Political Risk

Saudi Arabia’s Mohammed bin Salman promoted to Crown Prince

“Saudi Arabia’s King Salman made his son next in line to the throne on Wednesday, handing the 31-year-old sweeping powers as the kingdom seeks radical overhaul of its oil-dependent economy and faces mounting tensions with regional rival Iran. A royal decree appointed Mohammed bin Salman crown prince and deputy prime minister. He retains the defense, oil and other portfolios. The previous crown prince, Mohammed bin Nayef, the king’s nephew and a counter-terrorism chief admired in Washington for putting down an al Qaeda campaign of bombings in 2003-06, was relieved of all his posts, according to the decree.”

Source: Saudi Arabia’s Mohammed bin Salman promoted to Crown Prince | Reuters

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