Economist
Jan 9, 2016
The desert kingdom is striving to dominate its region and modernise its economy at the same time
FOR years Saudi Arabia seemed inert, relying on its vast oil wealth and the might of its American patron to buy quiet at home and impose stasis on its neighbours. But oil prices have tumbled, America has stood back from leadership in the Middle East, the region is on fire and power has shifted to a new generation—notably King Salman’s 30-year-old favoured son, Muhammad bin Salman. A sandstorm of change is rousing the desert kingdom.
The visible result is the brutal treatment of dissent at home and assertiveness abroad that has just been on chilling display. On January 2nd Saudi Arabia executed 47 people. Most of them were terrorists linked to al-Qaeda but some, including a prominent Shia cleric, simply called for the fall of the ruling House of Saud. After Iranians set fire to the Saudi embassy in Tehran in protest, the kingdom cut diplomatic, trade and air links, a grave and foolish escalation in a febrile region.
Away from the headlines, however, a different assertiveness could prove equally consequential. Prince Muhammad has drawn up a blueprint designed to throw open Saudi Arabia’s closed economy and government—including, he says, the possible sale of shares in the national oil firm, Saudi Aramco.
Coupling geopolitical swagger with sweeping economic change is a gamble. The outcome will determine the survival of the House of Saud and shape the future of the Arab world. Continue reading “The Saudi blueprint”