Was a good move, obviously.
My point: Saudi Arabia lives in a different world than just six years ago. The 9/11-driven scrutiny and mistrust remains substantial, but it's the larger glare created by globalization's creeping embrace of the region--indeed, the embrace of globalization by some of the smaller Gulf states--that creates an uncomfortable sense of popular comparison: who wants to be seen as "backward" when the global economy is surging toward frightening (it's always "frightening") new levels of connectivity (e.g., SWFs, the central banks cooperating over the subprime mess, the rising pressure within the commercial sector to reveal environmental costs both upstream and down)?
There is an analysis out there--conventional wisdom really--that says NOCs, and the regimes that own them, are burgeoning masters of the globalization universe.
Resist this (always) premature and overwrought verdict. Shifts are constant in a global economy of this range and force and dynamism. Remember when "hot money" ran all and held wimpy states in a "golden straight-jacket" (Friedman's phrase--almost Bryanian)? Then the financial crises themselves were viewed as uncontrollable. Then the "all-powerful" WB and IMF dictated life-and-death choices for weak governments (load of books there). Then govs built up their reserves to protect themselves, putting the U.S. debt in stark relief. Then the resulting SWFs gobble up "all" of sickly institutions in the shadow of the subprime, then America becomes "sharecropper" society and so on.
My point: every action triggers a counter-reaction that pulls all into more financial entanglements and rising interdependency. In these shifts, new "all-powerful" players and entities rise--and apparently fall--with stunning regularity, their preceived omnipotence and extreme vulnerability hyped--respectively--on both ascent and descent.
In short, we never lack for fear-mongers and Chicken Littles--both professional and amateur--ready to decry the "new" boss, missing its stunning similarity to the "old" one, aka,the markets' ceaseless churn and associated--and never-ending--process of reinvention
If you want to believe such evolution ends with some entity's crowning as "untouchable," then you will be regularly disappointed but never bored.
What I find: those closest to the power-in-question feel no such ascendancy. They, like the smart money, simply gaze nervously into the future for the next iteration to appear.