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Saudi Arabia: Reshuffles and ratings downgrade ahead of Aramco IPO

Energy and foreign affairs reshuffles: Several rounds of government reorganisation started in late August, as Crown Prince Mohammed Bin Salman (MBS) has sought to inject more life into his economic reform programme and prepare for Saudi Aramco’s initial public offering (IPO). A big loser was Khalid Al-Falih, who was replaced as Aramco chairman by Public Investment Fund head Yasir Al-Rumayyan. Falih also lost control of the industry and mineral resources ministerial portfolios and on 8 September was replaced as energy minister by Prince Abdelaziz Bin Salman.

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