Saudi finance minister sacked by royal order in bid to retool economy

Finance Minister Ibrahim al-Assaf was replaced by Mohammed Aljadaan

Saudi Arabia on Monday sacked its veteran finance minister as the kingdom undergoes a major economic restructuring because of lower oil revenues.

Ibrahim al-Assaf "has been removed from his position", said a royal decree, one of a series of orders from King Salman, published by the official SPA news agency.

Assaf was replaced by Mohammed Aljadaan, head of the Capital Market Authority which regulates the stock market.

A foreign diplomat had told AFP weeks ago there was talk of changing the finance minister, who had been in the post for years.