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Saudi Crown Prince Gets Standing Ovation Despite Inquiries Into Khashoggi Saudi Crown Prince Gets Standing Ovation Despite Inquiries Into Khashoggi
(35 minutes later)
RIYADH — Saudi Arabia’s crown prince, Mohammed bin Salman, received a standing ovation as he made an unannounced appearance at a global investment conference on Tuesday, further clouding an event that has been thrown into disarray after the killing of a dissident Saudi journalist. RIYADH — Saudi Arabia’s crown prince, Mohammed bin Salman, received a standing ovation as he made an unannounced appearance at a global investment conference here on Tuesday, further clouding an event that has been thrown into disarray after the killing of a dissident Saudi journalist.
The crown prince, who is suspected of playing a role in the killing of Jamal Khashoggi, appeared just ahead of a late afternoon presentation about future technology but did not give any remarks. His presence came as American business executives attending the conference tried to keep a low profile and Saudi Arabian business leaders attempted to distance themselves from Mr. Khashoggi’s murder. The crown prince, who is suspected of playing a role in the killing of Jamal Khashoggi, appeared just ahead of a late afternoon presentation about technology but did not give any remarks. His presence came as American business executives attending the conference tried to keep a low profile and Saudi business leaders attempted to distance themselves from Mr. Khashoggi’s murder.
More than 3,000 people were attending the conference and, in the opening hours, the lobby of the Ritz-Carlton buzzed as executives glided across the marble floors, sipping kiwi juice, exchanging business cards and discussing potential deals. The circumstances surrounding Mr. Khashoggi’s death have enveloped the second annual Future Investment Initiative, which sought to bring together prominent executives from around the world. Many Western executives and government officials have canceled their appearances, including the chief executives of Goldman Sachs, JPMorgan Chase and many foreign and finance ministers.
While the biggest American banks did not send their top executives, institutions such as Citigroup and Morgan Stanley sent midlevel regional executives. Many bankers kept their name tags obscured behind their ties or decided that this was not the year to speak to the press. [The case is eroding Saudi Arabia’s reputation, worrying allies in the region.]
Still, more than 3,000 people were attending the conference and, in the opening hours, the lobby of the Ritz-Carlton buzzed as executives glided across the marble floors, sipping kiwi juice, exchanging business cards and discussing potential deals.
While the biggest American banks did not send their top leaders, institutions such as Citigroup and Morgan Stanley sent midlevel regional executives. Many bankers kept their name tags obscured behind their ties or decided that this was not the year to speak to the news media.
“I’m not doing any media,” said Ken Moelis, the founder and chief executive of Moelis & Company. “It’ll have to be ‘no comment.’”“I’m not doing any media,” said Ken Moelis, the founder and chief executive of Moelis & Company. “It’ll have to be ‘no comment.’”
Some in attendance were conflicted but decided that it was worth it to come to Riyadh. On Monday, Joe Kaeser, the chief executive of Siemens, said he would no longer be coming.
“The truth must be found and justice must be served,” he said.
Some in attendance were conflicted but decided the trip to Riyadh was worth it.
“It’s awkward,” said Tally Zingher, chief executive of Dawsat, a start-up company focused on health in the Middle East, who noted the shadow cast by Mr. Khashoggi’s death.“It’s awkward,” said Tally Zingher, chief executive of Dawsat, a start-up company focused on health in the Middle East, who noted the shadow cast by Mr. Khashoggi’s death.
Ms. Zingher, an American, considered not attending, but decided that she was not prominent enough to make a statement by skipping the conference.Ms. Zingher, an American, considered not attending, but decided that she was not prominent enough to make a statement by skipping the conference.
Henry Biner, an executive at the Boston-based P/E Investments, said that what happened to Mr. Khashoggi was “horrendous” but that there are wars and atrocities occurring across the Middle East and that it should not necessarily deter business ties. Henry Biner, an executive at the Boston-based P/E Investments, said that what happened to Mr. Khashoggi was “horrendous” but that there were wars and atrocities occurring across the Middle East and that the situation should not necessarily deter business ties.
“One year from now, somebody is going to ask where the revenue is,” he said. “We’re not going to put our relationships on the line for this.”“One year from now, somebody is going to ask where the revenue is,” he said. “We’re not going to put our relationships on the line for this.”
For others it was also business as usual. And while Steven Mnuchin, the Treasury secretary, canceled his appearance at the conference, he traveled to Riyadh anyway and met with Prince Mohammed. The two discussed combating illicit financing as well as the investigation in Mr. Khashoggi’s death, a Treasury spokesman said.
As business leaders took shuttle buses past barricades to enter the Ritz, aides to Mr. Mnuchin were having breakfast at a nearby luxury hotel. The secretary was expected to visit the Terrorist Financing Targeting Center, which was established last year during President Trump’s visit to the region, before leaving for the next leg of his six-country trip.
Others in attendance said they were there just to do business and dismissed the Khashoggi situation.
“It’s just noise to me,” said Michael Slater, who runs the Middle East and Africa investment business for Northern Trust and is based in Riyadh. “The people I need to see are here, and that’s what I care about.”“It’s just noise to me,” said Michael Slater, who runs the Middle East and Africa investment business for Northern Trust and is based in Riyadh. “The people I need to see are here, and that’s what I care about.”
Saudi Arabian leaders appearing at a finance summit on Tuesday sought to distance themselves and their nation from the killing as a dark cloud descended on a typically opulent event that attracts thousands of investors from around the world. Saudi leaders appearing at a finance summit on Tuesday sought to distance themselves and their nation from the killing as a cloud descended on what was an opulent event that attracts thousands of investors from around the world.
As global business leaders and government delegations filed in to the heavily fortified hotel in Riyadh, one of Saudi Arabia’s most powerful executives and an adviser to its Public Investment Fund paid her respects to Mr. Khashoggi and said that reports of his grisly murder do not define her country. As global business leaders and government delegations filed in to the heavily fortified hotel in Riyadh, one of Saudi Arabia’s most powerful executives and an adviser to its Public Investment Fund paid her respects to Mr. Khashoggi and said that reports of his grisly murder did not define her country.
“The terrible acts reported in recent weeks are alien to our culture and our DNA,” said Lubna S. Olayan, the deputy chairwoman of the Olayan Financing Company and the first speaker at the event.“The terrible acts reported in recent weeks are alien to our culture and our DNA,” said Lubna S. Olayan, the deputy chairwoman of the Olayan Financing Company and the first speaker at the event.
Ms. Olayan, a billionaire who is one of the richest people in Saudi Arabia, said she was confident that “the truth will emerge” about Mr. Khashoggi’s fate and she thanked the foreigners who attended the conference under the circumstances. Ms. Olayan, a billionaire and one of the richest people in Saudi Arabia, said she was confident that “the truth will emerge” about Mr. Khashoggi’s fate and she thanked the foreigners who attended the conference under the circumstances.
“I am sure we will grow and emerge stronger as a result of dealing with the crisis of the last few weeks,” she said.“I am sure we will grow and emerge stronger as a result of dealing with the crisis of the last few weeks,” she said.
After an uncomfortable silence, the packed ballroom applauded.After an uncomfortable silence, the packed ballroom applauded.
Saudi officials in attendance also acknowledged Mr. Khashoggi, though they did so without accepting responsibility for directing his killing, despite fresh allegations from President Recep Tayyip Erdogan of Turkey, who laid out on Tuesday the Saudi planning of what he called the “premeditated murder” of Mr. Khashoggi at the country’s consulate in Istanbul.Saudi officials in attendance also acknowledged Mr. Khashoggi, though they did so without accepting responsibility for directing his killing, despite fresh allegations from President Recep Tayyip Erdogan of Turkey, who laid out on Tuesday the Saudi planning of what he called the “premeditated murder” of Mr. Khashoggi at the country’s consulate in Istanbul.
“From the leadership on down, we’re very upset about what has happened,” said Khalid al-Falih, the energy minister, who described the death as “abhorrent” and promised that an investigation would yield justice and retribution.“From the leadership on down, we’re very upset about what has happened,” said Khalid al-Falih, the energy minister, who described the death as “abhorrent” and promised that an investigation would yield justice and retribution.
The situation has enveloped the second annual Future Investment Initiative, which has sought to bring together some of the most prominent executives from around the world. Many of the most prominent attendees have canceled their appearances, including Wall Street executives from Goldman Sachs and JPMorgan Chase. While many European and American officials boycotted the conference, the prime minister of Pakistan and the king of Jordan were set to speak.
On Monday, Joe Kaeser, the chief executive of Siemens, said he would no longer be coming. Veterans of last year’s gathering said it appeared that there were more Saudis in attendance this year, leading some to suggest that the organizers scrambled to fill empty seats. They also noted there were more Russian and Asian executives, perhaps attempting to capitalize on less competition for deals from Western investors.
“The truth must be found and justice must be served,” he said. Still, in a demonstration of its continued attractiveness as an investment partner, Saudi Aramco, the oil giant, announced the signing of 15 deals with companies in eight countries, including the United States, France, China, Japan, the United Arab Emirates, Britain, South Korea and India. The value of the transactions is $34 billion.
While European and American officials boycotted the conference, the prime minister of Pakistan and the king of Jordan were set to speak.
Veterans of last year’s gathering said it appeared that there were more Saudis in attendance this year, leading some to suggest that the organizers scrambled to fill empty seats. They also noted more Russian and Asian executives traveled to Riyadh for the conference, attempting to capitalize on less competition for deals from Western investors.
Still, in a demonstration of its continued attractiveness as an investment partner, Saudi Aramco, the oil giant, announced the signing of 15 new business deals with companies in eight countries, including the United States, France, China, Japan, the United Arab Emirates, Britain, South Korea and India. The value of the transactions are worth $34 billion.
And while Steven Mnuchin, the Treasury secretary, canceled his appearance at the conference, he traveled to Riyadh anyway and met with Saudi Arabia’s crown prince, Mohammed bin Salman, who is suspected of playing a role in the killing of Mr. Khashoggi, a Saudi dissident. The two discussed combating illicit financing as well as the investigation in Mr. Khashoggi’s death, a Treasury spokesman said.
As business leaders took shuttle buses past barricades to enter the Ritz, aides to Mr. Mnuchin were having breakfast at a nearby luxury hotel. The secretary was expected to visit the Terrorist Financing Targeting Center before leaving for the next leg of his six-country trip.