Saudi Arabia Reconstitutes Cabinet, Retains All Ministers; Leadership Changes at Two Key Economic Bodies

RIYADH: Saudi Arabia’s King Salman bin Abdulaziz has approved the reconstitution of the Council of Ministers, headed by Crown Prince and Prime Minister Mohammed bin Salman, with all existing ministers retaining their positions.

The royal decision comes after the completion of the four-year term of the Council of Ministers, in accordance with Saudi Arabia’s Basic Law governing the Council. The reconstitution was announced through a series of royal decrees, with no major changes made to the ministerial lineup.

Crown Prince Mohammed bin Salman will continue to serve as prime minister and chair the Council of Ministers. His continued leadership ensures policy continuity as the Kingdom pursues its economic and social transformation agenda under Saudi Vision 2030.

Alongside the cabinet reconstitution, King Salman issued separate royal decrees introducing leadership changes at two important economic institutions: the Local Content and Government Procurement Authority and the Capital Market Authority.

Under one of the decrees, Energy Minister Prince Abdulaziz bin Salman was appointed chairman of the board of the Local Content and Government Procurement Authority. He replaces Bandar bin Ibrahim Al-Khorayef, who was relieved of his position as chairman of the authority’s board.

The Local Content and Government Procurement Authority plays a significant role in Saudi Arabia’s efforts to increase domestic content and strengthen local industries. Its mandate includes promoting local products and services, supporting domestic suppliers and maximizing the economic value generated through government procurement.

The leadership change comes as Saudi Arabia continues to emphasize localization, domestic manufacturing and the development of national supply chains as part of its broader economic diversification strategy.

In another royal decree, Mazen bin Turki Al-Sudairi was appointed chairman of the Capital Market Authority, with the rank and benefits of a minister. He replaces Mohammed bin Abdullah El-Kuwaiz, who was relieved of his position as chairman.

The Capital Market Authority is a key financial regulator in Saudi Arabia and is responsible for overseeing and developing the Kingdom’s capital market, including the regulation of securities activities and the promotion of market efficiency, transparency and investor protection.

The appointment comes at a significant stage in Saudi Arabia’s financial and economic transformation. The Kingdom is seeking to deepen its capital markets, attract domestic and international investment and expand the role of the private sector as part of Vision 2030.

The reconstituted cabinet will continue to oversee the implementation of major national transformation programs, including economic diversification, investment promotion, tourism development, infrastructure expansion, technological advancement and the development of non-oil sectors.

Crown Prince Mohammed bin Salman remains the central figure in the implementation of Vision 2030, which seeks to reduce the Kingdom’s dependence on oil revenues and establish new sources of economic growth through investment, tourism, technology, logistics, renewable energy, manufacturing and financial services.

The decision to retain the existing ministers while changing the leadership of two major economic institutions indicates an emphasis on continuity at the cabinet level while introducing new leadership in strategically important areas of the economy.

The Local Content and Government Procurement Authority is particularly important to Saudi Arabia’s localization strategy, while the Capital Market Authority has a central role in developing the country’s financial markets and supporting investment.

The latest royal decrees therefore maintain continuity in the Kingdom’s political and governmental leadership while making targeted changes in economic institutions that are closely linked to Saudi Arabia’s broader transformation agenda.

The changes are expected to support the Kingdom’s ongoing efforts to strengthen domestic production, improve government procurement, deepen financial markets and attract investment as Saudi Arabia advances toward the objectives of Vision 2030.