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Tuesday, 3 January 2017

Millennial princes snatch at power in Gulf | Reuters

Millennial princes snatch at power in Gulf | Reuters:
"For ageing monarchs in the Gulf, handing more power to a younger generation of princes makes sense. The task of diversifying their economies away from dependence on oil exports and implementing tricky social reforms requires an infusion of vigour and fresh ideas. Expect a new breed of millennial royalty and technocrats to emerge in 2017.

The overdue generational shift is already underway. Saudi Arabia’s octogenarian king set an example in 2015 when he sidelined an entire generation of older royals in favour of elevating his 30-something son, Deputy Crown Prince Mohammed bin Salman. After leapfrogging his older uncles, cousins and half-brothers in the House of Saud, the prince has pushed through the biggest shake-up in the kingdom’s economy in the last 50 years. Other ageing hereditary rulers in the region will have taken note.

The prince’s grand economic plan, known as Vision 2030, aims to provide more jobs and opportunities for Saudis under the age of 25. Although this group accounts for over half the Saudi population, their opportunities have been restricted by a system that places too much value on seniority and experience ahead of promoting youth and new ideas, especially in the upper echelons of government."

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