05 September 2019


  • Latest reshuffles highlight Crown Prince’s commitment to Aramco IPO, but further investment will remain vital to finance Vision 2030 projects
  • Riyadh will seek to overcome various practical difficulties in IPO process in coming months in order to reassure investors that sale will proceed
  • Social reforms will incite conservative anger, although consolidation of control over Royal Family will mean Crown Prince’s position remains secure


Yasir al-Rumayyan, chairman of the Public Investment Fund (PIF), was appointed chairman of state-owned oil company Saudi Aramco on 2 September, replacing Energy Minister Khalid al-Falih. Al-Rumayyan had reportedly also been made head of an executive committee overseeing plans to float shares in Aramco as early as July. Meanwhile, a royal decree on 31 August ordered the separation of the Ministry of Industry and Mineral Resources from the Ministry of Energy. Bandar al-Khorayef, a director of Saudi industrial conglomerate Al-Khorayef Group, was appointed to head this new body. A separate decree issued on the same day…


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