King Salman Archives

Saudi Investment Minister Al-Falih replaced by banker Al-Saif

Saudi Arabia’s Minister of Investment Khalid al-Falih, the former chief of Aramco, was dismissed today by King Salman in a cabinet reshuffle announced by royal decree.

Fahad al-Saif, Chairman of Gulf International Bank, was appointed to replace Al-Falih, who held the post for six years. Al-Falih will remain in the cabinet and serve as a Minister of State.

The move comes amid expectations that Saudi Arabia’s $925 billion Public Investment Fund will shortly release a new five-year plan, outlining its strategy as the kingdom struggles with declining oil revenue and budget shortfalls.

Al-Falih, 65, was previously Chairman and CEO of Saudi Aramco, the world’s largest oil company. He also served as Minister of Energy and Minister of Health.

Egypt intercontinental rail plan needs go-ahead for Saudi bridge

Egypt is aiming to link its expanding railway network with Asia and Europe, but it hasn’t yet been able to finalize plans to build a bridge to Saudi Arabia.

In the meantime, it will use ships to bring cargo across the Red Sea, Reuters reports. Saudi’s King Salman first announced the bridge project in 2016, envisioning a road that would cross the Straits of Tiran to Egypt’s Sinai Peninsula.

If completed, the route would compete with another notional rail project that would connect the UAE to Israel’s Haifa Port through Saudi Arabia and Jordan.

Another project on the drawing board would run north from the Gulf through Iraq.