[ad_1]
RIYADH (Reuters) – Saudi Arabia's crown prince trumpeted on Tuesday has $ 50 billion worth of debt in the face of a billion-year-old man. Jamal Khashoggi, declaring the event "great – more people more money".
This year's Future Investment Initiative was overshadowed by the death of the Saudi journalist, a critic of Prince Mohammed bin Salman Crown, who vanished after he entered the country's consulate in Istanbul on Oct 2.
A number of Western politicians and global business chiefs stayed away from Saudi Arabia's first investment event over the Khashoggi case.
After first denying any involvement, Riyadh said on Saturday Khashoggi died in the consulate. Later, a Saudi official awarded the death to a chokehold.
On Tuesday the Saudi cabinet, after a meeting headed by King Salman, where responsible for Khashoggi's death and those who "failed in their duties" in the case that provoked an international furor and strained relations between Riyadh and the West.
Prince Mohammed, known as MbS, arrived at the conference late in the day after attending a meeting at which the King received Khashoggi's family, including his Salah.
Many in the audience of over 2,000 clapped or cheered as the prince, the de facto ruler and architect of his reform drive, entered the main hall, smiling as he sat down.
The crown prince, who will be attending the conference on Wednesday.
The event is being held at the opulent Ritz-Carlton, where scores of princes, businessmen and officials were detained in a crackdown on corruption soon after last year's conference ended, and investors focused on raising concern about transparency.
Saudi billionaire Prince Alwaleed bin Talal, who was among those detained, appeared at the forum beside MbS, who led the anti-corruption drive.
Energy Minister Khalid al-Falih assured the conference that the world's top exports would be a "crisis of a lot".
The chief executive of Saudi Aramco said the government is committed to a partial flotation of the oil giant but that the timing would depend on market conditions and other factors.
FALL STOCKS
Hundreds of bankers and company executives joined the Future Investment Initiative. But while last year's inaugural conference drew the global business elite, this year's event has been marred by the withdrawal of more than two dozen high-level speakers.
Turkish President Tayyip Erdogan on Tuesday dismissed attempts by Riyadh to blame Khashoggi's "savage" killing on rogue operatives, saying the person who ordered the death must "be brought to account".
Riyadh's ties with Western governments. Saudi Arabia's stock index was down 1.3 percent in late trading.
U.S. Treasury Secretary Steven Mnuchin and senior executives from Britain and France, JP Morgan Chase and HSBC, and International Monetary Fund chief Christine Lagarde.
Uber CEO Dara Khosrowshahi, who also withdrew from the event, said that he would be willing to accept the full facts. Saudi Arabia's sovereign wealth fund has invested in Uber and its managing director sits on the app's board.
SAUDI "WORTH SUPPORTING"
Kirill Dmitriev, Director, Kirill Dmitriev. He said that Khashoggi's killing was needed to be investigated and punished, but that the Saudi drive for economic and social reform could not be ignored.
"Saudi Arabia's reforms are important," he told Reuters.
Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes.
Saudi Aramco said it signed 15 memoranda of understanding worth $ 34 billion.
Total Chief Executive Patrick Pouyanné, a panelist on Tuesday, said the French oil and gas producer would announce a retail network in the kingdom with Saudi Aramco.
The managing director of the kingdom's sovereign wealth fund, the main backer of the event, said the country was becoming more transparent and that the Saudi Public Investment Fund continued to develop new industries under the crown.
Yasir al-Rumayyan said the fund has invested in 50 or 60 firms via SoftBank Group's Vision Fund and would be most of those businesses to the kingdom. PIF has committed to invest $ 45 billion in Vision Fund.
Many Western banks and other companies, for example, have $ 250 billion in wealth, feel lower-level executives and have their top people stayed away.
Top executives of Asian firms have hesitated to pull out, so the participation of Chinese and Japanese institutions can help Riyadh claim the three-day conference as a success.
For these reasons, the Western boycott may have long-term impact on Saudi economic prospects.
Reporting by Andrew Torchia, Stephen Kalin, Paul Katie, Rania El Gamal and Marwa Rashad, Writing by Ghaida Ghantous; Editing by Michael Georgy and David Stamp
