Oil to Surge on strains between USA and Saudi Arabia

Oil to Surge on strains between USA and Saudi Arabia

Saudi Arabia, which provided much of the funding for the SoftBank Vision Fund, is seeing a growing number of attendees pull out of the "Davos in the Desert" investment conference after the disappearance of a prominent Saudi journalist.

The statement did not directly acknowledge Khashoggi's disappearance, which happened October 2 when he visited the Saudi Consulate in Istanbul.

In an "Silicon Valley's Saudi Arabia Problem", the New York Times outlines how liberal Silicon Valley tech firms struggle with the issue of taking money from Saudi Arabian investors while ignoring the countries many human rights violations. The Saudi writer, who lives in the U.S., disappeared in early October after entering the Saudi consulate in the Turkish city of Istanbul.

A pro-government Turkish daily published preliminary evidence last week from investigators who it said had identified a 15-member Saudi intelligence team that arrived in Istanbul on diplomatic passports hours before Khashoggi disappeared.

Saudi Arabia's shares plunged as much as 7 percent on Sunday as investors anxious about deteriorating relations with the global community after the disappearance of Saudi journalist Jamal Khashoggi.

The king thanked Erdogan for welcoming a Saudi proposal to form a joint working group to discuss Khashoggi's disappearance and said no one could undermine their relationship.

"If they don't buy it from us, they're going to buy it from Russian Federation or they're going to buy it from China or they're going to buy it from other countries", he said.

In just two sessions the Saudi bourse, the largest in the Arab world, has shed nearly $50bn of its capitalisation, which now stands at about $450bn, AFP said.

Crown Prince Mohammed bin Salman will be a crown victor when Uber goes public next year.


But the oil-rich kingdom has found itself threatened with "severe punishment" by U.S. President Donald Trump over the disappearance this month of Jamal Khashoggi, a journalist critical of Saudi authorities.

But top business leaders are now distancing themselves from the Saudi government.

Just last week, Trump vowed to uncover the truth about what happened to Khashoggi and promised "severe punishment" for those responsible.

A SoftBank spokesman declined to confirm whether SoftBank executives will attend next week's conference. Those policies are all seen as initiatives of the crown prince.

"I think we need to continue to evaluate the facts and we'll make that decision", he said.

Trump said he could not confirm such reports.

Sen. Bob Corker, R-Tenn., who as chairman of the Senate Foreign Relations Committee has reviewed the US intelligence into what happened to Khashoggi, has said, "The likelihood is he was killed on the day he walked into the consulate". Trump said he didn't "want to get into (Salman's) mind", but told reporters: "it sounded to me like maybe these could have been rogue killers".

Ties to the Gulf Kingdom extend beyond tech investment. They include the CEO of Uber, a company in which Saudi Arabia has invested billions of dollars; billionaire Richard Branson; JPMorgan Chase & Co.

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