King Salman bin Abdulaziz Al Saud on Monday appointed market regulator Mohammed al-Jadaan as the country’s new finance minister.

Al-Jadaan replaces Ibrahim Abdulaziz Al-Assaf who has held the position since 1996.

In a royal decree announced on state television, Al-Assaf was made minister of state and will remain a member of the Council of Ministers, known as the Saudi Cabinet.

Al-Jadaan was formerly the chairman of the Saudi Capital Market Authority.

Saudi Arabia’s long-serving oil minister Ali al-Naimi was replaced in a major government reshuffle in May.

Saudi Arabia, the world’s largest oil exporter, has been hard hit by a recent slump in world energy prices.

Source: Anadolu