Saudi King Salman vowed on Tuesday that low oil prices will not halt progress in his country, and promised to defend Arab and Muslim causes around the world in his first major policy speech since assuming the throne.

Salman, 79, said the kingdom will continue oil and gas exploration, despite crude prices being nearly half of what they were last summer. In an acknowledgment of the kingdom's burgeoning young population, he urged businesses to help create jobs, calling it a national duty.

"Every citizen in the country and every region of our nation are of my concern, interest and care," he said, adding that all Saudis are equal before his eyes.