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[RustyNails]

The $2 Trillion Project to Get Saudi Arabia’s Economy Off Oil

The Deputy Crown Prince (Mohammad Bin Salman) is third in line from the Crown. He has given bunch of interviews to the press and is making lots of promises. It's unheard of in the kingdom for someone from royalty to be this public. He is the current King's son and as a result of nepotism/monarchy, has more duties in the kingdom than the Crown Prince (2nd in line). He leads the Ministry of Defense (and it's horrible campaign in Yemen).

Please read the entire article, it sheds an important light into the government and the social fabric of the Kingdom. Also a very rare insight into how the bureaucracy operates in the Kingdom and how he has created so many political enemies at many levels. Choice quotes:

Saudi Arabia can’t thrive while curbing the rights of half its population, and the prince has signaled he would support more freedom for women, who can’t drive or travel without permission from a male relative. “We believe women have rights in Islam that they’ve yet to obtain,” the prince says. One former senior U.S. military officer who recently met with the prince says the royal told him he’s ready to let women drive but is waiting for the right moment to confront the conservative religious establishment, which dominates social and religious life. “He said, ‘If women were allowed to ride camels [in the time of the Prophet Muhammad], perhaps we should let them drive cars, the modern-day camels,’ ” the former officer says.

Separately, Saudi Arabia’s religious police have been banned from making random arrests without assistance from other authorities. Attempts to liberalize could jeopardize the deal that the Al Saud family struck with Wahhabi fundamentalists two generations ago, but the sort of industries Prince Mohammed wants to lure to Saudi Arabia are unlikely to come to a country with major strictures on women. Today, no matter how much money there is in Riyadh, bankers and their families would rather stay in Dubai.

Many Saudis, accustomed to watching the levers of power operated carefully by the geriatric descendants of the kingdom’s founding monarch, were stunned by Prince Mohammed’s lightning consolidation of power last year. The ascendance of a third-generation prince—he’s the founder’s grandson—was of acute interest to the half of the population that’s under 25, particularly among the growing number of urbane, well-educated Saudis who find the restrictions on women an embarrassment. Youth unemployment is about 30 percent.

(private residence of Deputy Crown Prince)

Prince Mohammed won’t go into details about any planned nonoil investments, but he says the gargantuan sovereign fund will team up with private equity firms to eventually invest half its holdings overseas, excluding the Aramco stake, in assets that will produce a steady stream of dividends unmoored from fossil fuels. He knows that many people aren’t convinced. “This is why I’m sitting with you today,” he says in mid-April. “I want to convince our public of what we are doing, and I want to convince the world.”

Also this is interesting look at his upbringing:

This time the prince talks about himself. Growing up, he says, he benefited from two influences: technology and the royal family. His generation was the first on the Internet, the first to play video games, and the first to get its information from screens, he says. “We think in a very different way. Our dreams are different.”

His father is an avid reader, and he liked to assign his children one book per week, and then quiz them to see who’d read it. His mother, through her staff, organized daily extracurricular courses and field trips and brought in intellectuals for three-hour discussions. Both parents were taskmasters. Being late to lunch with his father was “a disaster,” the prince says. His mother was so strict that “my brothers and I used to think, Why is our mother treating us this way? She would never overlook any of the mistakes we made,” he says. Now the prince thinks her punishments made them stronger.

 

[Mully]

He is a marked man.

 

[Transistor]

He is a marked man.

Unfortunately, you're probably right.

 

[Stinkles]

He is a marked man.

He's allegedly involved in the 28 pages. Lots of balls in the air.

 

[TheRealTalker]

we will see come Monday

hopefully

Alberta breathing a sigh of relief.

if the Saudis are seriously bailing out of the oil economy that is a sign you bail as quick as you can too

 

[diaspora]

Alberta breathing a sigh of relief.

 

[CrocMother]

Slowly but surely

 

[GSG Flash]

He's also responsible for the destructive war that's destroying Yemen. There's no love lost for this asshole on my end, despite his lip service.

 

[diaspora]

if the Saudis are seriously bailing out of the oil economy that is a sign you bail as quick as you can too

Naomi Klein breathing a sigh of relief.

 

[jaekeem]

Anyone see Syriana?

We know how this story ends.

 

[Chittagong]

Seems USA is applying pressure behind the scenes with things they want not to abandon Saudi-Arabia, or embarrass them with 9/11 revelations. They are probably asking the regime to curb the wahhabi ideology and fix some of the most blatant human rights issues. This is just orchestrated face saving PR, a 'modern visionary' who is progressive because he played videogames

 

[itwasTuesday]

6 remotes, 2 golden tissue boxes

 

[TheRealTalker]

Seems USA is applying pressure behind the scenes with things they want not to abandon Saudi-Arabia, or embarrass them with 9/11 revelations. They are probably asking the regime to curb the wahhabi ideology and fix some of the most blatant human rights issues. This is just orchestrated face saving PR, a 'modern visionary' who is progressive because he played videogames

if you followed the news a bunch of this stuff was being discussed, leaked, etc... before the US 9/11 drama

please the GREAT America isn't involved in everything giving its grace to the people

 

[Dr.Guru of Peru]

Seems USA is applying pressure behind the scenes with things they want not to abandon Saudi-Arabia, or embarrass them with 9/11 revelations. They are probably asking the regime to curb the wahhabi ideology and fix some of the most blatant human rights issues. This is just orchestrated face saving PR, a 'modern visionary' who is progressive because he played videogames

Are you always this condescending, or just when it comes to arabs?

 

[Chittagong]

if you followed the news a bunch of this stuff was being discussed, leaked, etc... before the US 9/11 drama

please the GREAT america isn't involved in everything giving its grace to the people

The 9/11 drama didn't start when we read about it in the media, it has been known by the US government for a while. The current 'drama' appears to be USA trying to convince Saudis that they are not bluffing. I agree on the later statement, but I do think that USA is involved in all things Saudi, and they are not doing it to give grace but there is some clear econo-geopolitical endgame they will benefit of.

Are you always this condescending, or just when it comes to arabs?

Apologies, no intention to sound condescending. I am more of a political cynic, who believes that leaders don't do good things because they are good, but because they / their interest groups benefit of it somehow.

 

[How About No]

Seems like a cool dude

Also had no idea Vinny Caravella was a Saudi prince

 

[Bruce Springsteen]

That wealth is just obscene

 

[ClosingADoor]

From the quotes sounds like some (small) steps in the right direction. But I'll believe when I see it.

 

[TheRealTalker]

The 9/11 drama didn't start when we read about it in the media, it has been known by the US government for a while. The current 'drama' appears to be USA trying to convince Saudis that they are not bluffing. I agree on the later statement, but I do think that USA is involved in all things Saudi, and they are not doing it to give grace but there is some clear econo-geopolitical endgame they will benefit of.

actually I feel it is even more so the opposite were the former intelligence chief of the country and others said that the SA, US relation is changing with SA becoming more dependent and reliant on itself and its neighbors

currently SA had big trade deals with neighboring countries

formed a military alliance

investing on independent commodities, etc...

The US doesn't care if your country is crap as long as you play a strategic significance for them and are under their influence

threats reemerging is more due to SA leaving the US influence rather then US giving a shit about rights

The SA changing more due to them trying to make themselves appeasing to global investors and also to make them more appeasing in global politics and decision making

----

Edit: There was another article (actually the first interview) were some key take away arise

SA goverment has a high youth unemployment rate.... educated youth but tons of jobs aren't appeasing to them due to pay

SA has a large expat population that sends money out of the country rather then invest in SA... to which they are thinking of changing the expat program into something like the US green card program and also to make more reforms (like benefits, ability to make businesses) to have this expats instead invest in the SA economy

 

[Kurdel]

From the quotes sounds like some (small) steps in the right direction. But I'll believe when I see it.

They already started taxing shit and making people pay for power.

These changes have already started for a while now.

 

[sphagnum]

Dude's smile looks like he just farted.

 

[Buba Big Guns]

The 9/11 drama didn't start when we read about it in the media, it has been known by the US government for a while. The current 'drama' appears to be USA trying to convince Saudis that they are not bluffing. I agree on the later statement, but I do think that USA is involved in all things Saudi, and they are not doing it to give grace but there is some clear econo-geopolitical endgame they will benefit of.



Apologies, no intention to sound condescending. I am more of a political cynic, who believes that leaders don't do good things because they are good, but because they / their interest groups benefit of it somehow.

I don't see how anyone can argue against that.

Also the Saudi Royal family is fucked up beyond belief. If the world ever gave a shit about human rights, they would have been sanctioned to hell and back decades ago.

 

[Anion]

Well it seems drastically better than the old men who were all lined up. So thats surprising that he is younger.

Also, I love how simple his clothing is vs the insane gold-heaven palace the pictures are taken in lol. Something amazing can be said about that contrast

 

[Chittagong]

Meanwhile, in Saudi Arabia:

http://youtu.be/cUOd2Co1M0U

 

[Arnie7]

US will never allow it.

 

[Madness]

Interesting article. I don't think it will be possible. Qatar and UAE have the kingdom fo Saud beat by years in this. It is why Qatar is spending hundreds of billions to transform their economy and country once the oil economy ends for them. Saudi Arabia will need to diversify the same. What will they offer? Tourism and hospitality? They are one of the most repressive regimes in the world. They are the perhaps the last remaining countries in the world where beheadings are a legal penalty. Not even Iran beheads anymore. Financial services, Saudi Arabia is one of the biggest funders of terrorism in the globe.

If I am a tourist I'll go to Dubai, Istanbul, Jerusalem and several other cities besides Riyadh. Reform needs to happen but it'll be tough with the fundamentalist and hardliners in the country. Push too much and they lose faith in your ability to lead. Will be interesting latter half of the century though.

 

[TheLostBigBoss]

US will never allow it.

...why?

 

[Abinash117]

A smart thing to do actually if any of this pans out. With their history and current practices, it make sense that they need to liberalize as well. I don't if the prince is sincere though.

 

[cameron]

Bloomberg: "Prince Says Saudi Arabia Not Yet Ready to Allow Women to Drive"

Saudi Arabia isn’t ready to end the world’s only ban on women driving, Deputy Crown Prince Mohammed bin Salman said, arguing it’s not just a matter of ending strictures imposed by the kingdom’s austere form of Islam.

Allowing women to drive is “not a religious issue as much as it is an issue that relates to the community itself that either accepts it or refuses it,” said the 30-year-old prince, who has amassed unprecedented powers since his father, King Salman, ascended to the throne. “The community is not convinced about women driving” and sees negative consequences if it’s allowed, the prince said on Monday after outlining a plan to reduce the kingdom’s reliance on oil.

The prince had signaled his support for more freedom for women during an interview this month, saying “we believe women have rights in Islam that they’ve yet to obtain.” But when asked about the driving ban by a reporter on Monday, he said reform couldn’t be rushed. “Changes could happen in the future and we always hope they will be positive changes,” he said.

Yet the sort sort of industries Prince Mohammed wants to lure to Saudi Arabia to wean it off its oil dependency are unlikely to come to a country with major strictures on women. Saudi women also need a guardian’s consent to receive a passport, travel outside the country or marry. A 2015 gender gap index by the World Economic Forum ranked Saudi Arabia as among the worst countries to be a woman, placing it at 134 out of 145 nations.

King Abdullah had expanded the rights of women in the world’s biggest oil exporter before his death in early 2015. Amid opposition from traditionalist clerics and their followers, the late king opened the first coeducational university, named the first female deputy minister and said women can vote and run in municipal polls. Many Saudi women want more rapid change.

“We were very disappointed,” said Muneerah Sulaiman, a 26-year-old lawyer in Riyadh, after the prince’s comments on Monday. “I don’t understand the argument of people who appose it on religious grounds,” she said. “How is it OK to have a strange man drive women around, which is against Islamic teachings, but not OK to drive yourself around? It doesn’t make any sense.”

The Independent: "Saudi Arabia is 'not ready' for women drivers, says deputy crown prince"

In a previous interview he has said: "We believe women have rights in Islam that they've yet to obtain."

Yet he said most recently that the "community" still thinks allowing women to drive will have negative consequences.

When asked why Saudi Arabia has one of the lowest rates of women in the workforce in the world he said change would "take time".

"[The woman] is not used to working. She needs more time to accustom herself to the idea of work," he told The Economist.

"A large percentage of Saudi women are used to the fact of staying at home. They're not used to being working women.

"It just takes time."

He also said women working would help the country be more productive and deal with population growth issues.