Saudi PIF names Al-Falih as Maaden chairman

Saudi Arabia’s Public Investment Fund (PIF), the government’s investment arm, has appointed Khalid Al-Falih, who serves as chairman of Saudi Aramco, as the chairman of Saudi Arabian Mining Co. (Maaden).

The kingdom's largest mining company also replaced its representatives on the board, it said in a statement to Tadawul. Abdullah bin Mohammed Al-Issa, prominent Saudi businesswoman Lubna Al Olayan, and Abdullah bin Ibrahim Al-Saadan were named as non-executive board directors.

The new replacements, effective on April 28, are part of the government’s plan to promote the mining sector and the kingdom’s economy.

They will be submitted for approval to Maaden’s upcoming general assembly meeting.

The company said that independent board directors Azzam bin Yaser Shalabi and Jean Shamo replaced Abdallah Saif Al-Saif and Abdul Aziz Al-Sugair who tendered their resignation for personal reasons.

PIF owns a 49.99 percent stake in Maaden.