Saudi Arabia appoints new finance minister

JEDDAH: Saudi Arabia has appointed Capital Market Authority Chairman Mohammed Al-Jadaan as its new finance minister through royal decree, exchanging Ibrahim Al-Assaf, who had held the submit considering the fact that 1996.
Al-Assaf, sixty seven, had been the last veteran member of cabinet to stay in a key post by way of a series of presidency reshuffles after Custodian of the 2 Holy Mosques King Salman assumed energy final year, including one in may just that replaced the long-standing oil minister.
He has been made minister of state and will stay a member of the Council of Ministers, because the Saudi cabinet is known, according to the royal decree.
The Finance Ministry is a key function in the Kingdom and the trade is likely meant to help a large-ranging fiscal reform plan to steward the dominion via an generation of low oil prices.
As the CMA’s chairman, Al-Jadaan had overseen the loosening of regulatory standards as Saudi Arabia opened its inventory trade to foreign investors over the final 12 months.
Before his appointment because the CMA’s chairman of the board on Jan. 29, 2015, Al-Jadaan used to be probably the most founding partners of the Al-Jadaan and companions regulation firm and was once listed in Chambers and companions 2004-2014 as a main legal professional in corporate/industrial and the banking/finance observe areas in Saudi Arabia.
Al-Jadaan has large experience in advising on all features of capital market , structuring, documenting and negotiating difficult international assignment financings and delivering assistance on company and commercial concerns, together with equity and debt public providing, mergers and acquisitions, joint ventures and shareholder agreements and matters pertaining to Islamic regulation and Islamic finance.
Al-Jadaan has also represented corporate and commercial customers earlier than a quantity of key courts and judicial committees in Saudi Arabia.
He was once additionally a special adviser to the board of directors at Morgan Stanley Saudi Arabia.
Al-Assaf, will stay a cupboard member, got a bachelor of arts degree in monetary and political science from King Saud college, Riyadh, in 1971.
He later bought a grasp of arts degree in economics from the institution of Denver in 1976 and a PhD in economics from Colorado State college in 1982.
Al-Assaf at first pursued a educating career, becoming a teaching assistant after which touring lecturer at King Abdulaziz military Academy from 1971 to 1983.
He was once appointed an assistant professor and head of the department of Administrative services in 1982, and served unless 1986.
Throughout that interval, he also served as fiscal adviser to the Saudi Fund for development.
After leaving academia, Al-Assaf moved to Washington, DC the place he represented Saudi Arabia on the worldwide economic Fund (IMF) and the arena bank.
In 1986, he was once appointed alternate government director on the IMF for Saudi Arabia.
He left in 1989 to take up the executive directorship for Saudi Arabia at the World bank.
Upon his return to Saudi Arabia in 1995, he served briefly as vice governor of the Saudi Arabian economic company.
He left to become a member of the Council of Ministers as minister of state in October 1995.
In January 1996, he used to be appointed minister of finance and country wide economic system, a position that was once renamed minister of finance in 2003.
He replaced Abdul Aziz Abdullah Al-Khuwaiter as finance minister.
In addition to being finance minister, Ibrahim is a member of the board of directors of Saudi Aramco (due to the fact that 1996), chairman of the Saudi Fund for progress and member of the general public funding Fund board.
Monday’s decree additionally appointed new chiefs for the general public Transport fee and the Saline Water Conversion corporation.
It transferred responsibility for customer security from the Ministry for Commerce and funding to wellbeing Minister Tawfiq Al-Rabiah.
Al-Assaf last week said Saudi Arabia’s economic function remains robust despite sinking oil costs, despite the fact that there may be “some stress” on financial institution liquidity.
“we’ve been competent to hold a excellent role in public funds,” Al-Assaf said.

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