Saudi Stocks Rally as Return of State Bonuses May Boost Spending
- Author: Ryan Wade Apr 24, 2017,
Apr 24, 2017, 5:10
Though a member of the royal family, Prince Abdullah was not seen as part of the inner Al Saud circle and is not a direct grandson of Saudi Arabia's founder, King Abdulaziz.
Several new governors were also appointed on Saturday Prince Abdulaziz bin Saad to be in charge of Hail province and Prince Faisal bin Khalid bin Sultan charged to lead the Northern Border region of Saudi Arabia.
Several analysts believe that the United States President Donald Trump orchestrated the restoration of warm relations between Cairo and Riyadh, as they are both close allies to Washington.
The visit came in response to an invitation made by the Saudi king to Al-Sisi during their meeting on the sidelines of the Arab Summit held last month in Jordan and attended by leaders of various Arab countries.
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The king also appointed Fahad Bin Turki to replace Lieutenant General Eid al-Shalwi as head of the Saudi army.
Muhammad al-Suwaiyel, the minister of communication and information technology, was also replaced, with Abdullah al-Swaha taking that position.
The price of oil has since risen to about $52 a barrel and ministers said budgetary performance had been better than expected in the first quarter of this year.
"The royal order returns all allowances, financial benefits, and bonuses to civil servants and military staff", said the decree, broadcast on state-run Ekhbariya TV.
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The measures were the first pay cuts for government employees, who make up about two-thirds of working Saudis, and prompted complaints about the impact of austerity on ordinary Saudis.
Last Thursday, the Saudi labor ministry announced that foreigners would no longer be allowed to work in Saudi Arabia's numerous shopping malls.
Saudi Arabia has reshuffled its cabinet and replaced a number of key officials, local media reported late Saturday.
King Salman toured Asia in March that included visits to Indonesia, Malaysia, Japan and China, and resulted in trade and investment deals.
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