Saudi Arabia created a new ministry for industry and mineral resources, separati...
RIYADH - Saudi Arabia created a new ministry for industry and mineral resources, separating it from the kingdom’s colossal energy ministry, and replaced the powerful head of the royal court, in a series of royal orders issued late on Friday.
Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms. But despite ambitious plans for industry and mining, the sectors have seen relatively little development. Saudi economist Fawaz al-Fawaz said the split was a step in the right direction but still not enough. “There are scattered efforts in local content and military manufacturing and a constant lack of investment. We need more thought,” he said on Twitter.
Riyadh launched a sweeping anti-corruption campaign two years ago which netted princes, senior officials and top businessmen. Critics said the campaign amounted to a power play and shakedown of political rivals.
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