This news is a joke, right?

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Saudi Arabia is hosting a two day conference on religious freedoms

Well, at least someone at the UN has a sense of humour I suppose.

Wow. Just wow.

Simply lost for words.

...and how to deny them" is obviously the rest of the title.

Could be a stroke of genius.
I think it's past tense and already happened, btw, not future.
After all, the event gets publicity throughout the middle east.
It compels leading Saudis to publicly agree with the principles of religious freedom and tolerance. They have to make speeches and statements about it that people can point back to later.

Leading Saudi clerics would get roped in to agree that violence purely against religion is wrong.

Well, it hasn't had any coverage at least in Egyptian Arabic language media.

Also, when your fundamental position is that only your religion and holy book is valid as a source of law and a very specific interpretation of the religion at that, I really don't see how the religious freedom thing is going to work.

Quite the opposite. From the article I linked to it is clear that they were putting an anti-Islamophobia slant on discussions and felt that the summit was to draw attention to the difficulties Muslims face in the West.

However much discrimination there may be I don't think anyone can seriously argue that Muslims are denied religious freedoms in Europe and anything negative which does occur pales in comparison to SA where bibles are outlawed and a blogger was sentenced to death for a fairly mild tweet about the Prophet Muhammad.

I think it very unlikely that Saudi Arabia will move to a more tolerant interpretation of Islam under the current king.