King Salman and Government

Ibrahim al-Assaf: An official said this month 16 per cent which accounts for more than 90 per cent of revenue, has more than halved in price over the past 12 months, putting pressure on the finances of the Arab world largest economy and its currency, according to Business Week. While officials have been silent about the government seeking advice on budget cuts, two people familiar with the matter said this week the kingdom is looking into shelving billions of dollars of spending. Al-Harki already lost 40 per cent on his shares, but doesn’t want to sell before the Saudi government tells him how it plans to address the Gulf nation biggest economic challenge for years. King Salman, who came to power in January, was in Morocco on holiday in late August. Finance Minister Ibrahim al-Assaf ministry declined to comment on the latest economic developments. The last public appearance of his son, Deputy Crown Prince Mohammed, chairman of the Council for Economic and Development Affairs, was on 10 August, according to the official SPA news agency. (news.financializer.com). As reported in the news.