Saudi Arabia's King Salman broadened the role of Prince Abdulaziz bin Salman on Saturday, naming the Energy Minister to the additional post of Minister of Industry and Mineral Resources.
The appointment further consolidates Prince Abdulaziz's role at the centre of Saudi Arabia's economic transformation, bringing the kingdom's energy and industrial portfolios under his leadership as Riyadh continues to pursue its diversification plans.
Royal decrees reassigned Bandar Al Khorayef from Industry Minister to Acting Governor of the General Authority for Military Industries after the removal of Ahmed Al Ohali from the post, Saudi state media reported.
The step comes as Gulf oil producers are forced to cut crude exports due to the closure of the Strait of Hormuz, a vital waterway through which a fifth of global oil and gas supplies were shipped before the Iran war broke out on February 28.
Recent attacks on commercial shipping vessels in the Strait of Hormuz by Iran prompted the US to carry out strikes and impose sanctions on Tehran, with the two sides trading accusations of breaching the interim ceasefire.
Fitch Ratings has maintained its credit view on Saudi Arabia but sees the Arab world's largest economy slowing down in 2026, amid lingering challenges presented by the US-Iran war.
