Prince Abdulaziz bin Salman has been appointed Minister of Industry and Mineral Resources while maintaining his current role as Minister of Energy. According to Bloomberg, this consolidation of portfolios aims to integrate energy, industry, and mining to support Saudi Arabia’s National Industrial Strategy and increase non-oil exports by 2030.
Integration of Energy, Industry, and Mining Portfolios
The appointment expands the mandate of Prince Abdulaziz bin Salman, granting him a broader role in leading the Kingdom’s industrial ambitions. The move is designed to align three closely linked sectors—energy, industry, and mining—which are tied through trade, supply chains, and non-oil exports.
Prince Abdulaziz bin Salman replaces Bandar Al-Khorayef in this role. According to Bloomberg, Al-Khorayef has been appointed as a Minister of State, a member of the Council of Ministers, and Governor of the General Authority for Military Industries.
Did You Know? Prince Abdulaziz bin Salman has previously served as a central decision-maker in global energy markets, leading Saudi oil policy through periods of high volatility and playing a key role in the OPEC+ alliance.
National Industrial Strategy and 2030 Economic Targets
The leadership change supports a strategy to transform Saudi Arabia into a global industrial power. The National Industrial Strategy seeks to raise the industrial sector’s contribution to the GDP to 895 billion riyals by 2030.
The Kingdom also aims to push non-oil exports beyond 550 billion riyals by 2030. This target represents roughly three times the export levels recorded in 2020.
Potential Impacts on Industrial Growth
Further steps may include accelerated efforts to diversify the economy away from oil, as the government seeks to triple non-oil exports compared to 2020 levels.
Frequently Asked Questions
Who replaced Bandar Al-Khorayef as Minister of Industry and Mineral Resources?
Prince Abdulaziz bin Salman was appointed to the position while continuing to serve as Minister of Energy.
What is the target for non-oil exports by 2030?
The Kingdom aims to increase non-oil exports to more than 550 billion riyals, which is approximately three times the 2020 levels.
What is the goal for the industrial sector’s contribution to the GDP?
The National Industrial Strategy targets a contribution of 895 billion riyals to the GDP by 2030.
How might the integration of energy and mining portfolios affect global industrial supply chains?
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