New Economic Leadership Appointed Across Key Bodies

Saudi Arabia moved to strengthen its economic governance with a series of leadership decrees issued on 13 August 2026, reshaping the top posts at several key economic bodies and reconstituting the Cabinet under Crown Prince Mohammed bin Salman.

Under the decrees, Mazen bin Turki Al Sudairi was named chairman of the Capital Market Authority, while Prince Abdulaziz bin Salman became chairman of the board of the Local Content and Government Procurement Authority. The changes come alongside the reconstitution of the Cabinet on the same day.

The moves follow the earlier appointment of Abdulaziz bin Abdulrahman Al-Arifi as governor of the National Development Fund in February 2026. Under the fund's amended regulation, its governor is appointed by royal order, reflecting the weight placed on its oversight role.

Why it matters

The National Development Fund oversees the Kingdom's main sectoral development banks and funds, including the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, and the Human Resources Development Fund. These institutions channel financing into housing, industry, agriculture, small businesses, and workforce support.

For residents and business owners across the Kingdom, the reshaped leadership signals continued focus on capital markets, local content in government contracts, and the development financing that underpins jobs and services. The changes are part of the broader push to sharpen economic decision-making and institutional oversight across the country.

---

Stay updated with the latest news, events, sports updates, business insights, real estate and lifestyle stories on Saudi Living — the leading online platform for residents, expats, and visitors in Saudi Arabia.

Follow Saudi Living for daily updates:

• Instagram - @saudiliving
• X - @saudiliving
• Facebook - @saudiliving
• YouTube - @saudiliving