Shortly after the death of his uncle, King Abdullah bin Abdulaziz, Mohammad Bin Salman Al Saud was named the Deputy Crown Prince of Saudi Arabia. Prince Mohammed Bin Salman has been gaining international attention after unveiling Saudi’s “Vision 2030“, which “includes the creation of the world’s largest sovereign wealth fund” and according to the Prince, “Within 20 years, [Saudi Arabia] will be an economy or state that doesn’t depend mainly on oil”. That’s correct, the Prince is planning to wean Saudi, whose main export and form of revenue are oil-dependent, off oil dependency. The Prince’s stance on oil is just the beginning of his plans.
The Prince, who has complete control over the “oil monopoly, the national investment fund, economic policy, and the Ministry of Defense,” has completely restructured the Saudi government within 10 days of getting his throne. Prince Mohammad is planning to change more than the government and economy. Prince Mohammad is ready for social change. He told Bloomberg Magazine that “[He] believe[s] women have rights in Islam that they’ve yet to obtain.” Moreover, he has made it clear that unless women are given their full rights, Saudi Arabia will not be able to progress with the rest of the world. Because of this, he has affirmed that he would support more freedom. In addition to these changes for women, he is making unprecedented changes on how the country will make new revenue. Including reducing subsidies for gasoline, electricity, and water. He is planning to implement luxury tax and sugar taxes, these actions, and the more to come, are how the Prince plans to create additional nonoil revenue.
In addition to these changes for women, he is making unprecedented changes on how the country will make new revenue. Including reducing subsidies for gasoline, electricity, and water. He is planning to implement luxury tax and sugar taxes, these actions, and the more to come, are how the Prince plans to create additional nonoil revenue. This change in lifestyle has not gone unnoticed by the locals. According to Bloomberg Magazine, several Saudis are frustrated with “as much as 1,000 percent in water bills” while others are not happy about “he prospect of Saudi Aramco, the nation’s patrimony, being sold off to finance the investment fantasies of a royal neophyte.”
What are the implications of a Progressive Saudi Prince? Overall, Prince Mohammad is what Saudi Arabia needs. He understands how his nation needs to adapt and grow in order not to be left behind. His efforts to create nonoil revenue are impressive, although we aren’t exactly sure on how he plans to reach this, it would be interesting to watch how he plans and execute the 100 billion revenue by 2020. From the surface, it is all good and refreshing for the region, but as mentioned, actions need to be met. Till then, the rest of the world will watch closely as the Prince restructures the nation.
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