Saudi Arabia's Deputy Crown Prince Mohammed bin Salman announced an ambitious plan last month to offset his country's dependence on oil. The plan, called Vision 2030, foresees Saudi Arabia opening its doors to bigger and bolder ideas — investments in new energy sources, a meaty sovereign wealth fund and reforms tackling high unemployment and poverty within the kingdom.
This month, King Salman bin Abdul-Aziz Al Saud began the overture, dramatically restructuring the Saudi government by consolidating government ministries and appointing new senior officials. Ali al-Naimi, the highly influential petroleum minister, was replaced with the younger former CEO of the Saudi Arabian Oil Co. (Aramco), Khalid al-Falih. Even the name of the ministry changed, from the Ministry of Petroleum and Mineral Resources to the Ministry of Energy, Industry and Mineral Resources. Mohammed wants you to know that he means business.