HomeEconomySaudi Arabia hosts the world's leading economy amid tensions with the US.

Saudi Arabia hosts the world’s leading economy amid tensions with the US.

The Saudi kingdom organizes an economic forum starting Tuesday following the model of Davos. Big bosses from all over the world will be present when the host country becomes the epicenter of the international chessboard in a context of crisis around energy raw materials.

Top CEOs and wealthy tycoons are taking part in a “Davos-style” forum starting Tuesday in Saudi Arabia, the oil-rich Gulf monarchy seeking to shine after human rights scandals and tensions with the United States.

The Future Investment Initiative (FII) was launched in 2017 as a Middle East counterpart to the famous economic forum held annually in Switzerland when the Saudi kingdom, the world’s largest crude oil exporter, attempts to restore your image.

It was Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, who spearheaded the initiative, one of many aimed at diversifying the Saudi economy. But he was largely overshadowed by accusations of gross human rights violations, notably the 2018 murder of Saudi journalist and critic Jamal Khashoggi assassinated at his country’s consulate in Istanbul.

Almost twice as many speakers as before

This year, the IIF, nicknamed the “Davos of the desert”, follows the return to the forefront of the international scene by Prince Mohammed, who received former British Prime Minister Boris Johnson, French President Emmanuel Macron and US President Joe Biden.

Before his election, Joe Biden had vowed to make Saudi Arabia a “pariah” over allegations by US intelligence services implicating the crown prince in Khashoggi’s murder. But with the Russian invasion of Ukraine, followed by rising oil prices and global inflation, Prince Mohammed has become inevitable.

In the new edition of the FII scheduled from Tuesday to Thursday, there will be 200 additional speakers compared to the previous ones, or 500 in total, among some 6,000 participants.

Saudi Arabia, a new “world center”

For the famous publicist Richard Attias, who organizes the forum, the latter demonstrates that Saudi Arabia is “becoming a world center”. Participants include many business leaders from South American countries, as well as “a huge Chinese delegation,” including more than 80 chief executives, Richard Attias said during a press conference this week in Riyadh.

However, the discord between Washington and Riyadh could well weigh on the FII, since this year no American politician has been invited, unlike previous editions. For Richard Attias, it’s just about emphasizing the business world. As many as 400 US CEOs are expected to attend the forum, he said.

Tensions between the United States and Saudi Arabia

Close partners, the United States and Saudi Arabia have an icy relationship due to the kingdom’s relentless crackdown on political dissent. In recent weeks, relations have deteriorated further due to the decision of oil-exporting countries, Saudi Arabia and Russia in the lead, to cut production to support falling prices.

A decision that provoked the wrath of the United States. The latter accused Riyadh of “aligning himself” with Russia, which seeks to finance its war in Ukraine through the sale of hydrocarbons. But the Saudi kingdom, backed by other oil-producing Gulf countries, has rejected the accusations, saying the decision was motivated by “purely economic” reasons.

Asked by AFP, the US embassy in Riyadh did not respond to questions about US involvement in the FII. As for American businessmen and women, researcher Kristian Ulrichsen isn’t surprised by their involvement.

Author: TT with AFP
Source: BFM TV

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