Saudi Arabia Replaces Crown Prince In Major Shakeup

By Mike MurphyMarketsMarketWatch Pulse

In a major shakeup within the Saudi royal family that upends the kingdom's line of succession, Saudi Arabia's King Salman removed Crown Prince Muhammad bin Nayef from his position Wednesday and replaced him with Deputy Crown Prince Mohammed bin Salman, the king's son. Bin Salman, 31, is the country's defense minister and has led an effort to expand and diversify the kingdom's economy from one reliant on oil. Bin Salman met with U.S. President Donald Trump at the White House earlier this year, and is said to be a hard-liner against Iran.

Copyright © 2017 MarketWatch, Inc.

Continue Reading Below