Once and future King of Saudi Arabia takes command. @omareconomics @Mercatus

Jun 22, 2017, 03:59 AM

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Once and future King of Saudi Arabia takes command. @omareconomics @Mercatus

“…The appointment of Muhammad Bin Salman as Crown Prince of Saudi Arabia will be welcomed by the Kingdom's prospective foreign investors because it will diminish doubts that they may have held regarding the implementation of Saudi Vision 2030. Muhammad Bin Salman has played in extensive role in forging the Vision, and in executing it; moreover, he oversees most of the economy's primary organs, including the oil sector. However, his previous position as Deputy Crown Prince created uncertainty among foreign investors regarding the commitment of the government to the plan in the period immediately following King Salman's rule, when that time arrives. Much of that uncertainty will have now receded. This is a significant development on the economic front because of the Vision's emphasis on foreign engagement. Foreign Direct investment contributes in multiple dimensions, including: (1) creating job opportunities for Saudi nationals; (2) acting as a means of skills and technology transfer; (3) acting as a gateway for foreigners to take advantage of the proposed residency system (green card analogue). More generally, Muhammad Bin Salman is considered a radical reformer by Saudi standards. This reshuffle increases the likelihood that revolutionary changes will truly be made, most importantly the empowerment of the private sector, and the commitment to the principle that the government's role in the economy should be restricted to oversight and macroscopic strategic planning….”