There are opportunities for the UK in a changing Saudi
Saudi Arabia, under the leadership of its millennial Crown Prince Mohammed bin Salman, has seen more dramatic cultural, economic and social change in the past five years than any other country. This has not been matched by corresponding progress in freedom of speech and human rights. The murder of Jamal Khashoggi has rightly cast a dark shadow over its reputation. But as a businessman, I have witnessed these changes first-hand. My most recent visit as the Prime Minister’s Special Representative for Vision 2030 was last week at the FII “Davos in the Desert” Conference, attended by an astonishing line-up of business and political leaders.
It was opened by Gloria Gaynor: it would have been unimaginable five years ago to have a woman performing live music in public, let alone opening a major conference. The Riyadh Festival was headlined by Pitbull, the rapper, and 125,000 Saudis turned up to watch the concert. Clubs and cinemas are open, and women are not only driving but the guardianship laws that restricted their movement have been dismantled. Women’s participation in the workforce has nearly doubled. The grip of the religious police has been broken. Corruption has been reduced. To Western eyes these may seem small changes, but that would be to ignore the near universal approval they enjoy within the Kingdom and the direction of travel they signal.
Five years ago Boris Johnson and I visited the country and bin Salman explained his Vision 2030. Eyebrows were raised. This vision, aimed at re-engineering the economy away from its dependence on oil and to develop a £5 trillion transformation programme, was bold, if unbelievable. Now, the incredible is deliverable. Vision 2030 is not simply a vague decarbonisation plan, but an economic programme spearheading a social, political and cultural overhaul of the Kingdom.
Bin Salman has the age, resources and the economic imperative to bring about those changes and is determined to do so. At the launch of the first FII Conference five years ago, he announced that he wished to see Saudi Arabia become the home for moderate Islam and not a hotbed for extremism.
Saudi Arabia is the dominant leader in the region and essential in maintaining regional security. The dispute with Qatar has been resolved. Efforts are being made to bring the Yemen war to an end, and the UK is using all its influence to prevent the humanitarian crisis in that country escalating. A fresh engagement with Iran is on the cards. Saudi is practically synonymous with oil, but the environment is fundamental to bin Salman’s thinking. He has approved the pathway to be net carbon neutral by 2060. Saudi Aramco is making impressive strides in its transformation into an energy company with a committed environmental, social, and governance objective. British firms are supporting the establishment of Neom, the sustainably built city.
Newcastle United is Saudi Arabia’s latest investment in the UK. It’s easy to label it as “sportswashing” but that misses the point of the opportunity in the North East. New partnerships will be formed with Saudi backing to create jobs, key to the PM’S levelling up objective. The mothballed Teesside chemical plant is being recommissioned by Sabic’s investment of $250million in the area. There is potential for bilateral trade. A commitment to invest $100billion in the UK in the next decade was agreed with bin Salman during his visit to the UK three years ago.
The PM has rightly been unwavering in communicating the West’s outrage over the Khashoggi murder. We should remain a critical friend, staying vigilant to promote our values of freedom and human rights. But the opportunities for investment into and from the Kingdom are also huge. The UK should continue its path of constructive engagement to help achieve the ambitious goals on all sides.
We should be a critical friend, defending our values while deepening our economic links