HOUSE_OVERSIGHT_016114.jpg
2.07 MB
Extraction Summary
3
People
9
Organizations
3
Locations
2
Events
1
Relationships
3
Quotes
Document Information
Type:
Financial research report / government oversight document
File Size:
2.07 MB
Summary
This document is page 4 of a Merrill Lynch research report (GEMs Paper #26) dated June 30, 2016, discussing the economic and governmental restructuring in Saudi Arabia under 'Vision 2030.' It details the renaming and merging of various ministries, the appointment of a new Central Bank (SAMA) governor, and the strategic shifting of funds like the SFD and PIF. The document bears a 'HOUSE_OVERSIGHT' stamp, indicating it was part of an investigation, likely regarding financial ties or foreign influence, though no specific connection to Jeffrey Epstein is mentioned in the text of this specific page.
People (3)
| Name | Role | Context |
|---|---|---|
| Al-Mubarak | Former SAMA Governor |
Replaced in his post at the Saudi Arabian Monetary Agency.
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| Dr. Al-Kholifey | New SAMA Governor |
Former Deputy Governor for Research and International Affairs; his appointment suggests continued commitment to the U...
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| Deputy Crown | Government Leader (Implied Mohammed bin Salman) |
Report suggests authority is being concentrated in the Deputy Crown regarding the Saudi Fund for Development.
|
Organizations (9)
| Name | Type | Context |
|---|---|---|
| Merrill Lynch |
Financial institution producing the GEMs Paper.
|
|
| Ministry of Petroleum and Mineral Resources |
Renamed to Ministry of Energy, Industry and Mineral Resources.
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| National Industrial Cluster Development Program (NICDP) |
Managed by Ministry of Energy; focuses on industrialization strategy.
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| Saudi Aramco |
Foreseen to have expanded industrial responsibilities in Vision 2030.
|
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| Saudi Arabian Monetary Agency (SAMA) |
Underwent a change in Governor; maintains USD peg.
|
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| Council for Economic and Development Affairs |
New reporting line for the Saudi Fund for Development.
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| Public Investment Fund (PIF) |
Mentioned as a precedent for strategic changes happening at the SFD.
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| Royal Commission for Jubail and Yanbu |
Chaired by the new Minister of Energy.
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| House Oversight Committee |
Implied by the stamp 'HOUSE_OVERSIGHT_016114'.
|
Timeline (2 events)
2012-10
Establishment of the National Industrial Cluster Development Program (NICDP).
Saudi Arabia
Ministry of Petroleum and Mineral Resources
Ministry of Commerce and Industry
Locations (3)
| Location | Context |
|---|---|
|
Subject country of the report.
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Industrial city mentioned under Royal Commission.
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|
Industrial city mentioned under Royal Commission.
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Relationships (1)
Saudi Arabian Monetary Agency (SAMA) Governor Al-Mubarak has been replaced in his post by... Dr. Al-Kholifey.
Key Quotes (3)
"The Ministry of Petroleum and Mineral Resources has been expanded to become the Ministry of Energy, Industry and Mineral Resources."Source
HOUSE_OVERSIGHT_016114.jpg
Quote #1
"New SAMA Governor Al-Kholifey’s past policy pronouncements suggest continued commitment to the USD peg."Source
HOUSE_OVERSIGHT_016114.jpg
Quote #2
"The Saudi Fund for Development (SFD) new direct link to the Council for Economic and Development Affairs likely concentrates further authority in the Deputy Crown, in our view."Source
HOUSE_OVERSIGHT_016114.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (3,921 characters)
Expanded role for the Oil Ministry under Vision 2030
The Ministry of Petroleum and Mineral Resources has been expanded to become the Ministry of Energy, Industry and Mineral Resources. It will be dedicated for energy, in addition to expanding to encompass responsibilities relating to electricity and industry. It will also undertake the management of the National Industrial Cluster Development Program (NICDP). The new Minister will chair the board of directors of the Royal Commission for Jubail and Yanbu, the Industrial Development Fund, the Saudi Organization for Industrial Estates and Technology Zones, the Saudi Geological Survey, the King Abdulaziz City for Science and Technology, the Saudi Exports Development Authority and the King Abdullah City for Atomic and Renewable Energy.
The Ministry of Petroleum and Mineral Resources has been expanded to become the Ministry of Energy, Industry and Mineral Resources. It will be dedicated for energy, in addition to expanding to encompass responsibilities relating to electricity and industry. It will also undertake the management of the National Industrial Cluster Development Program (NICDP). The new Minister will chair the board of directors of the Royal Commission for Jubail and Yanbu, the Industrial Development Fund, the Saudi Organization for Industrial Estates and Technology Zones, the Saudi Geological Survey, the King Abdulaziz City for Science and Technology, the Saudi Exports Development Authority and the King Abdullah City for Atomic and Renewable Energy.
Energy sector liberalization drives non-oil diversification
The wider role for the Ministry of Energy, Industry and Mineral Resources is in line with the expanded industrial responsibilities foreseen for Saudi Aramco in the Vision 2030. It may also suggest a continued desire to liberalize the energy sector. The National Industrial Cluster Development Program (NICDP), established in October 2012 by the Ministry of Petroleum and Mineral Resources and the Ministry of Commerce and Industry, could likely gain further importance in the industrialization strategy adopted in the Vision 2030. The NICDP will be managed by the Ministry of Energy. It seeks to leverage Saudi Arabia’s comparative advantage in energy, petrochemicals and minerals to create sustainable export oriented industries, initially focused on the automotive, construction material, appliances, metal processing and flexible packaging sectors.
The wider role for the Ministry of Energy, Industry and Mineral Resources is in line with the expanded industrial responsibilities foreseen for Saudi Aramco in the Vision 2030. It may also suggest a continued desire to liberalize the energy sector. The National Industrial Cluster Development Program (NICDP), established in October 2012 by the Ministry of Petroleum and Mineral Resources and the Ministry of Commerce and Industry, could likely gain further importance in the industrialization strategy adopted in the Vision 2030. The NICDP will be managed by the Ministry of Energy. It seeks to leverage Saudi Arabia’s comparative advantage in energy, petrochemicals and minerals to create sustainable export oriented industries, initially focused on the automotive, construction material, appliances, metal processing and flexible packaging sectors.
Restructuring the Cabinet and other government bodies
The Ministry of Commerce and Industry will become the Ministry of Commerce and Investment and sees the appointment of a new Minister. The new Minister will chair the board of directors of the General Authority for Investment, the General Authority for Small and Medium Enterprises and the Saudi Standards, Metrology and Quality Organization. The Ministry of Labor will be merged with the Ministry of Social Affairs to form the Ministry of Labor and Social Development, and sees the appointment of a new Minister. The Ministry of Water and Electricity has been disbanded. The Ministry of Agriculture was renamed the Ministry of Environment, Water and Agriculture and expands its responsibilities into these areas. Two new Ministers for Transport and Health were appointed. The Ministry of Hajj has been renamed the Ministry of Hajj and Umrah and sees the appointment of a new Minister.
The Ministry of Commerce and Industry will become the Ministry of Commerce and Investment and sees the appointment of a new Minister. The new Minister will chair the board of directors of the General Authority for Investment, the General Authority for Small and Medium Enterprises and the Saudi Standards, Metrology and Quality Organization. The Ministry of Labor will be merged with the Ministry of Social Affairs to form the Ministry of Labor and Social Development, and sees the appointment of a new Minister. The Ministry of Water and Electricity has been disbanded. The Ministry of Agriculture was renamed the Ministry of Environment, Water and Agriculture and expands its responsibilities into these areas. Two new Ministers for Transport and Health were appointed. The Ministry of Hajj has been renamed the Ministry of Hajj and Umrah and sees the appointment of a new Minister.
The Saudi Fund for Development will now report to the Council for Economic and Development Affairs. The General Authority for Entertainment and the General Authority for Culture have been created. The Department of Zakat and Income Tax was renamed the General Authority for Zakat and Income, and will report to the Ministry of Finance.
New Central Bank Governor maintains commitment to USD peg
Saudi Arabian Monetary Agency (SAMA) Governor Al-Mubarak has been replaced in his post by SAMA Deputy Governor for Research and International Affairs Dr. Al-Kholifey. A number of officials were also appointed into various government and advisory roles. New SAMA Governor Al-Kholifey’s past policy pronouncements suggest continued commitment to the USD peg.
Saudi Arabian Monetary Agency (SAMA) Governor Al-Mubarak has been replaced in his post by SAMA Deputy Governor for Research and International Affairs Dr. Al-Kholifey. A number of officials were also appointed into various government and advisory roles. New SAMA Governor Al-Kholifey’s past policy pronouncements suggest continued commitment to the USD peg.
Watch the Saudi Fund for Development
The Saudi Fund for Development (SFD) new direct link to the Council for Economic and Development Affairs likely concentrates further authority in the Deputy Crown, in our view. Given that the Public Investment Fund (PIF) last saw similar links being established prior to plans being made for it to be turned into a Sovereign Wealth Fund (SWF), this could suggest further strategic changes may take place at the SFD.
The Saudi Fund for Development (SFD) new direct link to the Council for Economic and Development Affairs likely concentrates further authority in the Deputy Crown, in our view. Given that the Public Investment Fund (PIF) last saw similar links being established prior to plans being made for it to be turned into a Sovereign Wealth Fund (SWF), this could suggest further strategic changes may take place at the SFD.
4 GEMs Paper #26 | 30 June 2016
Merrill Lynch
HOUSE_OVERSIGHT_016114
Merrill Lynch
HOUSE_OVERSIGHT_016114
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