Virgin boss reveals his enthusiasm for transformation underway in the Kingdom and his plans to invest in next generation of Saudis
His habitual open-neck shirt and jeans do not quite fit with the rococo glamor of the room, and are also in distinct contrast with the formal collar-and-tie uniform of most male participants at the Future Investment Initiative conference.
But that is the style 67-year-old Branson has made his own, and it has served him well as a branding feature in a half-century career that has succeeded by challenging traditional orthodoxies and marketing unashamedly to youth and youthful aspirations via his Virgin organization.
That philosophy is what has brought him to Saudi Arabia at a time of great change in the Kingdom, with a young Crown Prince Mohammed bin Salman leading a quiet revolution on behalf of the new generation of Saudi citizens.
“This is the most exciting time to be in, and come from, Saudi Arabia. There is such potential. Around 65 percent of the country is under 30, more than 50 percent are women. If (the crown prince) continues the way he is going, it is going to be a beautiful place,” he said.
Specifically, Branson was at the glittering Future Investment Initiative (FII) conference — billed as the “Saudi Davos,” in reference to the Swiss gathering of business leaders where he is also a regular star attendee — to sign a $1 billion deal with the Kingdom’s Public Investment Fund (PIF), advance his plans for the Red Sea Resort tourism project, and unveil a plan to increase Internet access in the region.
He was also there to give public backing from one of the best known names in the business world to the transformation underway in the Kingdom, and is fully aware of its historical significance. He has done his Middle East history homework.
“It’s nearly 40 years since 1979, and now there is an opportunity for the country to leave behind the problems that all seemed to stem from that year — the rise of violent religious extremism and intolerance that has caused so many problems in the Kingdom and in the world,” he said.
He explains that was the year of the Iranian revolution, the attack on the Grand Mosque in Makkah and the Soviet invasion of Afghanistan, which heralded an era of violent extremism and foreign intervention in the Middle East, the effects of which are still being felt today.
“There was a concern that Saudi Arabia would go the same way as Iran, which allowed the extremists to take full control. Now, a brave crown prince with the backing of his equally brave father are bringing it back to what it was before 1979 — an Islamic country, certainly, but one of tolerance, moderation and modernity,” he said.
He believes that change is already noticeable in the Kingdom. “I came to a big conference here last year, and the audience was almost entirely male. Now, at the FII, there are as many women as men, and they are walking around openly and mixing freely. There has been real change in just a short space of time,” he said.
“I’ve visited the Kingdom a lot recently, and I’ve talked to a lot of young people here, men and women. They are delighted at the prospect of being able to see a film together, or go to a concert, or spend their holidays at home rather than have to travel overseas. It’s a wonderful thing to see their hopes and ambitions for the future,” he said.
As a man well used to challenging the accepted orthodoxies, he recognizes that there will be challenges. “Of course, there are still some very conservative people, mainly older people, so it takes a young person to take the country
RIYADH: Richard Branson looks slightly out of place in the Louis Quinze splendor of the Green Room at the King Abdul Aziz International Conference Center in Riyadh.