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Saudi Arabia creates a ministry for investment

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, issued a royal order to create a Ministry of Investment, and to appoint Khalid bin Abdulaziz Al-Falih as its minister.

Al-Falih served as the Minister of Energy in Saudi Arabia from May 7, 2016 to September 8, 2019, and prior to that he was Minister of Health from 2015 to 2016, and Chairman of the Board of Directors of the Saudi Export Development Authority.

Khaled Al-Falih, born in Dammam in 1960, assumed the position of President and Chief Executive Officer of the Saudi Arabian Oil Company (Aramco) on January 1, 2009. Al-Falih has worked in the company for three decades, holding prominent leadership positions in the various departments and departments of the company, and shares of during it, to advance the company’s continuous expansion, and to enter it into new business areas.

In his capacity as Executive Vice President of Business during the period 2007 – 2008, Al Falih oversaw all of the core business of the company, including exploration and production, refining and marketing, international business, business services, engineering and project management sectors. He previously held the positions of Senior Vice President, Gas Business, Vice President, Industrial Relations, and Chairman of Petron Corporation, which was a joint venture between Saudi Aramco and the Philippine National Oil Company.

When he was head of the general planning team in Saudi Aramco, Al-Falih oversaw the preparation of the Kingdom’s natural gas strategy.

Al-Falih was the first vice-president of the New Business Development Department when the company founded it in 2003, where he oversaw the development of giant projects such as Petro Rabigh, Saddara, Saturp and Yaser to achieve integration between refining and petrochemical facilities in partnership with the major oil and gas companies and chemicals in the world.

Al-Falih was appointed a member of the Saudi Aramco board of directors in 2004, and he is also a member of the Supreme Council for Petroleum and Minerals Affairs in the Kingdom of Saudi Arabia.

Al-Falih received his Bachelor’s degree in Mechanical Engineering from Texas A&M University in 1982, then he received a Master’s degree in Business Administration from King Fahd University of Petroleum and Minerals in Dhahran, Saudi Arabia in 1991. Among the professional societies that Al Falih holds is a member American Society of Mechanical Engineers, International Association for Energy Economics, and Oxford Energy Policy Forum.