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Falih’s ‘empire’ scaled down, Aramco IPO accelerated in MBS’s latest reshuffle
The reshuffle ordered by Crown Prince Mohammed Bin Salman (MBS) on 30 August downsized Khalid Al-Falih’s bureaucratic empire, as one of the Saudi economy’s major players was replaced as chairman of Saudi Arabian Oil Company (Aramco), while his sprawling Ministry of Energy, Industry and Mineral Resources empire was broken up. MBS’s favoured vehicle for enacting economic reform, the Public Investment Fund (PIF), has gained further ground in the Saudi business and policy hierarchy, as its head Yasir Al-Rumayyan is taking over as Aramco chairman.
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