FOR evidence that a new era has dawned in Saudi Arabia, look no further than the cabinet. Out are the stodgy old princes; in are the (relatively) youthful reformers. Since assuming the throne last year, King Salman has installed a new generation of ministers closely aligned with his son, 31-year-old Muhammad bin Salman, the deputy crown prince. On October 31st the king completed the reshuffle by replacing Ibrahim al-Assaf, the old finance minister (in place for the past 20 years), with Muhammad al-Jadaan, head of the country’s Capital Markets Authority.
The change comes as Prince Muhammad tries to implement an ambitious set of reforms, known as “Vision 2030”, aimed at weaning the kingdom off oil by curbing public spending, diversifying the economy and attracting foreign investment. The kingdom’s new leaders, many of whom are former businessmen or bankers, are expected to boost that effort. Mr Jadaan, for his part, oversaw the cautious opening of the Saudi stockmarket to big foreign investors last year.
But it will take more than new management to convince analysts that the kingdom is serious about reform....Continue reading
Source: Middle East and Africa http://ift.tt/2flsKiH
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