1996 News Story

Royal Decree issued for new finance minister

On behalf of Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz, Crown Prince Abdullah Bin Abdul Aziz today issued royal decree no. A/184 whereby Dr Ibrahim Bin Abdul Aziz Bin Abdullah Al-Assaf is appointed Minister of Finance and National Economy.

Dr. Al-Assaf was born in 1949.   He is married and has four children.  In 1971 he earned his BA in economics and political science from the King Saud University in Riyadh.   In 1976 he obtained an MA in economics from Denver University in Colorado, USA, with a thesis entitled: ‘OPEC and the World Oil Market’;  and in 1982 a Ph.D. in economics from Colorado State University, Fort Collins, Colorado, USA, with his paper: ‘A Quantitative Study on the Economic Impact of Expatriates in the Kingdom of Saudi Arabia’.

At King Abdul Aziz Military College in Riyadh he taught principles of economics from 1971 to 1982, and from 1982 to 1986 he was associate professor of economics and head of the Department of Administrative Sciences.   He also gave lectures (1982-3) at the College of Command and Staff, and was part-time adviser (1982-86) to the Saudi Development Fund.

In1986 Dr. Al-Assaf moved to Washington DC to become the alternate Saudi executive director at the International Monetary Fund (IMF).   From 1989 to 1995 he was the executive director for the Kingdom of Saudi Arabia on the executive board of the World Bank Group, which includes the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

During his time with the World Bank Group, Dr. Al-Assaf was chairman (1993 to 1995) of the Executive Directors’ Steering Committee; chairman of the ad hoc committee for the formation of by-laws for the election of executive directors (1992 to 1994);  chairman of the audit committee for MIGA;  vice-chairman of the joint audit committee for IBRD and IFC;  member of the IBRD administration policy committee;  member of the administrative affairs committee for retirement appropriations; and member of the ad hoc committee for reviewing board committees.  He was ultimately dean of the board of executive directors of the World Bank Group.

In June 1995 he returned to Riyadh on his appointment as vice-governor of the Saudi Monetary Agency (SAMA).  On October 19, 1995, royal decree A/110 was issued appointing him Minister of State and Member of the Council of Ministers.

Dr. Al-Assaf is an active participant in a large number of international and regional economic forums, including the Saudi Economics Society in Riyadh, the Arab Association for International Studies in Washington DC, and the board of trustees of the Saudi Islamic Academy in Alexandria, Virginia.

In appointing Dr. Al-Assaf as the new Minister of Finance and National Economy, Crown Prince Abdullah Bin Abdul Aziz, Deputy Prime Minister and Commander of the National Guard, on behalf of Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz, expressed thanks and appreciation to Dr. Abdul Aziz Al-Khoweiter, the Minister of State and Member of the Council of Ministers who has been acting in this post.