A year ago, this month, two significant events related to the Kingdom of Saudi Arabia shaped alliances and divisions throughout the globe.
In a brutal and bizarre act that left millions round the world including Saudi Arabia aghast and shocked, a Saudi journalist, Jamal Khashoggi, was murdered in the country’s consulate in Istanbul, Turkey. It was such a ruthless act, it left people speechless and cast the kingdom in the worst possible light.
Later that month, the true effects of the killing became apparent as the first Saudi Future Investment Initiative lost a number of the influential and committed global invitees who pulled out in apparent protest of the murder.
The government at the time stated that anyone tied to Khashoggi’s death would not escape the gallows.
King Salman announced that “such a reprehensible act was contrary to the principles of Saudi Arabia and that no one should doubt the veracity of the government in getting to the bottom of the truth.”
The Crown Prince, Mohammad Bin Salman (MBS), added that “The incident that happened is very painful for all Saudis. The incident is repulsive and is not justifiable. Justice, in the end, will prevail.”
The Saudi government began an investigation which has led to the imprisonment of eighteen of the conspirators in the heinous crime, five of whom are facing the death penalty.
Saudis are convinced that justice will eventually be served.
Since the murder last October, Saudi Arabia had to bear the onslaught of international media scorn and not just confined to the murder.
Almost every aspect of Saudi society was free game to the multitude of media moguls intent on revving up one controversy or the other on the desert kingdom.
There were publicised censures from foreign politicians as well and for a time, the Saudis began to feel pariahs in the league of nations.
But the country bravely withstood this critical onslaught and things began turning around as the world began to believe that the murder was indeed a botched operation carried out by rogue operatives working for the government, whose actions went beyond their mandate.
Last month the Crown Prince himself was very candid on a televised interview by a US network.
MBS described Khashoggi murder as a “heinous crime". He took full responsibility because it “happened under his watch.”
“There is no threat from any journalist. The threat to Saudi Arabia is from such actions against a Saudi journalist. This heinous crime, that took place in a Saudi consulate.”
Saudi Arabia has turned things around and global confidence has returned. Add to this the glitter of the much-anticipated IPO of Aramco and you have a country well placed on a boom of economic potentials that would do justice to any economic investment
Flash forward to this month second Future Investment Initiative from October 29-31 which has garnered more interest and more participants.
Among the attendees slated to attend will be Brazilian president Jair Bolsonaro, India’s Narendra Modi and Pakistan’s Imran Khan.
The US is sending a delegation including Jared Kushner, President Donald Trump’s son-in-law, and Treasury Secretary Steven Mnuchin.
David Malpass, chief of the World Bank and former White House Press Secretary Anthony Scaramucci are also among the confirmed participants.
From the UK, marketing mogul Sir Martin Sorrell, HSBC boss Noel Quinn, CEO of the London Stock Exchange David Schwimmer and government trade envoy Graham Stuart MP will grace the occasion.
Global investment firms that last year were unwilling to commit attendance following the fallout of Khashoggi’s murder have signed on. They include top executives from Goldman Sachs, JPMorgan Chase and Citigroup.
Tremendous potential
Yes, Saudi Arabia has turned things around and global confidence has returned. Add to this the glitter of the much-anticipated IPO of Aramco and you have a country well placed on a boom of economic potentials that would do justice to any economic investment.
Saudi Arabia has the largest population among the GCC countries. In fact, it has more people than the combined total of all its GCC neighbours and their buying power offers tremendous potential to any investor.
The World Bank Group’s Doing Business 2020 report stated that Saudi Arabia had carried out a record number of business reforms in the past year, earning the country a spot in this year’s top 10 global business climate improvers.
“Easing the business climate for local entrepreneurs to thrive as well as foreign investors to work in the Kingdom shows a forward path to creating more jobs for Saudi youth and women, and creating sustainable, inclusive growth,” stated the World Bank regional director of the Gulf Cooperation Council (GCC).
Yes indeed, the country is moving ahead and all’s well on the business front.
—Tariq A. Al Maeena is a Saudi socio-political commentator. He lives in Jeddah, Saudi Arabia. @talmaeena
