Know What's Happening in Business

Saudi Arabia Turns to Fahad Al-Saif As Vision 2030 Faces Reality Check

Saudi Arabia has replaced veteran investment minister Khalid Al‑Falih with former HSBC banker Fahad Al‑Saif amid mounting pressure to boost foreign capital. Foreign direct investment last year accounted for just 2.1% of GDP, far short of Vision 2030 targets, while government debt is forecast to climb to 40% of GDP. Al‑Saif, who previously held senior roles at the Public Investment Fund, is expected to guide a more disciplined reform agenda. The shift signals a possible retreat from costly megaprojects such as The Line.