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Saudi Arabia Wednesday announced the consolidation of development funds under a unified body led by Crown Prince Mohammad bin Salman, cementing the powerful prince's position in the kingdom's affairs. The new National Development Fund joins industrial, agricultural and social development funds under a board headed by Prince Mohammad, who is also defense minister, deputy premier and head of the kingdom's investment fund.In June, Prince Mohammad – the 32-year-old son of Saudi King Salman – was appointed heir to the throne, sidelining his older cousin Prince Mohammad bin Nayef.
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