re­placed by royal de­cree

Kuwait Times - - FRONT PAGE -

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.

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