Deputy crown prince: ‘Sky is the limit’ for Saudi society amid reforms

April 22, 2017

Jeddah, Apr 22: The “sky is the limit” for Saudi Arabian society if people are willing to embrace the change, the Kingdom’s Deputy Crown Prince Mohammed bin Salman has said.

princeIn a wide-ranging interview with American columnist David Ignatius, the deputy crown prince reflected on the ground-breaking changes presently taking place in the Kingdom under the Vision 2030 plan.

He told Ignatius that the crucial requirement for reform is public willingness to change a traditional society, saying the era of extreme religious conservatism is over.

“If the Saudi people are convinced, the sky is the limit,” he was quoted as saying.

David Ignatius, who was in the Kingdom this week as part of the press corps accompanying US Defense Secretary James Mattis, wrote about Saudi Arabia in an in-depth opinion article for The Washington Post.

The article drew heavily on his 90-minute conversation with Deputy Crown Prince Mohammed bin Salman.

“Two years into his campaign as change agent,” the deputy crown prince “appears to be gaining the confidence to push his agenda of economic and social reform,” Ignatius wrote.

“Change seems increasingly desired in this young, restless country,” he wrote. He quoted a recent poll which indicated that 85 percent of the public, if forced to choose, would support the government rather than religious authorities on policy matters.

The article also reveals that 77 percent of those surveyed supported the government’s Vision 2030 reform plan, and that 82 percent favored public music performances attended by men and women.

During the conversation with Ignatius, the deputy crown prince was optimistic about President Donald Trump; the prince described him as a president who will bring America back to the right track.

“Trump has not yet completed 100 days, and he has restored all the alliances of the US with its conventional allies,” Ignatius quotes the deputy crown prince as saying.

The article talks about the growing ties between Saudi Arabia and the US as evidenced in the discussions with Mattis during which the possibility of additional US support was discussed “if the Houthi insurgents in Yemen don’t agree to a UN-brokered settlement.”

The deputy crown prince favored a relationship of equals between Saudi Arabia and the US. “We have been influenced by you in the US a lot,” he told Ignatius. “Not because anybody exerted pressure on us — if anyone puts pressure on us, we go the other way. But if you put a movie in the cinema and I watch it, I will be influenced.” Without this cultural nudge, he said, “We would have ended up like North Korea.”

Explaining to Ignatius about why Saudi Arabia has been wooing Russia, the deputy crown prince said: “The main objective is not to have Russia place all its cards in the region behind Iran. (We have been) coordinating our oil policies (recently with Moscow) in what could be the most important economic deal for Russia in modern times.”

The deputy crown prince also talked about the pace of economic reforms, which he says “appear to be moving ahead slowly but steadily.”

The prince said that the budget deficit had been reduced; non-oil revenue increased 46 percent from 2014 to 2016 and is forecast to grow another 12 percent this year. Unemployment and housing remain problems, he said, and improvement in those areas is not likely until between 2019 and 2021.

Ignatius describes the deputy crown prince as “the instigator of (the) attempt to reimagine the Kingdom,” and observes that “unlike so many Saudi princes, he wasn’t educated in the West, which may have preserved the raw combative energy that is part of his appeal to young Saudis.”

According to the deputy crown prince, “extreme religious conservatism in Saudi Arabia is a relatively recent phenomenon, born in reaction to the 1979 Iranian revolution and the seizure of the Grand Mosque in Makkah by Sunni radicals later that year.”

“I’m young. Seventy percent of our citizens are young,” he told Ignatius. “We don’t want to waste our lives in this whirlpool that we were in for the past 30 years. We want to end this epoch now. We want, as the Saudi people, to enjoy the coming days, and concentrate on developing our society and developing ourselves as individuals and families while retaining our religion and customs. We will not continue to be in the post-’79 era,” he said. “That age is over.”

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News Network
March 24,2020

Riyadh, Mar 24: General Directorate of Passports (Jawazat) on Tuesday asked all expatriates in the Kingdom, who have a final exit visa or an exit and reentry visa, to quickly cancel them before their expiry. This is to avoid the prescribed fines for not availing of these visas before their expiry date, the Saudi Press Agency reported.

The new measure was taken following the Saudi government’s suspension of international flights as part of the preventive and precautionary measures to stem the spread of new coronavirus. The Jawazat asked expatriates to verify the validity of such visas and cancel them through Ministry of Interior’s electronic service portals of Absher or Muqeem.

It underlined the need to adhere to the regulations and instructions in order to avoid fines prescribed by law against the violators.

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KAJOOR MOHAMME…
 - 
Tuesday, 24 Mar 2020

My reentry expair date 26-03-2020 plz help me

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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News Network
April 23,2020

Dubai, Apr 23: UAE announced on Thursday 4 deaths, 518 new coronavirus cases and 91 recoveries.

According to the Ministry of Health and Prevention, an additional 29,000 COVID-19 tests were performed, which revealed 518 new positive cases, bringing the total number of cases to 8,756. The new patients identified are in a stable condition and undergoing treatment, according to the ministry.

UAEGov

@uaegov
 · 4h
An additional 29,000 Covid-19 tests were performed, which revealed 518 new cases bringing the total number of cases to 8756. The new cases identified are in a stable condition and undergoing treatment, @mohapuae announced today. #UAEGov

UAEGov

@uaegov
Also, @mohapuae announced that four Asian expats who tested positive for COVID-19 died due to complications. This brings the total death toll to 56. The Ministry of Health and Prevention expressed sincere condolences to the families of the deceased.

The ministry announced that four Asian expats who tested positive for COVID-19 died due to complications. This brings the total deaths to 56. The ministry expressed sincere condolences to the families of the deceased.

The total number of recovered cases has reached 1,637 with 91 patients fully recovered on Thursday, after receiving treatment.

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