Ibrahim Abdulaziz Al-Assaf

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Ibrahim Abdulaziz Al-Assaf
Ibrahim Abdelaziz Al-Assaf (cropped).png
Minister of State
(ad personam)
Assumed office
2 November 2016
Monarch Salman
Minister of Finance
In office
30 January 1996 – 31 October 2016
Monarch Fahd
Preceded by Abdulaziz Abdullah Al
Succeeded by Mohammed Al-Jadaan
Personal details
Born (1949-01-28) 28 January 1949 (age 69)
Uyun AlJiwa, Saudi Arabia
Alma mater King Saud University
University of Denver
Colorado State University, Fort Collins

Ibrahim bin Abdulaziz bin Abdullah Al-Assaf[1] (Arabic: إبراهيم بن عبد العزيز بن عبد الله العساف‎; born 28 January 1949) is the former long serving finance minister of Saudi Arabia and current state minister of Saudi Arabia.[2]

Early life and education[edit]

Ibrahim was born in the Qassim Province in central Saudi Arabia on 28 January 1949. He received a bachelor of arts degree in economic and political science from King Saud University, Riyadh, in 1971. He later obtained a master of arts degree in economics from the University of Denver in 1976 and a PhD in economics from Colorado State University in 1982.[3]


Ibrahim 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.

After leaving academia, Dr. Al-Assaf moved to Washington, DC where he represented Saudi Arabia at the International Monetary Fund (IMF) and the World Bank. In 1986, he was appointed alternate executive director at the IMF 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 Authority, 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.[4] He replaced Abdul Aziz Abdullah Al-Khuwaiter as finance minister.[4]

In addition to being finance minister, Ibrahim is a member of the board of directors of Saudi Aramco (since 1996), the state-owned national oil company,[5] chairman of the Saudi Fund for Development and member of the Public Investment Fund board.

In July 2017, H.E. Dr. Al-Assaf led the Saudi delegation in the G20 meeting in Hamburg, Germany.[6][7]

In January 2018, Minister Al-Assaf led a top level delegation to the World Economic Forum (WEF) in Davos. [8][9]


On 4 November 2017, Ibrahim Abdulaziz Al-Assaf was detained in Saudi Arabia in a "corruption crackdown" conducted by a new royal anti-corruption committee.[10][11][12][13][14][15]. However, the investigation found no evidence of wrongdoing, where he returned to his official duties and his name was cleared. [16]

Personal life[edit]

Ibrahim is married and has four children.[17]


  1. ^ "Biographies of Ministers". Royal Embassy of Saudi Arabia, Washington, DC. Archived from the original on 16 June 2011. Retrieved 26 June 2010.
  2. ^ "Newly-appointed Saudi Ministers Al-Assaf and Al-Jadaan sworn in". Al Arabiya. 2 November 2016. Archived from the original on 9 July 2017.
  3. ^ "Minister of Finance - SAMIRAD (Saudi Arabia Market Information Resource)". www.saudinf.com. Retrieved 2018-05-25.
  4. ^ a b "The Political Leadership - King Fahd". APS Review Gas Market Trends. 29 November 1999. Retrieved 16 March 2013.
  5. ^ "Key members of the Saudi Aramco Executive Management". APS Review Gas Market Trends. 27 October 2003. Retrieved 16 March 2013.
  6. ^ "Federal Chancellor Angela Merkel welcomes the State Minister of Saudi Arabia, Ibrahim bin Abdulaziz Al-Assaf". Retrieved July 9, 2017.
  7. ^ "Al-Assaf leads Saudi delegation". Arab News. 2017-07-07. Retrieved 2018-05-25.
  8. ^ Al-awsat, Asharq. "Top Level Saudi Delegation to Participate in Davos Summit". aawsat.com (in Ukrainian). Retrieved 2018-05-25.
  9. ^ Editorial, Reuters. "Previously detained ex-finance minister Assaf seen at Saudi cabinet..." U.S. Retrieved 2018-05-25.
  10. ^ "Saudi Arabia princes detained, ministers dismissed". www.aljazeera.com.
  11. ^ Kalin, Stephen; Paul, Katie (2017-11-05). "Future Saudi king tightens grip on power with arrests including Prince Alwaleed". Reuters. Retrieved 2017-11-07.
  12. ^ "Corruption crackdown in Saudi Arabia". Fox Business. 2017-11-06. Retrieved 2017-11-08.
  13. ^ David, Javier E. (5 November 2017). "Billionaire Saudi Prince Alwaleed Bin Talal arrested in corruption crackdown". cnbc.
  14. ^ Stancati, Margherita; Said, Summer; Farrell, Maureen (2017-11-05). "Saudi Princes, Former Ministers Arrested in Apparent Power Consolidation". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-11-08.
  15. ^ Kirkpatrick, David D. (2017-11-04). "Saudi Arabia Arrests 11 Princes, Including Billionaire Alwaleed bin Talal". The New York Times. ISSN 0362-4331. Retrieved 2017-11-08.
  16. ^ Editorial, Reuters. "Previously detained ex-finance minister Assaf seen at Saudi cabinet..." U.S. Retrieved 2018-05-25.
  17. ^ "Ibrahim Abdulaziz Al-Assaf, Minister of Finance - The Saudi Arabia Conference 2015". euromoneyconferences.com. Archived from the original on 9 July 2017.
Political offices
Preceded by
Abdulaziz Abdullah Al Khuwaiter
Minister of Finance
Succeeded by
Mohammed Al-Jadaan