RIYADH — Faisal Al-Ibrahim, the new minister of economy and planning, is a seasoned economist who has held several key positions related with economy and planning. Custodian of the Two Holy Mosques King Salman issued on Monday a royal decree appointing him as minister of economy and planning. Al-Ibrahim had held the position of deputy minister of economy and planning at the excellent rank since Feb. 26, 2018 until his new appointment. He served as the supervisor of the secretariat of the Council of Economic and Development Affairs (CEDA). He also holds the position of secretary of the Board of Directors of the National Development Fund, in addition to his membership in a number of councils and committees. Al-Ibrahim also served as advisor at the Ministry of Economy and Planning between 2016 and 2018, and advisor at the Saudi Royal Court between 2016 and 2018. Holder of MBA degree from the Massachusetts Institute of Technology, Al-Ibrahim secured a bachelor's degree in economics and another bachelor's degree in accounting from Pennsylvania State University. Al-Ibrahim had held several key roles at Saudi Aramco during his stint at the oil giant and these included vice president of Aramco Development, and head of Mergers and Acquisitions in New Business Development. He also served as Project Manager of King Salman International Complex for Marine Services and Industries in Ras Al-Khair for Commercial and Financial Affairs, and project manager for the merger of operations and fleet company Vela and Bahri. Vela International Marine Limited, a subsidiary of Saudi Aramco signed landmark merger agreement with the Saudi National Shipping Company (Bahri), resulting in the creation of Vela and Bahri, one of the world's largest shipping companies.
