"Saudi Arabia Wednesday announced the consolidation of development funds under a unified body led by Crown Prince Mohammed bin Salman, cementing the powerful prince's position in the Gulf kingdom's affairs.The new National Development Fund joins industrial, agricultural and social development funds under a board headed by Prince Mohammed who is also defence minister, deputy premier and head of the kingdom's investment fund.
The National Development Fund will also "undertake the overall supervision" of "any development fund or bank" if and as ordered by the prime minister, the state-run SPA news agency said.
In June, Prince Mohammed -- the 32-year-old son of Saudi King Salman -- was appointed heir to the throne, sidelining his older cousin Prince Mohammed bin Nayef."
https://www.yahoo.com/news/saudi-funds-move-bolsters-crown-prince-115618975.html
The National Development Fund will also "undertake the overall supervision" of "any development fund or bank" if and as ordered by the prime minister, the state-run SPA news agency said.
In June, Prince Mohammed -- the 32-year-old son of Saudi King Salman -- was appointed heir to the throne, sidelining his older cousin Prince Mohammed bin Nayef."
https://www.yahoo.com/news/saudi-funds-move-bolsters-crown-prince-115618975.html