The reform-minded Crown Prince has sought to soften Saudi Arabia’s outward image, pivoting it to “moderate Islam” and giving women greater freedoms such as driving and travelling abroad alone.
But its poor record on human rights abuses still puts off some investors, with the murder of Saudi journalist Jamal Khashoggi in Turkey in 2018 still fresh.
Daily drone and missile strikes from Houthi rebels until March last year did not help either, Soltvedt adds. While an agreement with Iran helped put an end to attacks by the Yemeni militia backed by Tehran, Israel’s war with Hamas has brought renewed fears over security in the region.
“I think for investors looking at it, there are still just too many unknown variables,” he says.
Meanwhile, Western telecoms have been spooked by the Saudi government’s plans to use hypermodern integration of artificial intelligence and facial recognition in Neom.
“It is presented as a positive that every single citizen can be tracked and the security forces will be able to know when a crime happens in real time, making this a super safe space. But obviously, that comes at a huge cost when it comes to privacy,” Soltvedt says.
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