Saudi Arabia’s King Appoints New Economic Team Amid Record Spending Plans - Bloomberg

Saudi Arabia, the Arab world’s biggest economy, named a new central bank head and economy minister as the kingdom presses forward with a record spending plan aimed at reducing unemployment and diversifying an oil- dependent economy.

Fahad al-Mubarak was appointed central bank governor, replacing Muhammad al-Jasser, who was named economy and planning minister, state run al-Ikhbariya television said yesterday. Tawfiq al-Rabea was appointed trade and industry minister.

Saudi Arabia’s drive to create jobs comes amid a wave of popular uprisings in the Middle East, triggered in part by unemployment. King Abdullah announced a $130 billion spending plan in the first quarter and in August 2010 unveiled a $384 billion plan to develop transportation, housing and education.

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