Behind Saudi prince’s U.S. visit: Reports of royal health crises back home

Saudi Arabia may havae [sic] sent its 30-year-old deputy crown prince to visit the United States due to the deteriorating health of King Salman and amid rumors that Prince Mohammed bin Nayef is ailing as well.

Deputy Crown Prince Mohammed bin Salman met with U.S. President Barack Obama on June 24 to “reaffirm the strategic partnership between Riyadh and Washington,” Bruce Riedel, a former national intelligence officer, told NBC News. Continue reading

Saudi Arabia Plans $2 Trillion Megafund for Post-Oil Era: Deputy Crown Prince

Saudi Arabia is getting ready for the twilight of the oil age by creating the world’s largest sovereign wealth fund for the kingdom’s most prized assets.

Over a five-hour conversation, Deputy Crown Prince Mohammed bin Salman laid out his vision for the Public Investment Fund, which will eventually control more than $2 trillion and help wean the kingdom off oil. As part of that strategy, the prince said Saudi will sell shares in Aramco’s parent company and transform the oil giant into an industrial conglomerate. The initial public offering could happen as soon as next year, with the country currently planning to sell less than 5 percent. Continue reading

King Abdullah abdicates

Earlier reports within the last 24 hours have mentioned he was in the hospital due to pneumonia.

 

Is the Saudi king giving up the throne? According the the Egyptian Television network “El-Nha’r, the Saudi king will announce in the next few minutes that he is giving up his crown. Continue reading