London/Dubai |Just months after King Salman ascended to the throne, he presided over a cabinet meeting that would have a profound effect on the future of Saudi Arabia and the way the world's top bankers view the conservative kingdom.

Yet the decision taken inside the al-Yamamah Palace garnered little attention either inside, or outside, the country. Buried near the bottom of a 1,400-word statement was the news that the Public Investment Fund would report to the newly-created Economic and Development Affairs Council instead of the finance ministry. And the president of that council, Prince Mohammed bin Salman, would take over as PIF chairman.

Financial Times