Published: Wed, June 28, 2017
Money | By Armando Alvarado

Saudi Arabia: A Dramatic Reordering Of Succession

Saudi Arabia: A Dramatic Reordering Of Succession

The shuffle stripped Mohammed bin Nayef of his title as crown prince and interior minister, overseeing security.

Iran's state media on June 21 called the prince's designation as the next Saudi ruler a "soft coup".

On Wednesday, Saudi Arabia's King Salman ousted his nephew as crown prince and installed Mohammed, his son, as heir to the throne.

The MSCI's move "signals to worldwide investors that the country's capital market has attained greater maturity in terms of efficiency, governance and regulatory framework", Tadawul chairwoman Sarah al-Suhaimi said in the statement.

With Saudi Arabia the world's biggest crude exporter, the younger Salman backed a policy that aimed to cripple US shale drilling by driving down prices but created the current glut. "We hope the list ... will soon be presented to Qatar and will be reasonable and actionable". "We support the Kuwaiti mediation effort and look forward to this matter moving toward a resolution".

An ambitious social and economic reform programme of Mohammed entitled Vision 2030, crown prince vowed to diversify the economy by selling part of the state-owned oil company. He had previously been in charge of his father's royal court when Salman was the crown prince.

Although Prince Mohammed bin Salman's promotion was expected among close circles, the timing was a surprise, with the kingdom facing heightened tensions with Qatar and Iran, and locked in a war in Yemen.

Top Saudi officials pledged loyalty to their new crown prince in statements carried by the official news agency, while many ordinary citizens tweeted their allegiance.

'Bad Moms Christmas' Trailer: Mila Kunis, Kathryn Hahn, Kristen Bell Stress Out
They thought it was bad just being a mother but it is made even more hard when their own mothers come to visit for the holidays. Hopefully this movie holds up well because I need to add new Xmas movies to watch every year.

Bernard Haykel, professor of Near Eastern Studies at Princeton, said the king's decision was aimed at avoiding a power struggle between his son and Mohammed bin Nayef by setting the line of succession clearly.

Western diplomats already referred to Prince Mohammed as "Mr Everything" because of his control over most aspects of domestic, foreign and defence affairs.

Late Prince Mishael bin Abdulaziz Al Saud, former chairman of the Allegiance Council. Saudi Arabia's stock market was up by more than 3.5 per cent in midday trading after the appointment.

Both young princes hail from the powerful Sudairi branch of the royal family.

This would be the first time a next-in-line Saudi king won't be a direct descendant of Ibn Saud since Mohammed bin Salman is the son of the current king.

Saudi TV showed him promising loyalty to his young cousin.

King Salman's decree said Prince Mohammed bin Nayef, long a favorite of Washington's for his tough stance against militancy, is relieved of all positions.

In 2017, Prince Mohammed bin Nayef was also awarded for his contributions to "counter-terrorism" efforts by Michael Pompeo, the new director of the Central Intelligence Agency.

Like this: