Saudi Arabia appointed Khalid al-Falih, chairman of the state oil giant Saudi Aramco, as its new energy minister, replacing Ali al-Naimi, who had held the post since 1995. He will be heading the Ministry of Energy, Industry and Mineral Resources. Currently, Khalid al-Falih is considering plans of selling part of Aramco in an initial public offering. That planned IPO, which could value the energy giant between $2 trillion and $3 trillion, is a part of the broader reform of the kingdom's economy.

The government intends to step up fiscal revenues by $30 bln a year by reducing public spending on corporations.

The commerce and industry ministry was renamed the Ministry of Commerce and Investment, and Majed Al-Qasabi, formerly social affairs minister, was named its head. The goal of the ministry is to increase a share of the small business to 35% of GDP from 25% previously. Investors are awaiting a new legislation on bankruptcy, which is supposed to simplify the formality.

Saudi Arabia's top central banker, Monetary Agency Governor was replaced by Ahmed Alkholifey, formerly a deputy governor at the agency.

In 2015, forex reserves were tapering by $10 bln per month to $580 bln. The funds were spent to fill in the budget gap.

A General Authority for Entertainment and Culture will be established. Ex-healthcare minister Ahmed bin Aqeel Al-Khateeb is put in charge.

Deputy Crown Prince Mohammed bin Salman is determined to diversify the world's largest oil economy. “We have an addiction to oil. This is dangerous. I think that by 2020 we can live without it," he told Al Arabiya television.

It is an extraordinary claim for a government that has historically relied on oil exports for 90% of its income.