Saudi king Salman fired Mufarrej al-Haqbani, replacing him with Ali al-Ghifaidh in an official decree on Friday. The government is yet to provide any official justification for the move.

Haqbani's time in office was marked by a labor crisis that has been plaguing Saudi Arabia for months. Industrial firms have failed to either pay or provide basic amenities for hordes of their workers for months on end. 

The companies, most notably the construction behemoths of Bin Ladin Group and Saudi Oger, have been hit by Saudi Arabia's massive budget deficit in the face of its military campaign in Yemen. 

The deficit, which shot up to 98 billion dollars last year, has worsened by falling oil prices, a crisis of Saudi Arabia's own making. Oil revenues comprise 80 percent of the Saudi income but the country has been manipulating prices by creating gluts through overproduction.