Saudi Crown Prince vows return to ‘moderate, open Islam’

Riyadh : Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud pledged a “moderate, open” Saudi Arabia yesterday, breaking with ultra-conservative clerics in favour of an image catering to foreign investors and Saudi youth.

The Saudi strongman, 32, did not mince words in declaring a new reality for the kingdom, hours after announcing the launch of an independent $500 billion megacity -- with “separate regulation” -- along the Red Sea coastline.

“We want to live a normal life. A life in which our religion translates to tolerance, to our traditions of kindness,” he told international investors gathered at an economic forum in Riyadh.

“Seventy percent of the Saudi population is under 30, and honestly we will not spend the next 30 years of our lives dealing with destructive ideas. We will destroy them today and at once,” the crown prince said.

Prince Mohammed, known by his initials MBS, said he would see to it his country moved past 1979, a reference to the rise of political Islam in the years following the assassination of King Faisal in 1975.

The early 1970s had ushered major change into the oil-rich kingdom, including the introduction of television and schools for girls.

‘Return to what was’

“We are returning to what we were before -- a country of moderate Islam that is open to all religions, traditions and people around the globe,” he said.

Prince Mohammed’s comments came hours after the opening of the Future Investment Initiative, a three-day economic conference that drew some 2,500 dignitaries, including 2,000 foreign investors, to Riyadh.

The conference, dubbed the Future Investment Initiative , is being hosted by Saudi Arabia’s sovereign wealth fund. The event is being attended by giants in the business world and top Saudi officials.

Reform efforts

At the heart of the conference are Saudi reform efforts to transform its sovereign wealth fund into the world’s largest.

The kingdom hopes to do this by listing less than 5 percent of state-owned oil giant Aramco on the Saudi stock exchange and an international exchange, and transferring ownership of Aramco to the Public Investment Fund, also known as PIF.

Saudi Arabia says this could put some $2 trillion under PIF’s control— double that of Norway’s sovereign wealth fund, which is currently the world’s largest.

Aramco IPO

Recently, reports emerged that Saudi Arabia was considering holding off on the international portion of the IPO in favour of a private offering from a key investor like China. Saudi officials, however, insist Aramco is on track for listings as early as next year.

PIF managing director Yasir al-Rumayyan, who is also on the board of Aramco, addressed those concerns at the forum in Riyadh on Tuesday.

“Everything in on track, 2018 is our target. There is nothing that I know about which can take us off track,” he said.

Development of Islands

Another plan backed by PIF is the development of semi-autonomous islands off of Saudi Arabia’s Red Sea coast, where the kingdom’s rules on gender segregation and women’s dress will likely not apply. Virgin Group’s founder Richard Branson, who’s scheduled to speak at the investment forum Thursday, recently visited some of the kingdom’s future tourist destinations.

New hotels

The fund is also creating a company to build new hotels and prime real estate around Muslim holy sites in Mecca and Medina. It launched an entertainment investment company to cater to the needs of Saudi Arabia’s youth and oversee the development of a Six Flags theme park outside the capital, Riyadh.

More jobs

All of these projects are aimed at creating tens of thousands of jobs for young Saudis. Over the next decade, an estimated 5 million young Saudis will enter the workforce, creating an urgent need for the government to support rapid job creation. 

Key decisions 

Launch of $500 billion megacity with separate regulations 

Return of the kingdom to ‘moderate, open Islam’

Privatisation programme, including selling 5 percent of oil giant Saudi Aramco

Transferring ownership of Aramco to the Public Investment Fund

Development of semi-autonomous islands off of Saudi Arabia’s Red Sea coast

Creating tens of thousands of jobs for young Saudis