He is replacing Fahad Al-Mubarak, who has been named an adviser at the royal court with the rank of a minister, the agency said.

Al-Sayari was appointed as the deputy governor of the central bank on Oct. 17, 2019.

He had previously been SAMA’s deputy governor for investment since 2013, playing a key role in formulating the Kingdom’s sovereign debt strategy.

Al-Sayari obtained a master’s degree in finance at George Washington University in the US. He was awarded his bachelors in accounting from King Fahd University of Petroleum and Minerals in Dhahran and completed a general management program at Harvard Business School.

He is also a chartered financial analyst.

Al-Sayari is a board member of the Saudi Fund for Development, which participates in investment projects in developing countries by granting loans and providing technical aid for financing studies. He is also a board member of the Public Pension Agency and the Saudi Federation for Cybersecurity and Programming.

Al-Sayari began his professional career as a financial analyst for the Saudi Industrial Development Fund. Before joining SAMA in 1999, he earned an investment analyst certificate from Chase Manhattan Bank.