Saudi Arabia aims to wipe out corruption

It is a welcome new era as economic reforms are meant to alter the way the kingdom does business

There is a wind of change blowing across Saudi Arabia, bringing fresh new thinking, innovation and the realisation for many that things will no longer be the same. And the driving force behind this wind of change comes from the very top, with King Salman Bin Abdul Aziz and his son, Crown Prince Mohammad Bin Salman.

Since the appointment of Crown Prince Mohammad in particular, the rate of change has increased, with the kingdom now looking at permitting women to drive, relaxing prohibitions on cinemas and a visionary plan to completely overhaul its economy by 2030.

As part of these changes, the Crown Prince has ordered a zero-graft policy, setting out to clean up Saudi government and business practices once and for all, and a number of high-profile Saudis have been arrested on corruption charges. For too long too many have treated the kingdom as a personal kleptocracy — and Crown Prince Mohammad has sent a very clear warning: That era has ended.

This past week has also seen the creation of a Council for Economic Affairs and Development, a body that aims to ensure transparency in public dealings and make sure that business and corporations where senior individuals facing corruption investigations continue to function. It is also a clear indicator that this anti-corruption drive is far more than a one-off statement of intent and is now a fundamental tenet of the kingdom in advancing towards Vision 2030.

The latest move has the backing of most Saudis who for too long have been witness to the widespread corrupt practices that have seen funds for public projects pocketed by those who act from a misaligned moral compass and a false sense of entitlement. Crown Prince Mohammad is determined that this endemic culture of corruption must end, and he has put the measures in place to ensure anti-graft authorities act with the full weight and backing of the law and government.

This new era in Saudi is welcome and it shows that the economic and fiscal reforms planned by the government under Vision 2030 are transparent, far-reaching and meant to fundamentally alter the way the kingdom does business. Investors now can have confidence that there will be no shenanigans when it comes to the proposed sale of a portion of Saudi Aramco, planned for next year. The only ones opposed to this move are those who may be held accountable over their accrued accounts.