Mohammed bin Salman maintains firm control as Saudi Arabia’s de facto ruler through his roles as Crown Prince and Prime Minister, with King Salman, now 90 and largely withdrawn from duties, formally delegating authority. Recent months show continued consolidation via active cabinet leadership, advancement of Vision 2030 economic projects, and high-level diplomatic engagements, including U.S. meetings in late 2025 and early 2026. No credible challenges from within the royal family or disruptions tied to health or institutional rivalries have surfaced in the past year. Any eventual succession upon the king’s passing would likely formalize rather than remove MBS’s position, given the absence of viable alternatives and the stability of current power structures. Traders reflect this entrenched position in low implied probabilities of removal by late 2026.