Saudi Arabia has appointed Capital Market Authority Chairman Mohammed Al-Jadaan as its new finance minister by royal decree, replacing Ibrahim Al-Assaf, who had held the post since 1996.
Al-Assaf, 67, had been the last veteran member of Cabinet to remain in a key post through a series of government reshuffles after Custodian of the Two Holy Mosques King Salman assumed power last year, including one in May that replaced the long-standing oil minister.
He has been made minister of state and will remain a member of the Council of Ministers, as the Saudi Cabinet is known, according to the royal decree.
The Finance Ministry is a key position in the Kingdom and the change is likely intended to support a wide-ranging economic reform plan to steward the Kingdom through an era of low oil prices.
http://www.arabnews.com/
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