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Saudi king replaces crown prince with "radical reformer" son

Hassan Ammar / AP

King Salman of Saudi Arabia ordered a royal shakeup Wednesday when he appointed his 31-year-old son Mohammed bin Salman to be next in line to the throne, replacing the king's nephew, 57-year-old Mohammed bin Nayef, as crown prince.

Omar Al-Ubaydli, an affiliated senior scholar at George Mason's Mercatus Center, tells Axios the appointment will be welcomed by the country's foreign investors, because "it will diminish doubts that they may have held regarding the implementation" of the Saudi Vision 2030. That vision "seeks to decrease the country's dependence on oil, diversify its economy, and loosen some of the conservative, Islamic Kingdom's social restrictions," per NYT.