Ma'aden appoints sovereign wealth fund head as chairman

Former Saudi energy minister Khalid Al Falih resigned from his position as chairman of the board on Friday

Yasir Rumayyan is now chairman of Saudi Aramco as well as mining company Ma'aden. Pawan Singh / The National
Yasir Rumayyan is now chairman of Saudi Aramco as well as mining company Ma'aden. Pawan Singh / The National

Saudi Arabian Mining Company, also known as Ma’aden, appointed Yasir Al Rumayyan, the head of the sovereign wealth fund Public Investment Fund, as chairman of the miner.

The appointment follows the resignation of Khalid Al Falih, a former Saudi energy minister whose ministry also included the mineral resources portfolio.

Mr Al Rumayyan also replaced Mr Al Falih as chairman of state oil company Saudi Aramco this month.

Mr Al Falih tendered his resignation on Friday citing “special circumstances”, the largest mining company in the Arabian Gulf said in a regulatory filing to Tadawul stock exchange where its shares trade.

His resignation was accepted by the board of Ma’aden the following day.

Mr Al Rumayyan, a long-time banker and head of the kingdom’s wealth fund with $320 billion in assets, will hold his position until the end of the current board term on October 24, 2020.

Following Mr Al Falih’s departure, the Saudi energy ministry is now headed by Prince Abdulaziz bin Salman, an oil policy adviser for the kingdom and a veteran Opec diplomat. The move is regarded as a streamlining of efforts as the kingdom prepares to list 5 per cent of Saudi Aramco within the next 12 months, with priority given to a domestic listing.

Businessman Bandar Alkhorayef has been appointed head of the new industry and mineral resources ministry, and will assume responsibility for the portfolio in the next fiscal year.

His appointment comes at a time when Saudi Arabia is looking to maximise productivity from natural resources and mining sectors, as it pushes for job creation as part of its Vision 2030 strategy.

Updated: September 29, 2019 06:15 PM

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