Saudi Crown Prince to Address FII after Khashoggi Killing

Saudi Arabia’s crown prince is now anticipated to address an investment forum on Wednesday that has been overshadowed by the outcry over the killing of journalist Jamal Khashoggi, one day after Turkey encouraged Riyadh to search “top to bottom” for those responsible for the crime.

The kingdom has come under heavy pressure in the crisis that has strained its relationships with Western allies. President Donald Trump said on Tuesday that Saudi authorities had staged the “worst cover-up ever” in Khashoggi’s death as the United States pledged to revoke the visas of some of the Saudi suspects.

Dozens of Western politicians, key world bankers, and company executives boycotted this year’s Future Investment Initiative conference that opened in Riyadh on Tuesday, but the world’s largest oil exporter showed that it could still do business by signing deals worth $50 billion on the first day.

Crown Prince Mohammed bin Salman, who is the kingdom’s de facto ruler and the architect of its reform drive, had briefly appeared at the venue, declaring the event as “great – more people more money,” but did not address the conference.

The prince, who is known as MbS, arrived after attending a meeting at which his father and strongest supporter King Salman received members of Khashoggi’s family, including his son Salah. State news agency SPA published pictures of the meeting, including one of the crown prince shaking hands with Salah, who appeared ill at ease.

MbS is scheduled to speak in a panel in the late afternoon on Wednesday. The prince said earlier this month that Riyadh would announce an “amazing deal” at FII this year, where the mood has been subdued when compared to the 2017 inaugural event.

Khashoggi, who is a critic of the crown prince, disappeared after he entered the Saudi consulate in Istanbul on October 2. After Riyadh first denied any involvement in his disappearance, a Saudi official eventually linked the death to a chokehold.

Turkey’s president, Tayyip Erdogan, on Tuesday dismissed Saudi efforts to blame Khashoggi’s death on rogue operatives, calling the operation a deliberate “savage killing,” and demanded Riyadh punish those responsible, no matter how highly placed.

Secretary of State Mike Pompeo said that the United States had identified some of the Saudi government and security officials it believed were involved in Khashoggi’s murder and would take necessary actions, which include revoking US visas.

In spite of the boycott by the key businesses, including those players in Wall Street, of the investment conference, some senior international bankers were in Riyadh in a sign that global banks were reluctant to walk away from lucrative Saudi deals.

Saudi finance minister, Mohammed al-Jadaan, met with the chief executive of HSBC’s global banking and markets’ unit and the deputy chairman of Japan’s biggest lender MUFG to talk about investment opportunities, the ministry disclosed on Twitter through a tweet.

Russia sent a huge delegation to FII led by Direct Investment Fund head Kirill Dmitriev. He stated on Tuesday that while Khashoggi’s killing needed to be investigated and the culprits punished, the Saudi drive for economic and social reforms could not be ignored.

FSMSmart Review