Billion-investment conference in Saudi Arabia

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Overshadowed by the violent death of journalist Jamal Khashoggi and the refusal of many Western business leaders has begun on Tuesday in Saudi Arabia’s capital Riyadh economic conference.

In spite of the boycott, Dozens of Western representatives from business and politics because of the killing of the journalist Jamal Khashoggi began as scheduled an investor conference Future Investment Initiative (FII) in Saudi Arabia. At the annual event in a luxury hotel in Riyadh, hundreds of bankers and managers take part. The Royal family hopes that the three-day conference as in previous years, contributes billions in foreign investment to attract, in order to reduce the dependency of the desert state from its oil exports. It is expected that contracts in a volume of 50 billion dollars will be signed. This in go to projects
the Oil – and-gas and infrastructure projects, said the process familiar Person on Tuesday. The first contracts have already been brought under the roof, reported state television. One of the party, among other: South Korea’s car maker Hyundai, the American oilfield equipment supplier Schlumberger, as well as the French Oil company Total. Alone, the Saudi energy giant Aramco to 15 agreements worth more than 30 billion dollars
complete.

Saudi Arabia has investments in many future-oriented companies

The conference is mainly supported by the Saudi state Fund PIF, promoting greater transparency in the Kingdom and investment opportunities. About his involvement in the of the Japanese technology group Softbank applied technology Fund Vision Fund Saudi Arabia in a variety of promising companies has a foot in the door.

The Riad contributed almost half of the money for the construction of more than 93 billion-Dollar Fund, the investments in technology companies such as Amazon competitor Alibaba, the car service mediator Uber and the U.S. mobile operator Sprint. Saudi Arabia wants to attract a large number of the Fund companies involved in the UK and is waving with a billion projects in the solar industry.

Case Kashoggi hits the waves

Many sizes from politics and the economy make this year a bow to the Meetings, because they see in need of enlightenment in the case of the death of government critic Khashoggi. Cancel came, among other things, US Treasury Secretary, Steven Mnuchin, IMF Chief Christine Lagarde and the heads of the German Bank, HSBC and Credit Suisse. On Monday, Siemens chief Joe Kaeser said after a long Hesitation, his participation.

Allegations that the Saudi crown Prince Mohammed bin Salman had arranged the death of the journalist Khashoggi, rejected Riad to be decided.

German Chancellor Angela Merkel reiterated that there will be, without a clear understanding of the circumstances of his death no German arms exports more to Saudi Arabia. In the first nine months of the year, the Federal government arms deliveries approved in the volume of around 400 million euros to Saudi Arabia. The Kingdom was the second largest recipient of German arms exports with permits in the amount of almost EUR 750 million.

After weeks of denial, Saudi had Arabia on Saturday, that Khashoggi on 2. October had been killed during a visit to the Consulate of his country in Istanbul in a “brawl”. Worldwide, this display encounters considerable skepticism, since the Kingdom had previously claimed more than two weeks, Khashoggi had to leave the Consulate alive. Turkish media reports for weeks that the Journalist was tortured in the Consulate, and fragmented that he had been killed.

German economy distancing itself

The German economy, consider the current events around Khashoggis death “with concern”, said the managing Director of the German chamber of industry and Commerce day (DIHK), Martin Wansleben. Therefore, the “clear attitude of the Federal government was a real character,” he explained with a view to the Statements of Chancellor Angela Merkel (CDU), that it will for the time being no further arms exports to Saudi Arabia.

Saudi Arabia is so far one of the best customers of the German arms industry

In Saudi Arabia, which is active German economy’s need for “confidence and certainty”, it was said by the DIHK. Therefore, the circumstances of his death Khashoggis would have to be informed “in full”. Also, the President of the Federal Association of German industry (BDI), Dieter Kempf, confirmed that the German economy condemn the “heinous act in the strongest possible terms”. The education of Saudi Arabian side was so far “totally inadequate”.

Hacker attack on the Website of the investor conference

A day before the start of the business meeting, the Website of the investors ‘ conference in Saudi Arabia, was apparently the target of a hacker attack. On Monday, were displayed on the Homepage of messages, in which the role of Riyadh in Yemen criticised the conflict and the Kingdom of the financing of Terrorism is incriminated. The page went offline later. First, no one confessed to the alleged cyber attack. The organizers of the investment conference were not reached for comment.

iw/hb (rtr, dpa, afp)