H.H. Prince Abdullah bin Faisal bin Turki Al Saud (page 2 of 2)

The Riyadh University had 2,500 applicants for 150 places in its medical school this year, so the demand is clearly there'.

For the time being, investment in the financial services sector remains closed, and all banks in Saudi Arabia are majority-owned by Saudi investors. Could this situation change in the future? What are the limits to economic reform in Saudi Arabia?

'The idea is to open things up for all the players,' says Prince Abdullah. 'Be they high net worth individuals, businesses, managers or entrepreneurs. It is up to them to do it, and then the sky is the limit. As we know with globalisation and new technologies there are no boundaries to business any more'.

Prince Abdullah first came to public prominence as the chairman of the Royal Commission for Jubail and Yanbu, the two industrial cities of Saudi Arabia. In this role he supervised the privatisation of the power and water services for these two cities, for which he found a solution that was acceptable both to the Saudi authorities and foreign investors.

'Saudi Arabia has a unique role in the region and certain responsibilities', says His Highness. 'Saudi Arabia has had a unique entry into the modern world. We can not duplicate certain things, or force them onto the Saudi public. There will have to be a balance between development expectations and the sensitivities of people.

But Prince Abdullah concludes: 'It is not just the limitations of oil income, but that you want people to depend on their own efforts and connections with the world. No one country can survive on its own any longer'.