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Monday, 17 October 2016

Rise of Saudi Prince Shatters Decades of Royal Tradition - The New York Times

Rise of Saudi Prince Shatters Decades of Royal Tradition - The New York Times:

"He has slashed the state budget, frozen government contracts and reduced the pay of civil employees, all part of drastic austerity measures as the Kingdom of Saudi Arabia is buffeted by low oil prices.

But last year, Mohammed bin Salman, Saudi Arabia’s deputy crown prince, saw a yacht he couldn’t resist.

While vacationing in the south of France, Prince bin Salman spotted a 440-foot yacht floating off the coast. He dispatched an aide to buy the ship, the Serene, which was owned by Yuri Shefler, a Russian vodka tycoon. The deal was done within hours, at a price of approximately 500 million euros (roughly $550 million today), according to an associate of Mr. Shefler and a Saudi close to the royal family. The Russian moved off the yacht the same day."



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