Saudi Arabia establishes separate Ministry for Industry and Mineral Resources

Riyadh, the financial center of Saudi Arabia

Saudi Arabia’s King Salman on Friday issued royal decrees, including a decree to set up a new Ministry of industry and mineral resources to be separated from the Ministry of Energy.

The royal decree appointed businessman Bandar bin Ibrahim Al-Khorayef to head the new Ministry, which will become fully independent from January 1.

The new 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.

Industry and mining sectors are vital to Saudi Arabia’s plans to diversify the economy of the world’s largest oil exporter, with the aim of reducing its dependence on oil crude. Another royal decree stipulated that the Riyadh Development Authority be transformed into a Royal Commission under the name of “The Royal Commission for Riyadh”, where all tasks related to major national projects in the Saudi capital will be transferred