Built to inform

Sign up for the daily newsletters

No, Thank you

PIF boss Yasir Al-Rumayyan to replace Al-Falih at Saudi Aramco

Governor of Public Investment Fund congratulated by former chairman HE Khalid bin Abdulaziz Al-Falih on new appointment

HE Yasir Al-Rumayyan.
Arabian Business
HE Yasir Al-Rumayyan.

The world’s largest oil producer, Saudi Arabia's Saudi Aramco, has appointed HE Yasir Al-Rumayyan, advisor to the General Secretariat of the Council of Ministers and governor of the kingdom’s Public Investment Fund — chaired by HRH Prince Mohammed Bin Salman, Crown Prince, Deputy Prime Minister, and Minister of Defence of Saudi Arabia — as the chairman of Aramco's board of directors, replacing HE Khalid bin Abdulaziz Al-Falih, Minister of Energy, ahead of Aramco’s planned initial public offering (IPO).

Commenting on Al-Rumayyan’s appointment in an Arabic-language tweet, Al-Falih said: “I congratulate my brother HE Mr Yasser Othman Al-Rumayyan, governor of [PIF], on his appointment as chairman of the board of directors of Saudi Aramco, which comes as an important step to prepare the company for the public offering, wishing him every success.”

A Bloomberg report citing a source familiar with the decision said Al-Rumayyan’s appointment would separate the Ministry of Energy from Saudi Aramco and help avoid conflicts of interest.

The move comes just days after the kingdom established the Ministry of Industry and Mineral Resources and the Ministry of Energy, effectively separating the existing Ministry of Energy, Industry, and Mineral Resources, following Royal Orders issued by the Saudi Arabian government.

As part of the decision, Bandar Ibrahim Abdullah Alkhorayef, a private-sector industrialist who has formerly held board- and executive-level roles at Alkhorayef Petroleum Co, Amaco, Saudi Finance House, Sama Airlines, and Arasco, was named Saudi Arabia’s Minister of Industry and Mineral Resources.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 753
Nov 09, 2019