Saudi Arabia Names Debt Vet Fahad Al-Saif as Investment Minister to Triple FDI

Saudi Arabia has appointed Fahad Al-Saif, a veteran banker who spearheaded the kingdom's debt program, as investment minister to triple annual foreign direct investment to $100 billion by 2030. Al-Saif replaces Khalid Al-Falih in a cabinet reshuffle. Al-Saif, who led Saudi Arabia's record $21.5 billion bond sale in 2017, brings deep experience in international finance and fundraising. He previously worked at the Public Investment Fund and a Saudi bank backed by HSBC. His mandate includes attracting capital to support Crown Prince Mohammed bin Salman's diversification plan, with a focus on sectors like AI, tourism, and advanced manufacturing.