Saudi Arabia's grand plan to move beyond oil: Big goals, bigger hurdles

The message to bankers, businesspeople and high-rolling investors was clear: The once-insular kingdom is now open for business.

RIYADH, Saudi Arabia — Saudi Arabia is throwing an economic coming-out party of sorts this week, hawking its efforts to liberalize its conservative society and diversify its economy in a sweeping overhaul of the way the wealthy Arab kingdom has long operated.

In a glittering conference center in Riyadh, slick videos promised a gleaming, $500 billion city of the future, powered by solar energy and run by robots. The crown prince lauded a “moderate Islam” that embraces the world. And members of the global business elite attended standing-room-only sessions on sustainable energy and the future of urbanization.

The message to bankers, businesspeople