A Royal Order reconstitutes the Cabinet under the chairmanship of the Crown Prince with its current members, appoints Prince Abdulaziz bin Salman Chairman of the Board of the Local Content and Government Procurement Authority, and names Mazen Al-Sudairi Chairman of the Capital Market Authority with the rank of minister.

Jeddah | BETH

Three Royal Orders were issued on Thursday, reconstituting the Cabinet under the chairmanship of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, with its current members, alongside new appointments at the Local Content and Government Procurement Authority and the Capital Market Authority.

The first Royal Order reconstituted the Cabinet under the chairmanship of the Crown Prince with its current members, pursuant to Article 9 of the Law of the Council of Ministers, which stipulates that the Cabinet’s term may not exceed four years and that it must be reconstituted by Royal Order during that period.

Reconstituting the Cabinet with its current members affirms the continuity of the existing ministerial structure and the continued implementation of policies, programs, and projects associated with the objectives of Saudi Vision 2030.

Local Content

The second Royal Order relieved His Excellency Bandar bin Ibrahim Al-Khorayef of his position as Chairman of the Board of the Local Content and Government Procurement Authority and appointed His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud as Chairman of the Board.

The new appointment gives the authority a direct connection to one of the Kingdom’s most important investment and industrial sectors, as the energy sector is linked to extensive supply chains, major projects, and growing opportunities to localize industries, services, and technologies.

The order does not affect Al-Khorayef’s position as Minister of Industry and Mineral Resources and is limited to his chairmanship of the authority’s board.

Capital Market

The third Royal Order relieved His Excellency Mohammed bin Abdullah Al-Kuwaiz of his position as Chairman of the Board of the Capital Market Authority and appointed His Excellency Mazen bin Turki Al-Sudairi as Chairman of the Board with the rank of minister.

The appointment comes at a time when the Saudi capital market is witnessing growth in listings and investment products, expanding participation by international investors, and a greater role in financing the economy and diversifying sources of capital.

Significance of the Orders

The Royal Orders reflect three interconnected directions:

• Maintaining the continuity of the Cabinet’s composition under the leadership of the Crown Prince.
• Strengthening the connection between local content, major sectors, supply chains, and localization.
• A leadership transition at the Capital Market Authority during a phase requiring the continued development of the market, investor protection, and greater market depth and efficiency.

By maintaining continuity in the Cabinet while renewing the leadership of two influential economic authorities, the Royal Orders combine stability of direction with the development of the tools required for implementation.