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 published by state media relieved Bandar Alkhorayef of his role as Industry Minister and appointed him as Acting Governor of the General Authority for Military Industries (GAMI) after the dismissal of Ahmed Al Ohali from the post.
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 transited before the Iran war broke out on February 28.
Recent attacks on commercial shipping vessels in the Strait of Hormuz, blamed on Tehran, triggered US strikes and sanctions in response, with both sides trading accusations of violating the agreement.
Fitch Ratings has maintained its credit view on Saudi Arabia, but sees the Arab world's biggest economy slowing down in 2026, amid lingering challenges presented by the US-Iran war.
