Today, she begins again, the conference of the Saudi Public Investment Fund (PIF), the Saudi crown Prince and De facto head of state, Mohammed bin Salman, as President, presides. The Meeting of world economic leaders is called – much to the displeasure of the world economic forum (WEF) – mostly as “Davos in the desert”. This is in reference to the famous elite meeting of the WEF in January in Davos.
a year ago, the WEF and the municipality of Davos protested, in an official communication against the wrong name. Literally, they wrote, they would use “all means to protect the brand Davos against improper appropriation”. Has used the scamper of little. The term “Davos in the desert” for the event in Riyadh has held up.
not only that, But the WEF has distanced himself a year ago by the event in Riyadh, including many prominent business leaders have cancelled their participation at the time in the run-up again. Reason for the brutal murder and dismemberment of the journalist Jamal Khashoggi a Saudi Consulate in Turkey. Famous examples such as Tidjane Thiam by Credit Suisse or Joe Kaeser, the German technology group Siemens. Even for the US secret service, CIA, it was clear that Without the consent of the mighty Muhammad bin Salman of the Saudi agents had dared the journalists not to kill. The Prince apologized, while, in the meantime, as a responsible head of state for murder, denies but continues to be each of their own involvement in it.
“The Balance”
Although still little is known about the true background of the atrocity known pilgrimage, a large part of the international economic elite again this year at the event. Joe Kaeser, Siemens is one of the exceptions, but not Tidjane Thiam. The head of the Credit Suisse participated, according to the conference program on Tuesday morning on a Panel. The title of the discussion: “The Balance is: How can investors survive in a multi-polar world and thrive?”
has disappeared Since the story of Khashoggi largely out of the headlines, mainly occurs in the “prosperity of the investors” in Saudi Arabia back in the foreground. This is the reason why also many other representatives of high Finance is in addition to Thiam not to Boycott feel. With Stephen Schwarzman, Larry Fink, and Ray Dalio travel, for example, the heads of the largest investment Fund Blackstone, Blackrock, and Bridgewater to the Saudi Riyadh. Other big banks such as Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley do not send your chiefs, in their representation, but other top managers.
For the financial industry is lucrative Deals with rich Saudi Royal house are at stake. Alone from the planned and recently again postponed the IPO of Saudi Arabia’s national Oil company, Aramco, the banks promise to hundreds of millions in fee revenue. According to a report in the Financial Times are the same have been dozens of them, engaged for this business.
Lock-free sources
The state Fund PIF – official organizer in Riyadh – is also the most important Instrument of the Saudi Prince to release the economy from the dependence on oil. He, therefore, is for a billion-dollar investment in mega-projects, restructuring and potential privatization. International banks have strong incentives, it does not spoil with the Saudi Royal house, because here, too, bubbling charges attract sources.
In the case of the heads of state from Western countries, a country among the Participating juts out, especially at the conference: Switzerland. From our country’s Federal President Ueli Maurer is flown on Saturday to the Region. Until Tuesday, the opening day of the event, he wants to stay and also Prince Bin Salman meet. Maurer said in June that he was planning a trip to Saudi Arabia.
An important trading partner for Switzerland
Maurer’s participation in the investors ‘ conference established the Department of Finance so that the “current economy would be policy issues, and investment in the language”. Together with the United Arab Emirates, Saudi Arabia belong to, finally, for a long time, the most important economic and trade partners of Switzerland in the Gulf region.
very little fear of contact also has the U.S. government. President Trump was shortly after the murder of Khashoggi ready, the Saudi crown Prince of the blame for the whitewash, though its authorities came to a different conclusion. For the Americans, with comprehensive orders for the defence industry, curls especially. So it is hardly surprising that 40 percent of all speakers at the Meeting in Riyadh from the United States – twice as many as from Europe or from Asia. From Trumps Cabinet travel Minister of Finance, Steven Mnuchin and energy Minister Rick Perry. Also present were Trumps son-in-law Jared Kushner is.
Far better than the West development are represented and emerging countries. With Jair Bolsonaro from Brazil, Narendra modi of India and Muhammadu Buhari, of Nigeria, especially those of a particular population countries rich.
Created: 29.10.2019, 17:40 PM
