With Saudi Arabia’s presidency of the G20 for 2020, attention has been shifted – among many things – to Minister of State Fahad Almubarak who has been the Kingdom’s G20 Sherpa since 2018.
The Saudi Sherpa at the G20 is a sign of competence and merit. Almubarak has assumed many major positions in the Kingdom’s economic sector and has accumulated years of experience in the private sector, becoming a trusted figure in the government.
He has played a role in developing the country’s financial market, managed the central bank and fiscal policies for years, and was chosen as a member of the Shura Council.
The word Sherpa may not be familiar to many people. According to Wikipedia, a Sherpa “is the personal representative of a head of state or government who prepares an international summit, particularly the annual G7 and G20 summits.”
The word, however, derives its meaning and name from Nepal, specifically a group that serves as guides and porters in the Himalayas.
So the G20 Sherpa effectively acts as an envoy ahead of the final summit, which the Kingdom is expected to host on November 21 and 22. He or she is tasked with preparations ahead of the main summit.
Almubarak boasts years of experience in fiscal policy, which allowed him to be appointed as the Kingdom’s Sherpa for this year’s summit.
The businessman served as Governor of the Saudi Arabian Monetary Authority from 2011 to 2016. He has also been a Royal Court Advisor since 2015 and the Secretary-General of G20 Saudi Secretariat, as well as Member of the SABIC Board of Directors’ Investment Committee since 2017.
He was a member of the Shura council from 1999 to 2005. He served as Chairman of the Board of the Saudi stock exchange, Tadawul, from 2003 to 2011.
He was a member of the Board of Etihad Etisalat (Mobily) from 1998 to 2003, Chairman of the Board of Morgan Stanley Saudi Arabia from 2005 to 2011 and member of the Board of Malaz Group from 2000 to 2002.
From 1992 to 1999, Almubarak served as the CEO of Rana Investment Company.
He holds a Bachelor of Science Degree in Civil Engineering from Southern Methodist University, Texas, Master's degree in Business Administration, Master's degree in Engineering Management, Master's degree in Accountancy and Taxation and PhD degree in Business Administration from the University of Houston, Texas.