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Saudi investment conference begins despite calls for a boycott

By INS Correspondent , in World , at October 23, 2018

Srinagar: Kingdom of Saudi Arabia’s big investment conference kick started on Tuesday amid allegations that the country was behind Saudi journalist Jamal khashoggis killing in Istanbul consulate of KSA, reported BBC.
According to BBC report the future investment initiative (FII)was due to feature 150 high profile speakers from 140 firms .But around 40 attendees are understood to have pulled out as questions have mounted over the Saudi governments role in the killing of Khashoggi.
Prominent Saudi critic Khashoggi vanished on 2 october after visiting the Saudi consulate in Istanbul. The exodus of executives-including the CEOs of JPMorgan Chase,Uber and Siemens has taken the shine off the showcase event hosted by Saudi Crown Prince Mohammed bin Salman,who has been trying to modernise the countrys oil dependent economy.
According to BBC, ”while the big names may have pulled out ,hundreds are still attending in some cases representing the very companies whose bosses decided it was no longer expedient for them to attend”.
”Davos in the desert”, is a three day event from 23 to 25 october organised by Saudi Arabia’s sovereign wealth fund.
The conference is a forum for business figures ,politicians and civic society groups to discuss topics related to economic development ,technology,global governance and the enviornment .
The conference aims to attract more foreign investment into Saudi Arabia.
It’s a part of the country’s ”2020 vision”,an economic plan to diversify Saudi Arabias economy and reduce its reliance on oil revenues.
The kingdom is currently one of the worlds largest oil producers but foreign investment has dropped in recent years.

 

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