Saudi Arabia Names New Vice Minister of Tourism in Broad Reshuffle

Key Points

• Saudi Arabia conducted a major government reshuffle, replacing over 40 officials, including the investment minister.
• Fahad Al-Saif was appointed as the new investment minister, amid a revamp of the country's Vision 2030 investment and tourism strategy.
• The kingdom is shifting focus toward major global events and accelerating efforts to attract $100 billion in annual foreign direct investment.

Summary

Saudi Arabia has undertaken a significant government reshuffle, replacing more than 40 senior officials, including the investment minister. Fahad Al-Saif, formerly of the country's sovereign wealth fund, has been appointed as the new investment minister, signaling a strategic shift as Saudi Arabia revamps its Vision 2030 economic and tourism plans. The kingdom is scaling back certain projects like Neom to prioritize major events such as Expo 2030 and the 2034 World Cup, and is intensifying efforts to attract $100 billion in annual foreign direct investment by the end of the decade.