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National

Young prince tackles Saudi Arabia's reboot

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National

Young prince tackles Saudi Arabia's reboot

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COMING UP:Young prince tackles Saudi Arabia's reboot

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00:00:00
>> He's just 30 years old, but Mohammed bin Salman third in line to the Saudi throne carries the heavy burden of overhauling Saudi Arabia's economy by the year 2030. I'm Reuters correspondent Yara Bayoumy from in front of the White House, where Saudi Arabia's powerful deputy crown prince Mohammed bin Salman met with US President Barack Obama.
00:00:20
In a visit that takes place during a time when US-Saudi relations have faced some tensions, and as the deputy crown prince tries to promote his vision of ending his country's dependence on oil by the year 2030. Prince Mohammed is seen and regarded as King Salman's favorite son. He's had a meteoric rise to power.
00:00:42
He's both the deputy crown prince and the defense minister. He's known to be extremely confident. He has surrounded himself with younger technocrats. He's known to work 16 hour long days which is marked difference from what we traditionally see from Saudi policy makers. Prince Mohammed bin Salman's Vision 2030 is a radical economic reform program.
00:01:10
So this plan envisions a lot of the privatization. His next stops include both Silicon Valley and New York meeting with tech companies, investment funds. Also seeing an increased participation by women, for instance, in the work force. So with social changes as well as economic changes, which doesn't come without its risk.
00:01:31
Because of course the religious establishments in Saudi Arabia is very strong in the traditionally conservative and religious country. A lot of the Saudi youth are very excited to see someone like him in power. The Saudi Population of which is 20 million, recognizes that the country can't carry on the path that it's been on so far, with over reliance on oil revenues.
00:01:55
So he does have the backing for this program by many in Saudi Arabia. The question though is whether he can implement these ambitious programs in the timeframe that he's put for himself.