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HOUSE_OVERSIGHT_016114

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Expanded role for the Oil Ministry under Vision 2030 The Ministry of Petroleum and Mineral Resources has been expanded to become the Ministry of Energy, Industry and Mineral Resources. It will be dedicated for energy, in addition to expanding to encompass responsibilities relating to electricity and industry. It will also undertake the management of the National Industrial Cluster Development Program (NICDP). The new Minister will chair the board of directors of the Royal Commission for Jubail and Yanbu, the Industrial Development Fund, the Saudi Organization for Industrial Estates and Technology Zones, the Saudi Geological Survey, the King Abdulaziz City for Science and Technology, the Saudi Exports Development Authority and the King Abdullah City for Atomic and Renewable Energy. Energy sector liberalization drives non-oil diversification The wider role for the Ministry of Energy, Industry and Mineral Resources is in line with the expanded industrial responsibilities foreseen for Saudi Aramco in the Vision 2030. It may also suggest a continued desire to liberalize the energy sector. The National Industrial Cluster Development Program (NICDP), established in October 2012 by the Ministry of Petroleum and Mineral Resources and the Ministry of Commerce and Industry, could likely gain further importance in the industrialization strategy adopted in the Vision 2030. The NICDP will be managed by the Ministry of Energy. It seeks to leverage Saudi Arabia’s comparative advantage in energy, petrochemicals and minerals to create sustainable export oriented industries, initially focused on the automotive, construction material, appliances, metal processing and flexible packaging sectors. Restructuring the Cabinet and other government bodies The Ministry of Commerce and Industry will become the Ministry of Commerce and Investment and sees the appointment of a new Minister. The new Minister will chair the board of directors of the General Authority for Investment, the General Auth

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