Saudi Arabia establishes separate Ministry for Industry and Mineral Resources

Riyadh, the financial center of Saudi Arabia
Riyadh, the financial center of Saudi Arabia

SaudiArabia's King Salman on Friday issued royal decrees, including a decree to setup a new Ministry of industry and mineral resources to be separated from the Ministryof Energy.

Theroyal decree appointed businessman Bandar bin Ibrahim Al-Khorayef to head thenew Ministry, which will become fully independent from January 1.

Thenew ministry will assume its duties at the beginning of the 2020 fiscal year.Until then, the responsibilities will be handled by the Ministry of Energy,said the decree.

Industryand mining sectors are vital to Saudi Arabia's plans to diversify the economyof the world's largest oil exporter, with the aim of reducing its dependence onoil crude.Anotherroyal decree stipulated that the Riyadh Development Authority betransformed into a Royal Commission under the name of "The Royal Commissionfor Riyadh", where all tasks related to major national projects in theSaudi capital will be transferred

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