Dr. Ahmed Al-Kholifey, who has been the governor of the Saudi Central Bank (SAMA) since 2016, has been appointed as an adviser at the Royal Court, with the rank of minister.
Al-Kholifey received a bachelor’s degree in law from the King Saud University. He also obtained a master’s degree in business administration and a Ph.D. in economics from Colorado State University, US.
He started his career as a legal specialist at the Ministry of Petroleum and Mineral Resources, which was in 2019 divided into two ministries the Ministry of Industry and Mineral Resources and the Ministry of Energy. In 1995, he joined SAMA where he worked as an economic adviser and director general of its economic research and statistics department.
By Reuters Staff
2 Min Read
LONDON (Reuters) - Saudi Arabia’s king appointed Fahad al-Mubarak as central bank governor, his second stint in one of the most sensitive positions in the kingdom replacing Ahmed al-Kholifey, a decree carried on state media on Sunday said.
Mubarak, who had helmed the Saudi Central Bank (SAMA) from 2011-2016, was previously chairman and managing director of Morgan Stanley, Saudi Arabia, and has also served as chairman of the Saudi stock exchange.
He was succeeded as governor in 2016 by Kholifey, who guided SAMA during a sharp economic contraction last year caused by lower crude prices and COVID-19. Kholifey will become an adviser at the royal court, the decree said.
Saudi Arabia replaces central bank governor
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Ahmed Alkholifey is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016 January 26, 2021
Saudi Arabia replaced its central bank governor and said it would more than double the size of its sovereign wealth fund by 2025 as Crown Prince Mohammed bin Salman sets the stage for a flagship investment conference this week.
Ahmed Alkholifey was removed from his position heading the monetary authority. He is being replaced by Fahad Al-Mubarak, who was central bank governor from 2011 to 2016. The reason for the change wasn’t given.
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Saudi Arabia’s Public Investment Fund launched a five-year strategy on Sunday, with aim of doubling assets to $1.07 trillion, help create jobs and pump billions of dollars into the kingdom s non-oil economy.
The sovereign wealth fund will invest a minimum of $40 billion a year into the domestic economy until 2025 and help create 1.8 million jobs. It will contribute $320bn to the kingdom s non-oil economy.
The PIF created 10 new sectors, launched over 30 new companies, created 331,000 jobs in Saudi Arabia, and tripled assets under management to nearly $400 billion over past four years, Yasir Al-Rumayyan, governor of the sovereign wealth fund said. We will continue to drive the economic transformation of Saudi Arabia and enable the private sector, Mr Al-Rumayyan said. Core to our strategy is our focus on funding new human futures by improving quality of life, driving environmental and economic sustainability, and developing new sectors and jobs.