Prince Mohammed

IMF Backs Saudi Economic Plan for “Appropriately Bold” Transformation

By Andrew Torchia DUBAI, May 19  – The International Monetary Fund backed Saudi Arabia’s sweeping economic reform plan on Thursday and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices. Late last month, Deputy Crown Prince Mohammed bin Salman announced steps

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Managing Saudi’s New Energy Mega-Ministry May Bring Challenges

By Angus McDowall , Rania El Gamal and Reem Shamseddine RIYADH, May 9 – Managing Saudi Arabia’s new energy mega-ministry, set to oversee over half the economy and designed to cut through a tangled bureaucracy to make government more coherent and efficient, will be a formidable challenge. The new Energy, Industry and Mineral Resources Ministry, under

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New Saudi Minister is Believer in Reform and Low Oil Price

By Dmitry Zhdannikov and Rania El Gamal LONDON/DUBAI, May 8 – It was January 2016 and oil prices had crashed to their lowest in more than a decade. Saudi Arabia’s health minister, Khalid Al Falih, a favorite to take over the oil ministry from his mentor Ali Al Naimi, was not panicking. Falih told an audience of oil executives,

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Saudi Prince Unveils Sweeping Plans to End “Addiction” To Oil

By Samia Nakhoul, William Maclean and Marwa Rashad RIYADH, April 25  – The powerful young prince overseeing Saudi Arabia’s economy unveiled ambitious plans on Monday aimed at ending the kingdom’s “addiction” to oil and transforming it into a global investment power. Deputy Crown Prince Mohammed bin Salman said Riyadh would raise the capital of its

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Saudi Arabia: The Bold And The Dutiful

Saudi Arabia Shuffles its Geopolitical Card BY Leila Hatoum Over the past century, three countries have led the Middle East’s political hegemony: Saudi Arabia, Egypt and Iran. But never, has the Kingdom, since the days of King Faisal —who cut off Saudi oil from the West—  been as assertive and firm in its stand and

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