Women, who face some of the world's harshest restrictions in Saudi Arabia, are expected to constitute 30 percent of the workforce by 2030, up from 22 percent now.
The decision entitles Bin Salman as the first in line to become the Saudi Arabia's next king. That's something closely followed by fund managers and could mean a lot more foreign investment coming into the kingdom.
Saudi Arabia earned $134.4 billion a year ago exporting its crude and oil refined products, down more than 60% from a peak of $337.5 billion in 2012, according to OPEC data. Despite his longstanding Washington ties, it was Mohammed bin Salman, who embarked on major overseas visits, including a trip to the White House to meet Trump in March. Saudi Arabia hailed the visit as a turning point.
With Prince Mohammed bin Salman replying: "We will not give up taking your guidance and advice".
In a lightening reshuffle Saudi Arabia has made Crown Prince Mohammed bin Salman the country's aggressive defense minister the new heir to the throne, he believed to be the mastermind behind the war in Yemen that has brought the country to the brink of a humanitarian catastrophe.
However, Saudi Arabia's relationship with Iran must be carefully watched given that the latter country is OPEC's third-largest oil producer and was a reluctant signatory of the output cut agreement, dragging its heels all the way to the table. Family ties played a key role here, since the son was chosen.
"This is extremely disruptive in the context of Saudi Arabia, there is a very complex royal family, the inheritance of the throne, the distribution of other benefits has been extraordinarily complex for decades".
Iran's Interior Ministry said Wednesday that the Saudi government should "compensate" the detainees and "punish the agents of this irresponsible action".
Qatar has demanded the lifting of the "economic blockade" before agreeing to dialogue with its neighbours, but Saudi Arabia has remained unresponsive. It says their boat was loaded with explosives and they were heading toward the Marjan offshore oil field in the Persian Gulf when they were apprehended on Friday.
The royal decree issued on Wednesday stated that "a majority" of senior royal members from the Allegiance Council supported the recasting of the line of succession.
Portugal wildfires 'started by arsonists,' says firefighter chief
More than 1,000 firefighters and nine water-dropping aircraft have been battling the blaze in Pedrogao Grande . There was another couple in the auto behind them, but Ms Nunas said they didn't escape and died on the road.
The council is the highest religious body in the ultraconservative Sunni kingdom.
In the succession overhaul announced by royal decree hours after the dawn meal that starts the daily fast in the Muslim holy month of Ramadan, the previous Crown Prince Muhammad bin Nayef, 57, was relieved of all positions.
The prince already oversees a vast portfolio as Defense Minister and is spearheading economic reforms.
In remarks aired on Saudi TV in May, Mohammed Bin Salman framed the tensions with Iran in sectarian terms, saying it is Iran's goal "to control the Islamic world" and to spread its Shiite doctrine. The announcements were made in a series of royal decrees carried on the state-run Saudi Press Agency.
Mohammed bin Salman, the new crown prince of Saudi Arabia.
WASHINGTON (AP) - President Donald Trump called Saudi Arabia's new crown prince Wednesday as the US stepped up efforts to mediate a crisis between Qatar and America's closest regional allies.
"Muhammed bin Nayef was Washington's man in Riyadh for a long time", said Peter Salisbury, a fellow at Chatham House, an worldwide affairs research group in London.
"Relations between the Saudi kingdom and Russian Federation have reached an unprecedented high in the past years", Sabi noted.
He received a medal from the CIA in February for his counterterrorism work, a sign of how much American intelligence valued his cooperation even as Mohammed bin Salman's ascension began.
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