Saudi Arabia sacked Finance Minister Dr Ibrahim bin Abdulaziz Al-Assaf and replaced him with Mohammed bin Abdullah bin Abdulaziz Al-Jadaan, a Royal order said.

Another Royal order Al-Assaf was appointed as Minister of State and Member of the Cabinet, said an SPA news agency report.

Al-Jadaan is currently the Capital Markets Authority chairman.

Al-Assaf, 67, who had held the post since 1996, had been the last veteran member of Cabinet to remain in a key post through a series of government reshuffles after King Salman assumed power last year, an Arab News report said.

Monday’s decree also appointed new chiefs for the Public Transport Commission and the Saline Water Conversion Corporation.

It transferred responsibility for consumer protection from the Ministry for Commerce and Investment to Health Minister Tawfiq Al-Rabiah.