Saudi ex-energy minister bounces back as investment chief - Reuters:
The man sacked as Saudi Arabia’s energy minister in September has been tapped to head a new investment ministry, in a cabinet reshuffle announced on Tuesday that also created ministries for tourism and sports.
Khalid al-Falih, who previously chaired state oil company Saudi Aramco and oversaw more than half the economy of the world’s top oil exporter, was widely seen as having fallen out of favor when he was removed from the energy ministry.
Attracting billions of dollars in foreign investment is key to ambitious plans championed by de facto ruler Crown Prince Mohammed bin Salman to end the economy’s dependence on crude exports and open up its long-cloistered society.
According to royal orders published in state media, Falih’s new ministry replaces the Saudi Arabian General Investment Authority (SAGIA), which had been responsible for issuing investment licenses to foreign companies but did not control other key regulations.
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