mobanmarketDubai: Saudi Arabia has named Yasir al-Rumayyan, head of the kingdom’s sovereign wealth fund, known as the PIF, as chairman of state oil giant Aramco, replacing Energy Minister Khalid al-Falih, Bloomberg reported on Monday, citing an unnamed Saudi official.
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Rumayyan, a former investment banker, was appointed managing director of the Public Investment Fund in September 2015, after a serving as advisor at the royal court for a brief period before that. He joined Saudi Aramco’s board in 2016.
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Aramco did not immediately respond to a request for comment.
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The PIF declined to comment.
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The move comes a few days after Saudi Arabia created a new ministry for industry and mineral resources, separating it from the kingdom’s colossal energy ministry, in a series of royal orders issued late on Friday.
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The separation appears to diminish the sprawling authority of Falih, who retained control of the energy portfolio.
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Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms. But despite ambitious plans for industry and mining, the sectors have seen relatively little development.
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