Market Insight with Kinan Khadam-Al-Jame - Reforming the Kingdom

26.05.2016

Political changes to avoid immediate turmoil

Historically, kings of Saudi Arabia don’t accede the throne until late in life. However the current ruler, King Salman Al-Saud has upset the established formula of “rule by elder” by giving unprecedented power to his son, crown prince Mohamad Bin Salman also referred as “MbS”, who is just 30 years old and is clearly in a definite hurry to implement changes. The prince now runs the key ministries of economy, defense and oil strategy. It also appears that the new Saudi oil minister is unlikely to have the influence and power of his predecessor and that decision are being at the level of MbS. This underscores a dramatic shift in the leadership of this young nation, where 60% of the population is under 30 years old.

 

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