Saudi Arabia names new investment minister as Vision 2030 funding lags

Saudi Arabia has appointed Fahd bin Abduljalil bin Ali Al Saif as investment minister, replacing Khalid al-Falih, as the kingdom grapples with mounting challenges in attracting foreign investment needed to meet its ambitious Vision 2030 reforms.

A royal decree issued Thursday relieved Falih of his role and named him minister of state. No reason was given for the change.

Saif previously held senior roles at the Saudi sovereign wealth fund, the Public Investment Fund, as well as at Saudi British Bank and HSBC. He also served as head of the Saudi Debt Management Office and as an adviser to the finance minister, where he played a leading role in shaping the government’s debt strategy.

The reshuffle comes as gigaproject activity has slowed and foreign direct investment inflows remain far below the kingdom’s Vision 2030 targets. Launched by Crown Prince Mohammed bin Salman in 2016, Vision 2030 aims to diversify Saudi Arabia’s economy away from oil. Inbound FDI totaled $31.7 billion in 2024, well short of the government’s goal of attracting $100 billion annually by 2030.

This is a developing story and will be updated shortly.