King Salman Issues Three Royal Decrees in Saudi Arabia, Major Reshuffle

Saudi Arabia’s King Salman bin Abdulaziz Al Saud has issued three royal decrees, initiating a major reshuffle of the government structure. The decrees were published on Thursday local time, with Crown Prince Mohammed bin Salman remaining at the helm of the cabinet as Prime Minister. The decision refers to a number of previous royal decrees concerning the formation of the cabinet, as well as Article 9 of the Saudi Council of Ministers Law. This regulation stipulates that the cabinet’s term must not exceed four years, and during that period, the cabinet can be reconstituted through a royal decree. King Salman also made changes to several strategic positions in the economic and financial sectors. One such move was the removal of Bandar Alkhorayef from his position as Chairman of the Board of Directors of the Local Content and Government Procurement Authority (LCGPA). The position was subsequently given to Prince Abdulaziz bin Salman bin Abdulaziz, who also serves as the Minister of Energy for Saudi Arabia. Another change occurred at the Capital Market Authority (CMA), the kingdom’s market regulator. King Salman dismissed Mohammed El Kuwaiz from his role as chairman and appointed Mazen Al-Sudairi as his replacement, granting him the rank of minister. The reshuffle takes place as Saudi Arabia continues to push forward with its economic transformation agenda under Vision 2030, a programme led by Crown Prince Mohammed bin Salman aimed at reducing the economy’s reliance on oil and strengthening non-oil sectors.