King Salman bin Abdulaziz Al Saud on Monday appointed market regulator Mohammed al-Jadaan as the country’s new finance minister.
Al-Jadaan replaces Ibrahim Abdulaziz Al-Assaf who has held the position since 1996.
In a royal decree announced on state television, Al-Assaf was made minister of state and will remain a member of the Council of Ministers, known as the Saudi Cabinet.
Al-Jadaan was formerly the chairman of the Saudi Capital Market Authority.
Saudi Arabia’s long-serving oil minister Ali al-Naimi was replaced in a major government reshuffle in May.
Saudi Arabia, the world’s largest oil exporter, has been hard hit by a recent slump in world energy prices.