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Business executives in KSA disgust MbS
Three members of the Binladen family, the largest conglomerate of
construction business, were bailed out in a corruption case. But they had to be
confiscated the 36.2% of their company stock to the government. Since this
incident, domestic business executives left or shunned away from Crown Prince MbS.
For example, in April 2018 the Crown Prince and his delegation
visited major cities in the United States for investment promotion for three
weeks. His delegation visited not only New York, Washington and Boston on East
Coast but also Seattle, Los Angeles, San Francisco and Houston. They held
seminars in these cities asking technology transfer and offered investment
opportunities in Saudi Arabia. Many influential conglomerates in Saudi Arabia
have close relationship with US companies. But there was no names of prominent business
owners in the list of delegation. Although they should naturally accompany to
the delegation, It looked like that they avoid participating.
Another example was the election of the chairman
of Federation of Saudi Chambers of Commerce and Industry (SCCI) in July 2018. It
has been customary to elect the chairman of SCCI from one of three main CCIs in
Riyadh, Jeddah or Eastern Province (Dammam). However, the chairman of Taif CCI
was elected as Chairman of SCCI and the vice chairman was the top of Madinah
and Hail CCI respectively. They are obviously minor actors. Prominent
businessmen in Saudi Arabia sent a letter of challenge to MbS.
It is obvious that if they confronted the crown prince what would
happen to them. So they are maintaining the attitude of obedience. It cannot be
expected to activate the Saudi economy at all under such circumstances.
Fears about MbS shared by foreign investors
Intentional impeachment of corruption made Saudi businessmen to be
disgusted with MbS. In case of foreign investors, the murder of Mr. Khashoggi
made them fears about MbS. The world was surprised when Mr. Khashoggi was
murdered lazily at the Saudi Consulate in Istanbul, Turkey. Although MbS denies
involvement in the incident, no politicians in the world except US president
Trump do not trust the claim of MbS. Foreign investors share the same opinion
with politicians (It could be easily to suppose that President Trump awake
himself the guilty of MbS as he heard the recording tape at the time of Mr.
Khashoggi’s death.)
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Please tell us your comments and opinions on this matter.
By Areha Kazuya
E-mail: Arehakazuya1@gmail.com
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