Saudi Arabia Lands $56 Billion in Deals

Saudi Arabia - depositphotos

CBJ — Despite the worldwide controversy about the recent killing of journalist Jamal Khashoggi, Saudi Arabia is rejoicing after managing to sign $56 billion of deals at an investment conference this week.

In addition to the announced deals, reports out of Saudi Arabia indicate the kingdom expects the United States will continue as a fundamental business partner despite a partial boycott of the event over the killing of Khashoggi. The manner in which he died remains shrouded in mystery, with a lot of rumors circulating, but still no concrete evidence as to what happened, who carried out the murder and at who’s directive.

At least two dozen top government officials and business executives from the United States and Europe, including U.S. Treasury Secretary Steven Mnuchin and chief executives of big banks, canceled their participation in the conference.

The three-day Future Investment Initiative conference drew hundreds of businessmen and government officials from around the world to a palatial venue in Riyadh, aiming to attract foreign capital to support Saudi economic reforms.

Thus far, only Germany has rescinded military arms sales to the world’s largest oil exporter. Both Canada and the U.S. have been contemplating a pull-out, but as of now have not. If they do, it would mean a loss of billions of dollars in sales.

@CanBizJournal

 

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