Ibrahim Abdulaziz Al-Assaf
Encyclopedia
Dr. Ibrahim bin Abdulaziz bin Abdullah Al-Assaf is the current Finance Minister of Saudi Arabia.
. He received his Bachelor of Arts in Economic and Political Science from King Saud University
, Riyadh
in 1971. He later obtained a Master of Arts in Economics from the University of Denver
in 1976 and a Ph.D in Economics from Colorado State University
in 1982.
He is married with four children.
He initially pursued a teaching career, becoming a teaching assistant and then visiting lecturer at King Abdulaziz Military Academy from 1971 to 1983. He was appointed an assistant professor and head of the Department of Administrative Services in 1982, and served until 1986. During that period, he also served as economic adviser to the Saudi Fund for Development
.
for Saudi Arabia. He left in 1989 to take up the executive directorship for Saudi Arabia at the World Bank
.
Upon his return to Saudi Arabia in 1995, he served briefly as vice governor of the Saudi Arabian Monetary Agency
, the country's central bank. He left to join the Council of Ministers
as Minister of State
in October 1995. In January 1996, he was appointed Minister of Finance and National Economy, a position that was renamed Minister of Finance in 2003.
In addition to being finance minister, Dr. Ibrahim is a member of the board of directors of Saudi Aramco
, the state-owned national oil company, chairman of the Saudi Fund for Development and member of the Public Investment Fund board.
Biography
Dr. Ibrahim was born in the Qassim Province in central Saudi ArabiaSaudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
. He received his Bachelor of Arts in Economic and Political Science from King Saud University
King Saud University
King Saud University is a public university located in Riyadh, Saudi Arabia. It was founded in 1957 by King Saud bin Abdul Aziz as Riyadh University, as the first university in the kingdom not dedicated to religious subjects. The university was created to meet the shortage of skilled workers in...
, Riyadh
Riyadh
Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of Riyadh Province, and belongs to the historical regions of Najd and Al-Yamama. It is situated in the center of the Arabian Peninsula on a large plateau, and is home to 5,254,560 people, and the urban center of a...
in 1971. He later obtained a Master of Arts in Economics from the University of Denver
University of Denver
The University of Denver is currently ranked 82nd among all public and private "National Universities" by U.S. News & World Report in the 2012 rankings....
in 1976 and a Ph.D in Economics from Colorado State University
Colorado State University
Colorado State University is a public research university located in Fort Collins, Colorado. The university is the state's land grant university, and the flagship university of the Colorado State University System.The enrollment is approximately 29,932 students, including resident and...
in 1982.
He is married with four children.
He initially pursued a teaching career, becoming a teaching assistant and then visiting lecturer at King Abdulaziz Military Academy from 1971 to 1983. He was appointed an assistant professor and head of the Department of Administrative Services in 1982, and served until 1986. During that period, he also served as economic adviser to the Saudi Fund for Development
Saudi foreign assistance
Since the 1970s Saudi Arabia has provided foreign assistance to many countries and organizations.Between 1976 and 2006, Saudi developmental aid amounted to US$49 billion, second only to the United States of America. The ODA/GNP ratio averaged 4.2% over this period, well above the highest amount...
.
Career
After leaving academia, Dr. Ibrahim moved to Washington, DC where he represented Saudi Arabia in the IMF and World Bank. In 1986, he was appointed Alternate Executive Director at the International Monetary FundInternational Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
for Saudi Arabia. He left in 1989 to take up the executive directorship for Saudi Arabia at the World Bank
World Bank Group
The World Bank Group is a family of five international organizations that makes leveraged loans, generally to poor countries.The Bank came into formal existence on 27 December 1945 following international ratification of the Bretton Woods agreements, which emerged from the United Nations Monetary...
.
Upon his return to Saudi Arabia in 1995, he served briefly as vice governor of the Saudi Arabian Monetary Agency
Saudi Arabian Monetary Agency
The Saudi Arabian Monetary Agency , established in 1952, is the central bank of the Kingdom of Saudi Arabia.- History :Prior to the establishment of the Saudi Monetary Agency, the Saudi Hollandi Bank, a branch of the Netherlands Trading Society acted as a de-facto central bank, keeping the...
, the country's central bank. He left to join the Council of Ministers
Council of Ministers of Saudi Arabia
The Saudi Council of Ministers is the Cabinet of the Kingdom of Saudi Arabia. It is led by the King who is Prime Minister. The Council consists of the Prime Minister, the Crown Prince, who is Deputy Prime Minister, the Second Deputy Prime Minister and Cabinet ministers...
as Minister of State
Minister of State
Minister of State is a title borne by politicians or officials in certain countries governed under a parliamentary system. In some countries a "minister of state" is a junior minister, who is assigned to assist a specific cabinet minister...
in October 1995. In January 1996, he was appointed Minister of Finance and National Economy, a position that was renamed Minister of Finance in 2003.
In addition to being finance minister, Dr. Ibrahim is a member of the board of directors of Saudi Aramco
Saudi Aramco
Saudi Aramco , officially the Saudi Arabian Oil Company, is the national oil company of Saudi Arabia.Saudi Aramco is the world's largest and most valuable privately-held company, with estimates of its value in 2011 to be $7 trillion USD.Saudi Aramco has both the largest proven crude oil reserves,...
, the state-owned national oil company, chairman of the Saudi Fund for Development and member of the Public Investment Fund board.