Finance minister sacked by royal decree

Saudi Arabia on Monday sacked 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 was replaced by Mohammed […]

Saudi Arabia on Monday sacked 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 was replaced by Mohammed Aljadaan, head of the Capital Market Authority which regulates the stock market. He was reassigned as a minister of state and will remain in cabinet.