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Faisal Bin Fadel Bin Mohsen Al-Ibrahim was named economy and planning minister in a series of royal orders by King Salman Bin Abdelaziz Al-Saud on 3 May. He is the third economy minister in the past 14 months. Al-Ibrahim, an alumnus of Saudi Aramco, had been deputy minister of economy and takes over from finance minister Mohammed Al-Jadaan, who had been acting economy minister since March 2020.
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