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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Agencies
July 5,2020

Iraq’s deputy parliament speaker Hassan Karim al-Kaabi on Saturday described the move as provocative and in violation of international law.

Kaabi also called on the Iraqi government to take swift measures to halt such actions.

The Embassy’s move to fire in a residential area in the heart of Baghdad is an unacceptable act and another challenge for the Arab country, adding to the mass of its provocations and illegal actions in Iraq, he noted.

According to Iraqi media, the US tested a patriot missile system inside Baghdad’s heavily fortified Green Zone.

Anti-US sentiments have been running high in Iraq since Washington assassinated top Iranian commander Qassem Soleimani and the second-in-command of the Iraqi popular mobilization units, Abu Mahdi al-Muhandis, in January.

Following the attack, Iraqi lawmakers unanimously approved a bill on January 5, demanding the withdrawal of all foreign troops.

Baghdad and Washington are currently in talks over the withdrawal of American troops. Iraqi resistance groups have vowed to take up arms against US forces if Washington fails to comply with the parliamentary order.

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Agencies
July 28,2020

Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.

The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.

In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.

“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.

The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.

In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”

UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.

Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.

In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.

It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.

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News Network
June 12,2020

Beirut, Jun 12: Angry Lebanese protesters blocked roads across the country with burning tyres, debris and their vehicles, incensed over the local currency's depreciation by more than 25 percent in just two days.

The demonstrations from northern Akkar and Tripoli to central Zouk, the eastern Bekaa Valley, Beirut and southern Tyre and Nabatieh on Thursday were some of the most widespread in months of upheaval over a calamitous economic and financial crisis.

Protesters set ablaze a branch of the Central Bank, vandalised several private banks and clashed with security forces in several areas. At least 41 people were injured in Tripoli alone, according to the Lebanese Red Cross.

"I'm really pissed off, that's all. If politicians think they can burn our hearts like this the fire is going to reach them too," unemployed computer engineer Ali Qassem, 26, told Al Jazeera after pouring fuel onto smouldering tyres on a main Beirut thoroughfare.

Tens of thousands of Lebanese have lost jobs in the past six months and hundreds of businesses have shuttered as a dollar shortage led the Lebanese pound to slide from 1,500 to $1 last summer - where it was pegged for 23 years - to roughly 4,000 for each US dollar last month.

But the slide turned into a freefall between Wednesday and Thursday when the pound plummeted to roughly 5,000 to $1 on black markets, which have become a main source of hard currency. There was widespread speculation the rate hit 6,000 or even 7,000 pounds to the dollar, though most markets stopped trading.

Protesters began amassing on streets across the country before sunset and increased into the thousands across the country as the night fell.

Prime Minister Hassan Diab cancelled all meetings scheduled for Friday to hold an emergency cabinet session at 9:30am and another at 3pm at the presidential palace to be headed by President Michel Aoun.

The pound's collapse is the perhaps the biggest challenge yet for Diab's young cabinet, which gained confidence in February after former prime minister Saad Hariri's government was toppled by an unprecedented October uprising that had the country's economic crisis at its core.

Economy Minister Raoul Nehme told Al Jazeera that there was "disinformation" being circulated about the exchange rate on social media and said he was investigating possible currency manipulation.

"I don't understand how the exchange rate increased by so much in two days," he said.

Many protesters have pitted blame on Central Bank governor Riad Salameh, nominally in charge of  keeping the currency stable. But they have also called on the government to resign.

"If people want reform between dawn and dusk, that's not going to work, and if someone thinks they can do a better job then please come forward," Nehme said.

"But what we can't have is a power vacuum - then the exchange rate won't be 5000, it'll be a catastrophe."

'Everyone paying the price'

When protesters set a large fire in Beirut's Riad al-Solh Square, which lies at the foot of a grand Ottoman-era building that serves as the seat of government, firefighters did not intervene to extinguish it.

It later became clear why: Civil Defence told local news channel LBCI they had run out of diesel to fuel their firetrucks.

Basic imports such as fuel have been hit hard by the currency crisis, making already-weak state services increasingly feeble.

A half-dozen or so police officers with Lebanon's Internal Security Forces observed the scene unfolding in front of them in the square.

"Why do you destroy shops and things and attack us security forces - do you think we're happy? Go and f****** break that wall or go to the politicians' houses," one police officer told Al Jazeera, referring to a large concrete barrier separating protesters from the seat of government.

"In the end we are with you and we want the country to change. Don't you dare think we're happy. My salary is now worth $130," the officer said.

The currency's spectacular fall seems to have pushed many Lebanese to put common interests above their differences.

Large convoys of men on motorbikes from Shia-majority areas of southern Beirut joined the demonstrations on Thursday, though they have clashed with protesters many times before - including at a protest on Saturday.

Some chanted sectarian insults, leading to brief clashes in areas that were formerly front lines during the country's devastating 15-year civil war.

Instead, the motorbike-riding demonstrators on Thursday chanted: "Shia, Sunni, F*ck sectarianism."

"We are Shia, and Sunnis and Christian are our brothers," Hisham Houri, 39, told Al Jazeera, perched on a moped with his fiancee behind him just a few metres from a pile of burning tyres.

The blaze sent thick black smoke into the sky towards an iconic blue-domed mosque and church in downtown Beirut.

"Politicians play on these sectarian issues and sometimes succeed, but in the end, they'll fail because all the people have been hurt," he said. "The dollar isn't just worth 6,000 for Shias or for Sunnis, everyone is paying that price."

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