CAIRO, Feb. 12 (Xinhua) -- The Saudi leadership has issued a royal decree dismissing the country's investment minister, Khalid bin Abdulaziz Al-Falih, multiple media outlets reported Thursday.

This photo taken on Dec 6, 2022 shows the city view of Riyadh, Saudi Arabia. (Photo: Xinhua)

The leadership has appointed Fahad bin Abduljalil Al-Saif as the new investment minister, according to the reports.

Al-Falih had been serving the post since February 2020.

Al-Saif has been mostly known for his roles in the Public Investment Fund, the country's sovereign wealth fund, as well as various corporate boards.