Confidence in economic vision, says new minister

Saudi Arabia’s newly-appointed Finance Minister Mohammed Al-Jadaan said on Tuesday that he had great confidence in the Kingdom’s economic vision despite all the challenges it faces.

“My confidence in God is great, and then the guardian (the King), at this blessed state’s launch toward broader horizons of growth and financial, economic and social prosperity, in the framework of the Kingdom’s 2030 vision, despite all the challenges,” he said in a statement on the ministry’s website.

The former head of the stock market regulator, Jadaan was named finance minister by royal decree on Monday, replacing Ibrahim Al-Assaf, who had held the post since 1996.

Assaf has been appointed as Minister of State and Member of the Cabinet, the Saudi Press Agency reported.

Jadaan was formerly the chairman of the Saudi Capital Market Authority (CMA) and had overseen the loosening of regulatory requirements as Saudi Arabia opened its stock exchange to foreign investors over the last year.

Prior to joining the CMA, he was a lawyer in private practice and held positions in the health sector, according to an official biography.

He studied Islamic law and economy at the Imam Mohammed Ibn Saud Islamic University in Riyadh.

Custodian of the Two Holy Mosques King Salman, in a series of decrees on Monday, appointed Muhammad Bin Abdullah Al-Qasim as chairman of the Saudi Red Crescent Authority, while Abdurahman Bin Muhammad Al-Ibrahim was relieved of his duty as governor of the Saline Water Conversion Corporation (SWCC). A royal decree was issued entrusting Ali Al-Hazemi to carry out the duty of SWCC governor.

Muhammad Al-Mishal, executive president of Saudi Food and Drug Authority (SFDA), has been relieved of his duty while Hisham Bin Saad Al-Jadhaie has been appointed as the authority’s executive director. Romaih Bin Muhammad Al-Romaih has been appointed chairman of the Public Transport Authority, replacing Abdul Aziz Al-Auhali. Al-Romaih will also be the acting president of the Saudi Railways Organization (SRO).

The King ordered the relieving of Abdul Aziz Al-Jasser, chairman of the General Authority of Meteorology and Environmental Protection, and has appointed Khaleel Al-Thaqfi as the authority’s chairman. Minister of Health Tawfiq Al-Rabiah has been tasked to regulate the Consumer Protection Association.

Meanwhile, the Secretariat-General of the Organization of Islamic Cooperation (OIC) announced in a statement on Monday that the Secretary General Iyad Madani has tendered his resignation for health reasons.

Saudi Arabia nominated Yusuf Al-Othaimeen, a former minister of social affairs, as Madani’s replacement.