Saudi Arabia appoints new finance minister

November 1, 2016

Jeddah, Nov 1: Saudi Arabia has appointed Capital Market Authority Chairman Mohammed Al-Jadaan as its new finance minister by royal decree, replacing Ibrahim Al-Assaf, who had held the post since 1996.

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Al-Assaf, 67, had been the last veteran member of Cabinet to remain in a key post through a series of government reshuffles after Custodian of the Two Holy Mosques King Salman assumed power last year, including one in May that replaced the long-standing oil minister.

He has been made minister of state and will remain a member of the Council of Ministers, as the Saudi Cabinet is known, according to the royal decree.

The Finance Ministry is a key position in the Kingdom and the change is likely intended to support a wide-ranging economic reform plan to steward the Kingdom through an era of low oil prices.

As the CMA’s chairman, Al-Jadaan had overseen the loosening of regulatory requirements as Saudi Arabia opened its stock exchange to foreign investors over the last year.

Before his appointment as the CMA’s chairman of the board on Jan. 29, 2015, Al-Jadaan was one of the founding partners of the Al-Jadaan and Partners Law Firm and was listed in Chambers and Partners 2004-2014 as a leading lawyer in corporate/commercial and the banking/finance practice areas in Saudi Arabia.

Al-Jadaan has extensive experience in advising on all aspects of capital market, structuring, documenting and negotiating complex international project financings and providing counsel on corporate and commercial matters, including equity and debt public offering, mergers and acquisitions, joint ventures and shareholder agreements and matters pertaining to Islamic law and Islamic finance.

Al-Jadaan has also represented corporate and commercial clients before a number of key courts and judicial committees in Saudi Arabia.

He was also a special adviser to the board of directors at Morgan Stanley Saudi Arabia.
Al-Assaf, will remain a Cabinet member, received a bachelor of arts degree in economic and political science from King Saud University, Riyadh, in 1971.

He later obtained a master of arts degree in economics from the University of Denver in 1976 and a PhD in economics from Colorado State University in 1982.

Al-Assaf initially pursued a teaching career, becoming a teaching assistant and then visiting lecturer at King Abdulaziz Military Academy from 1971 to 1983.

He was appointed an assistant professor and head of the Department of Administrative Services in 1982, and served until 1986.

During that period, he also served as economic adviser to the Saudi Fund for Development.

After leaving academia, Al-Assaf moved to Washington, DC where he represented Saudi Arabia at the International Monetary Fund (IMF) and the World Bank.

In 1986, he was appointed alternate executive director at the IMF for Saudi Arabia.

He left in 1989 to take up the executive directorship for Saudi Arabia at the World Bank.

Upon his return to Saudi Arabia in 1995, he served briefly as vice governor of the Saudi Arabian Monetary Agency.

He left to join the Council of Ministers as minister of state in October 1995.

In January 1996, he was appointed minister of finance and national economy, a position that was renamed minister of finance in 2003.

He replaced Abdul Aziz Abdullah Al-Khuwaiter as finance minister.

In addition to being finance minister, Ibrahim is a member of the board of directors of Saudi Aramco (since 1996), chairman of the Saudi Fund for Development and member of the Public Investment Fund board.

Monday’s decree also appointed new chiefs for the Public Transport Commission and the Saline Water Conversion Corporation.

It transferred responsibility for consumer protection from the Ministry for Commerce and Investment to Health Minister Tawfiq Al-Rabiah.

Al-Assaf last week said Saudi Arabia’s financial position remains strong despite sinking oil prices, although there is “some pressure” on bank liquidity.

“We have been able to maintain a good position in public finances,” Al-Assaf said.

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News Network
April 14,2024

Qatar and Kuwait have banned any use of their airspace and air bases for attacks against Iran amid heightened tensions between Iran and the Israeli regime following an Israeli attack early this month on an Iranian diplomatic mission in Syria.

Reports on Saturday indicated that both Qatar and Kuwait had issued directives to the United States stressing that the US military will not be allowed to use air bases in the two countries for carrying out any potential airstrikes on Iran.

Qatar and Kuwait have also indicated that their airspace will not be available for any military action against Iran.

The US has military aircraft at the Ali Al Salem Air Base and Ahmed Al Jaber Air Base in Kuwait. The Al Udeid Air Base in Qatar is also the largest US air base in the West Asia region.

The directives issued by Iran’s two Arab neighbors come amid reports showing that Iran is preparing to respond to an Israeli airstrike that killed two of its senior military commanders in its consulate in the Syrian capital Damascus on April 1.

Washington has urged Iran to deescalate while saying that it will defend Israel in case it is attacked.

Iran, which has no direct relations with the US, has called on regional Arab countries to advise the US not to interfere if Israel is attacked.

Countries have been wary of a major confrontation in the region more than six months into an Israeli onslaught on the Gaza Strip.

Reports show they have already limited the ability of the US to use their airspace and air bases for attacks on resistance groups that are allied with Iran and have been attacking Israeli and US interests in the region since the start of the Israeli aggression on Gaza.

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News Network
April 11,2024

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The head of the political bureau of Hamas says Israel’s assassination of his children will not make the Palestinian resistance group back down on its goals and demands in the latest round of talks aimed at reaching a truce in the Gaza war.

Ismail Haniyeh made the remarks in a phone interview with Qatar-based Al Jazeera TV network on Wednesday night, after an Israeli airstrike killed three of his sons — Hazem, Amir and Mohammad — and four grandchildren in the al-Shati refugee camp in the northern Gaza Strip. 

“Our demands are clear and specific and we will not make concessions on them. The enemy will be delusional if it thinks that targeting my sons, at the climax of the negotiations and before the movement sends its response, will push Hamas to change its position,” he said.

The Israeli military and the regime’s so-called internal security service, Shin Bet, confirmed killing Haniyeh’s sons, who were visiting relatives on the occasion of Eid al-Fitr before their vehicle was struck.

The assassination came at a time when Hamas was preparing a response to Israel’s proposal for a Gaza ceasefire delivered through mediators during the negotiations in Cairo.

Also in his remarks, Haniyeh said killing his sons would only make Hamas “more steadfast in our principles and adherence to our land.”

The resistance group, he added, would “not surrender, and […] not compromise […] no matter how great our sacrifices are.”

The Hamas leader also noted that around 60 members of his family, including nieces and nephews, have been martyred during the Gaza onslaught. 

“All our people and all the families of Gaza have paid a heavy price in blood, and I am one of them,” he said.

Haniyeh further decried Israel’s brutality in Gaza, saying the regime is conducting a war of ethnic cleansing and genocide on the besieged territory.

“There is no doubt that this criminal enemy is driven by the spirit of revenge and the spirit of murder and bloodshed, and it does not observe any standards or laws,” he stressed.

Erdogan extends condolences to Haniyeh

Türkiye’s President Recep Tayyip Erdogan has extended his condolences to Haniyeh over the deaths of several of his family members, the Turkish Communications Directorate said.

During the phone call on Wednesday, Erdogan said that Israel will be held accountable before the law for its crimes against humanity.

In addition, Turkish Vice President Cevdet Yilmaz condemned the attack and conveyed his condolences to Haniyeh.

”The Israeli administration will eventually be held accountable for these inhumane attacks under international law,” Yilmaz said on X.

Israel waged its bloody US-backed war on Gaza on October 7 after Hamas carried out its historic operation against the usurping entity in retaliation for the regime's intensified atrocities against the Palestinian people.

So far, the occupying regime has killed at least 33,482 Palestinians, mostly women and children, and injured 76,049 others.

Ansarullah’s reaction

Meanwhile, the Yemeni Ansarullah resistance group extended its condolences to Haniyeh.

“These great sacrifices … indeed strengthen the steadfastness of Palestinian people in the face of Israeli arrogance,” Ansarullah spokesman Mohammed Abdul-Salam stated.
On the threatened invasion of the city of Rafah in southern Gaza, Haniyeh said, “We will not submit to the occupying regime’s intimidation, as those who surrender will not be spared.”

Shati is the third-largest refugee camp among the eight in the Gaza Strip, and also one of its most crowded, with thousands of people living in an area of less than half a square kilometer.

Ismail Haniyeh, who now lives in Qatar, is originally from Shati camp.

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News Network
April 9,2024

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More decomposed bodies have been found inside al-Shifa Hospital in Gaza, amid operations to recover bodies of the victims of one of the largest massacres committed by Israel against the Palestinians, Euro-Med Human Rights Monitor says.

The founder and chairman of the group Ramy Abdu said in a series of social media posts that “operations to discover bodies executed by the Israeli army at al-Shifa Hospital continue.”

He published a “shocking” video that showed rescue teams, civil defense, and forensic evidence finding more decomposed bodies.

“It seems we are witnessing one of the largest massacres committed by Israel against the Palestinian people in history.”

Abdu said the video confirmed the Geneva-based rights group’s report on field execution operations carried out by the Israeli forces during their recent attack on al-Shifa.

“Horror: Doctors, nurses, displaced persons, administrators at the hospital, children, women. This is what is revealed after the Israeli army's withdrawal from al-Shifa Hospital. Dozens of people were executed in the field,” he said.

According to his remarks, the Israeli army placed the bodies inside pits it had dug.

On March 18, Israeli forces started a new wave of attacks on Gaza’s main hospital, al-Shifa, and imposed a two-week siege on it. 

On April 1, the Gaza Health Ministry said Israeli forces withdrew tanks and vehicles from al-Shifa, adding that dozens of bodies, some of them decomposed, had been found at the complex after the Israeli pullout, which also left behind a vast swath of destruction.

Israel first raided the hospital in Gaza City last November.

Al-Shifa, Gaza’s largest hospital, has sheltered thousands of Palestinians who fled Israel’s invasion in the northern parts of the territory.

The Israeli military claimed that the Palestinian resistance movement Hamas is using the facility to “conduct and promote terrorist activity.” Hamas has repeatedly denied operating from Shifa and other health facilities.

The chief of the World Health Organization (WHO) has said al-Shifa is no longer functional because of months of Israeli siege and attacks on the facility.

Israel launched the war on Gaza on October 7 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Storm against the occupying entity in response to the Israeli regime’s intensified violence against Palestinians.

Since the start of the offensive, the Tel Aviv regime has killed 33,207 Palestinians and injured nearly 75,933 others.

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