Saudi Arabia is reportedly revising its ambitious plans to change its economy
▻https://www.cnbc.com/2017/09/07/saudi-arabia-is-reportedly-revising-its-ambitious-plans-to-change-its-economy.
The news comes as discussions heat up around the anticipated transfer of power from the Kingdom’s King Salman to his son Prince Mohammed.
A research note released Thursday by analysis firm Eurasia Group suggested that the transfer could occur within the coming weeks to prevent the likelihood of dissent from other members of the ruling family.
“We think King Salman will proceed with promoting his son to his place in the next few weeks (if not imminently) to prevent MBS’s (Mohammed bin Salman) rivals from organizing to challenge the transition plan,” Ayham Kamel, practice head, Middle East & North Africa, at Eurasia Group noted.
But analysts have opined that the revisions indicate that infighting is already underway.
“Reports that the Saudi government is planning to dilute its reform plans may be the first sign that the power and influence of Crown Prince Mohammed bin Salman is starting to wane and that broader opposition to reform is building,” Jason Tuvey, Middle East economist for Capital Economics, wrote in a research note.
“There’s a clear risk that the reforms, which already fell short in a number of key areas, will be watered down even further.”
“This supports our long-held view that Vision 2030 will fall short of its lofty intentions,” Tuvey added.