The broad and rapid reforms by the government in Riyadh, including driving licenses for women, came as the kingdom wants to go back where it was, and not "like this," Crown Prince Mohammed bin Salman said on Tuesday. Announcing a $500 billion project for a business and industrial zone connecting it with Jordan and Egypt, the son of Saudi Arabian King Salman vowed to return to "moderate teachings and principles of Islam." The political initiative is aimed at reining in extremists and getting the new generation closer to trends in the rest of the world, he added. The state will be open to all faiths, in the words of the young leader, also known as MBS.
Neom, the plan for a smart city powered by energy from renewable sources, is designed as an innovation hub on the coast of the Red Sea. The project will be financed from the Public Investment Fund, a sovereign wealth vehicle, but also overseas investors, the crown prince revealed.
Masayoshi Son, head of Japan's SoftBank Group Corp., announced its Vision Fund will invest in the Saudi Electricity Co.'s (SEC) solar power plant, which should be the biggest one in the world, as well as in the most advanced robotics.
