Mohammed al-Jadaan was appointed as anew Saudi finance minister by royal decree replacing the former minister Ibrahim Alassaf since 1996. Al-Jadaan was ahead of the Capital Market Authority, overseeing regulatory requirements with the opening of the Saudi stock market to the foreign investors over the last year.
Alassaf, is the last veteran minister of the Saudi cabinet , along with series of governmental changes after King Salman took office last year. Alassaf will continue as a minister of State and a member of the Council of Ministers. Also the royal decree transferred responsibility for consumer protection to Health Minister Tawfiq Al-Rabiah. The change may be in order to support economic reform plan during low oil prices. There are new appointments for the Public Transport Commission and the Saline Water Conversion Corporation (SWCC), which supplies generates electricity and water.
There are no predictions about grand shift in the Saudi politics and economy after Alassaf's removal, especially Mohammed bin Suleiman oversees a large part of political and economic conditions in Saudi Arabia.