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On February 12, 2026, King Salman issued a series of royal orders replacing ministers, governors, judicial officials, and senior advisers in a single afternoon. Investment ministry, interior ministry, communications, media, justice, the public prosecutor's office, the Board of Grievances — all reshuffled on the same day. Most international coverage focused on one appointment: Khalid Al-Falih out as Minister of Investment after six years, replaced by Fahad Al-Saif, formerly head of investment strategy at the Public Investment Fund. That one change is worth unpacking carefully. But two others in the same decree deserve attention and rarely get it.

On February 12, 2026, King Salman issued a series of royal decrees that reshuffled ministers across investment, interior, communications, justice, and more. Most coverage focused on one name: Khalid Al-Falih out, Fahad Al-Saif in. But two other appointments in the same decree — and what the PIF quietly told investors in early February — tell a more complete story. Saudi Arabia isn't retreating from Vision 2030. It's entering the part that has to deliver results. Here's what that means for companies looking to enter or expand.