He will replace Fahad Al-Mubarak, who was appointed adviser at the royal court by a separate order, the Saudi Press Agency reported.

Al-Mubarak served as governor of the Saudi Central Bank, formerly known as the Saudi Arabian Monetary Authority, from 2011 to 2016. He previously led Morgan Stanley's Saudi Arabian unit and was chairman of the Saudi Stock Exchange (Tadawul).

Al-Sayari was previously deputy governor for investment and research at the Saudi Central Bank. He had been SAMA’s deputy governor for investment since 2013.

Al-Sayari earned a master’s degree in finance from George Washington University in the US, a bachelor’s degree in accounting from King Fahd University of Petroleum and Minerals in Dhahran, and completed a general management program at Harvard Business School.