Saudi Arabia appointed a new governor for the oil giant's investment authority on Monday after Prince Abdullah bin Faisal bin Turki asked to be relieved of his post.
A royal decree, carried by the state Saudi Press Agency, appointed Amro bin Abdullah al-Dabbagh as the new governor of the Saudi Arabian General Investment Authority (SAGIA).
The decree said Prince Abdullah asked to step down but did not give a reason.
SAGIA was set up in 2000 to spearhead reforms aimed at diversifying the energy-dependent economy of the world's largest oil exporter and draw private foreign and domestic investment under a 10-year plan.
Since its inception the body, which decides which areas are open to foreign investors, has licensed investment projects in the kingdom worth around $12 billion. But only a small fraction of those have so far been implemented.
Analysts say bureaucratic barriers are as much of a brake on investment as security fears caused by bombings of foreign housing compound.