Saudi Arabia appoints new Investment Minister to achieve the goals of Vision 2030
Saudi Arabia has appointed Fahd bin Abduljalil
bin Ali Al Saif as Minister of Investment as part of a cabinet reshuffle aimed
at accelerating the Kingdom’s economic transformation under Vision 2030.
Al Saif previously led global capital finance and investment strategy at the $925 billion Public Investment Fund. He succeeds Khalid Al-Falih, who has been appointed Minister of State. Al-Falih earlier served as energy minister and chairman of Saudi Aramco and played a key role in opening the Saudi economy to foreign investors.
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The leadership change comes as the Kingdom
sharpens its focus on attracting higher levels of foreign direct investment to
support its diversification drive. Saudi Arabia is targeting $100 billion in
annual FDI by 2030, although inflows reached 119.2 billion riyals (around $32
billion) in 2024, still below long-term ambitions.
The appointment coincides with a broader
recalibration of economic priorities. While mega-projects such as The Line remain central to Vision 2030,
attention is increasingly shifting toward high-impact, revenue-generating sectors
including artificial intelligence, logistics, mining, and advanced industries.
The PIF is expected to unveil a new five-year strategy, marking one of the most significant updates to the Vision 2030 framework since its launch. The reset comes amid sustained lower oil prices, which have increased pressure to diversify revenue sources and manage fiscal balances more effectively.
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Analysts describe Al Saif as a trusted figure
within both public and private financial circles. He previously established
Saudi Arabia’s National Debt Management Center and held senior banking roles at
HSBC/Awwal, bringing extensive experience in capital markets and investment
strategy.
His appointment signals a renewed push to boost capital inflows, strengthen investor confidence, and ensure steady financing for Vision 2030 initiatives during a period of evolving global economic conditions.
Source: Reuters
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