King Salman Names Al-Mubarak as New Central Bank Governor

Saudi Arabia's King Salman issued a decree to appoint Fahad Al-Mubarak as governor of the central bank in his second assignment in one of the most sensitive positions in the kingdom, succeeding Ahmed al-Kholifey.

Mubarak was previously Chairman and Managing Director of Morgan Stanley in Saudi Arabia, and also served as Chairman of the Board of Directors of the Saudi Stock Exchange. He also managed the Central Bank (SAMA) from 2011-2016.

Former governor al-Kholifey, who will become an advisor to the royal court, led the bank during the sharp economic downturn last year due to lower crude oil prices and the spread of COVID-19.

In March, SAMA launched a stimulus package worth 50 billion riyals or $13.3 billion to support the private sector. In June, it announced pumping another 50 billion riyals into the banking sector to support liquidity.