Bahri chief executive Ibrahim Al-Omar has left Saudi Arabia’s largest shipping conglomerate to become chairman of the Saudi Arabian General Investment Authority (Sagia).

Al-Omar’s departure from Bahri and promotion to a top government spot was made by royal decree early last month but was not widely announced apart from a brief mention in Saudi newspapers.

Bahri chief financial officer Ali Al-Harbi has since taken on the role of acting chief executive while the company’s board recruits a new boss.