Saudi Investment Conference Begins After Exodus of CEOs

World


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Dozens of top business leaders from the world of the future of the United Arab Emirates in Khashoggi, a dissident journalist who has disappeared from the Saudi consulate in Istanbul earlier this month.
The exodus of executives – including the CEOs of JPMorgan Chase (JPM), Uber and Siemens (SIEGY) – has taken the shine off the showcase event hosted by Saudi Crown Prince Mohammed bin Salman, who has been trying to modernize the country's oil-dependent economy.
That explanation has drawn skepticism, including from US President Donald Trump who said Monday he was "not satisfied" with what he'd heard.
Saudi Crown Prince Mohammed bin Salman at last year's Future Investment Initiative.

Total in, Siemens out

Organizers of the conference in Riyadh, known as "Davos in the desert," say the CEO of HSBC (HSBC) and Blackrock ( BLK) and International Monetary Fund Chief Christine Lagarde.
Total CEO explains why he will attend Saudi conference
Siemens CEO explains why he will not go to Saudi conference

The list of speakers for Tuesday's sessions features far fewer global figures than an earlier version that was posted on the website and has since been scrubbed of names after executives started pulling out.

One of the highest profile CEOs is still Patrick Pouyanné, the chief oil company Total (TOT).

Pouyanné said in a statement Monday that while he respects the decision of some business leaders to skip the conference, he believes that "boycotts and withdrawing investment only hurt the ordinary people of the country."

"I am convinced that the table of contents does not matter, especially when it comes to respect for human rights," he said.

His comments contrasted with those of Siemens CEO Joe Kaeser, who explained a LinkedIn Monday

"As soon as I heard of his death, it was clear to me that we could not simply move on and do business as usual," he wrote. "We in Germany should know from our history what it can lead to if people stay out of trouble and do not speak up till it is too late."

Kaeser said he had tried to strike the "right balance between values, interests and timing" after receiving "hundreds, if not thousands, of e-mails" urging him not to wait.

Still talking business

The lack of big names will not prevent discussions about future business opportunities. Some companies, such as JPMorgan and HSBC, are sending senior executives, despite their CEOs withdrawing. And the head of Morgan Stanley's (MS) international business, Franck Petitgas, is listed on the conference as a speaker.
How the Khashoggi case and its global fallout is affecting business

American and European businesses clearly want to keep open channels of communication open the furor around the conference.

Some of them are pointing to their decades-long ties to Saudi Arabia and their large numbers of employees in the kingdom.

Business links to Saudi Arabia are particularly strong among companies involved in the energy and weapons industries. The CEO of defense contractor Raytheon (RTN), Thomas Kennedy, is still listed as a speaker at the event.

The Russian Direct Investment Fund, a sovereign wealth fund, will lead a delegation of more than 30 Russian entrepreneurs, executives and officials.

"RDIF CEO Kirill Dmitriev said last week.

Jethro Mullen contributed to this report.

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