I like watching CNBC, because a station that follows the stock market has to keep up, not only with economics, but also with political and social trends. Following the U.S. presidential election, Prince Alwaleed bin Talal, chairman and controlling shareholder of Saudi Arabia's Kingdom Holding Company and one of the largest foreign investors in the US, told CNBC host, Jim Cramer, "We look at you (your country) as being the vanguard and being the leaders of the world."
Prince Alwaleed reminded me of the time I began teaching a section on Medieval Italy by asking students to list what they knew about Italy. Roman Empire, pizza, pasta, and home of the Pope helped initiate a discussion of how fragmented the country was before unification in 1870. Now, I asked myself, "What do I know about Saudi Arabia?" Lots of oil, little water, home of 9/11 terrorists, Muslim, women not allowed to drive, considers Iran an enemy. I need to know more.
The Kingdom of Saudi Arabia was not formed until 1932. In the 1950s, the US participated in the country's oil boom through Aramco, the Arabian American Oil Company. US heavy machinery companies also participated in the oil-financed construction boom that transformed a desert into a wealthy country with ports, roads, schools, hospitals, and power plants.
Despite these close US-Saudi connections, some Sunni Muslims in Saudi Arabia, as well as those from the enemy Shi'ite branch of Muslims in Persian Iran, harbored hatred of the US for its support of Israel against the Palestinians and resented the US presence in Saudi Arabia. At present, Iranian-backed rebels in Yemen fire long-range missiles into Saudi Arabia.
Although Osama bin Laden's family came from poor South Yemen, his father won favor with Saudi's king and gained lucrative construction contracts. Bin Laden was born in Saudi Arabia and spent most of his early life there in Jeddah. Due to the Muslim terrorist activities he inspired from his later headquarters in Sudan, including a suspected attempt on the life of Egyptian President, Hosni Mubarak, Saudi King Fahd was pressured to revoke bin Laden's citizenship and passport in March, 1994. He left Sudan for Afghanistan in May, 1996.
Fifteen of the 19 hijackers involved in the September 11, 2001 attacks on the US were Saudi nationals. Senior Saudi officials denied any role in the attacks and the 9/11 commission found no evidence linking the Saudi government with funding for the operation. Nonetheless, in September 2016, the US Congress passed the Justice Against Sponsors of Terrorism Act (JASTA) that gives the families of terrorist victims the right to sue governments suspected of playing a role in a terrorist attack on US soil. Congress overrode President Obama's veto of the bill and JASTA became a law which potentially undermines the close US-Saudi relationship and counter terrorism cooperation between the two countries.
In Saudi Arabia, cuts in salaries and subsidies due to falling oil prices are understandably unpopular with the Saudi public. Saudi's Vision 2030 economic program is designed to reduce the country's dependence on oil revenues. On CNBC, Prince Alwaleed told Cramer that he is a member of a group looking into energy alternatives to oil.
Besides the importance of oil in Saudi Arabia's future economy, succession to the Saudi throne also bears watching. Currently, King Salman of the House of Saud supports both Crown Prince Mohammed bin Nayef, his 57-year-old nephew and minister of interior who is next in the line of succession, and his son, Deputy Crown Prince Mohammed bin Salman, the 31-year-old contender who could leapfrog past his cousin. Speculation heightened when Crown Prince Muqrin bin Aldulaziz resigned his position in April, 2015, to make room for the Deputy Crown Prince.
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