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Non-government Members Appointed on Saudi Central Bank’s Board

Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
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Non-government Members Appointed on Saudi Central Bank’s Board

Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)
Sheila Al-Rowaily has become the first woman to join the board of directors of Saudi Central Bank. (Asharq Al-Awsat)

The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, has agreed to appoint five non-government members to the Board of Directors of the Saudi Central Bank to lead the Kingdom’s financial sector.

Sheila Al-Rowaily, who worked with Saudi Aramco, has become the first woman to join the board of directors of Saudi Central Bank. Al-Rowaily held several positions in the Aramco, including managing global analysis and financial risks and heading the investment department in the treasury, in addition to her membership in a number of boards, including Hasanah Investment, Al Ahli and Saudi Bank and Saudi Aramco Investment Management.

She has served as chief executive of Wisayah Investment Company, a wholly owned subsidiary of Aramco, since 2019. Wisayah invests Saudi Aramco Group Companies’ pension funds, defined contribution funds and other long-term investment portfolios.

The royal order also included the appointment of Hamad bin Saud Al-Sayyari, who holds a Master’s degree in economics and assumed the position of governor of the Saudi Central Bank from 1983 to 2009, in addition to several positions such as Secretary-General of the Public Investment Fund and director of the Saudi Industrial Development Fund.

The new members also included Khalid bin Ahmed Al-Juffali, Vice President and Executive Partner of the Juffali Company, who chairs the board of directors of his privately-owned company, KJC, in New York City, and is the head of the Saudi-German Business Council. Al-Juffali has extensive experience in the field of investment and financing of major international projects.

Among the new members is Eng. Rashed bin Abdulaziz Al-Hamid, CEO and Chairman of the Board of Directors of Al-Rashed Al-Hamid Group. He participated in the establishment of the Riyad Bank, where he held several positions. He was a member of the Board of Directors of the Saudi Arabian Agricultural Bank and the Saudi Electricity Company, the Higher Commission for Tourism, as well as the Advisory Board of the International Finance Corporation.

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Saudi Minister of Industry: Geological Survey Authority to Play Key Role in Mining Over Next 25 Years

Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
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Saudi Minister of Industry: Geological Survey Authority to Play Key Role in Mining Over Next 25 Years

Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)
Prince Saud and the Minister of Industry during the Authority's ceremony. (Makkah Region)

Saudi Arabia’s Geological Survey Authority plays a vital role in uncovering the earth’s reserves of metals such as gold, zinc, and copper. According to Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, this role is set to expand significantly in the next 25 years as the Authority becomes central to advancing the mining sector.

Alkhorayef emphasized the commitment to continuing geological survey and exploration projects, providing critical data to investors. He highlighted initiatives launched by the Authority to transform the mining sector into the third pillar of the national economy.

The minister was speaking during a ceremony celebrating the 25th anniversary of the Saudi Geological Survey Authority. The event, held under the patronage of Prince Khalid Al-Faisal, Advisor to the Custodian of the Two Holy Mosques and Governor of the Makkah Province, was inaugurated by Prince Saud bin Mishaal bin Abdulaziz, Deputy Governor of the region, in the presence of senior officials and distinguished guests.

In an interview with Asharq Al-Awsat, Alkhorayef noted the significant influx of investment in Saudi Arabia’s mining sector.

“There is now a large number of investment applications in the mining sector. We are collaborating with other government entities to ensure site allocations for investors,” he said.

He added that new agreements are being signed daily, both for expansions by existing investors and for new entrants to the sector.

The data obtained from geological surveys and the Authority’s digital platform has positioned Saudi Arabia as a prime destination for mining investments,’ he stressed.

“The results we achieve through geological surveys and accurate data collection make Saudi Arabia a key focus for companies seeking to expand in the mining sector to secure future resource supplies,” added Alkhorayef.

He also underscored efforts to verify data through additional sampling and by concentrating on areas with the richest deposits, which enhances the credibility of Saudi mining data globally.

Saudi Arabia has implemented extensive geological survey projects, covering over 85% of the country’s territory through advanced geophysical and geochemical techniques.

Alkhorayef highlighted the General Geological Survey Program and the initiative to build a National Geological Data Repository. These efforts have increased the estimated value of the Kingdom’s untapped mineral resources from SAR 4.9 trillion in 2016 to SAR 9.4 trillion at the beginning of 2024.

At the ceremony, the Deputy Governor of Makkah Province unveiled the Saudi Geological Survey Authority’s new logo, reflecting its geological identity and ongoing efforts to map the Kingdom’s resources while promoting cultural and environmental awareness. The event also included recognition for the Authority’s founding committee members and ceremony sponsors.

Alkhorayef noted that the Authority has completed more than 500 specialized projects across various earth science fields. These include geological mapping at various scales, mineral exploration, geophysical, geochemical, and marine surveys, geological hazard monitoring and mitigation, and mining research and studies.

He pointed to the Authority’s emphasis on developing its human resources, recognizing that their dedication and expertise have been pivotal to its success and to earning widespread acclaim for its accomplishments.

In his remarks marking the Authority’s 25th anniversary, Alkhorayef acknowledged the significant national efforts in exploring mineral wealth over the past quarter-century.

These efforts have led to major discoveries that have positively impacted multiple sectors, he said, adding that discoveries of key minerals like phosphate, potassium, gold, and silver, as well as strategic mineral reserves, have bolstered investments and spurred the growth of the mining sector.