Al Gosaibi was one of the technocrats in the 1970s who were chosen by the Saudi government for assigning public positions and posts. In October 1975, King Khalid appointed him the minister of industry and electricity, and he held the position until 1983. In 1976 he proposed the creation of a joint-stock state-controlled firm that could serve as a catalyst for the industrialization of Saudi Arabia. Later that year the Saudi Basic Industries Corporation (SABIC) was created and Al Gosaibi was named its chairman. He also served as the minister of health from 1983 to 1984. He was removed from office without any explanation in 1984. Then he served as the ambassador to Bahrain (1984-1992), and was subsequently appointed the Saudi ambassador to the United Kingdom and Ireland in 1992. Al Gosaibi replaced Nasser Almanquor as ambassador to the United Kingdom and Ireland following the latter's removal due to his support for the fatwa (religious decree) asking for the death of British writer Salman Rushdie. In 1999, Al Gosaibi nominated himself to serve for the post of director general of UNESCO. However, he was not elected, and Japanese diplomat Koichiro Matsuura became the director general. In the election, Matsuura won 34 votes, Al Gosaibi 13. Al Gosaibi's term as Saudi ambassador to the United Kingdom and Ireland ended in September 2002.