Big Investors Look Past Khashoggi To Opportunities In Saudi Arabia

DUBAI/RIYADH, March 11 (Reuters) – Big investors in Saudi Arabia are pressing ahead with deals and pouring money back into its stock market as the kingdom attempts to go on from the murder of Saudi journalist Jamal Khashoggi. His killing at the hands of Saudi real estate agents in October strained ties with Western allies and Riyadh is keen to correct its image.

It desires to attract foreign capital and knowhow within its Vision 2030 plan of reforms to diversify the overall economy of the world’s top oil exporter and create jobs for Saudis. Some Western governments said Crown Prince Mohammed bin Salman was implicated in the murder. The Saudi government has refused any connection to the crown prince.

Deterred by the case, some Western firms in the entertainment and technology sectors have distanced themselves from Saudi Arabia. But several U.S. multinationals told Reuters they may be building on the plans in the biggest Arab economy. 100 million polymer herbs in Jubail and can complete a feasibility research by the finish of 2019 for another complex to produce siloxanes and silicones. 3.6 billion contracts in 2017 to deliver tasks localizing goods and services for state essential oil giant Saudi Aramco. Riyadh wants to show it is business as usual. It delivered an older delegation to the World Economic Forum in Davos and packed professionals’ agendas with conferences. 427 billion in investment. 28 billion with China.

It also wound down a 15-month anti-corruption advertising campaign that netted scores of mature princes, ministers, and top businessmen and unnerved investors. Foreign investors appear to have taken note. 1.85 billion) into the Saudi market in the first 8 weeks of 2019, regarding Saudi stock market data. The index is more than 8 percent up, outperforming its Gulf peers, in comparison to a fall around 9 percent within two weeks of Khashoggi’s disappearance and getting rid of.

Several executives drawn out of a major investment community forum in Riyadh this past year but a Western diplomat said this year’s event is likely to attract big names. Investors are now looking ahead to the inclusion of Saudi shares in the MSCI’s rising markets benchmark this season and focusing on the pace of economic reforms, bankers say.

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100 million Gulf Investment Fund which programs to increase its contact with the Saudi shares it sees profiting from reforms. 500 billion business area NEOM. Thomas Barrack, professional chairman at U.S. 250 billion in property under management. 1 billion investment in the group’s space projects and suspended his directorship in two Saudi travel and leisure projects. A Virgin Group spokesman said the declaration stands. 400 million, a source familiar with the problem said.

Hollywood companies got concerns about the reputational effect on their businesses after Khashoggi’s getting rid of, another source said. Endeavor did not respond to a Reuters query for comment. 700 million stake in U.S. Legendary Entertainment but is facing resistance from executives at Legendary, Reuters got reported earlier. A source acquainted with the problem said the deal experienced the same issues still. PIF and Legendary didn’t react to queries for comment, while the sources declined to be identified because of the sensitivity of these deals. The bad publicity has deterred some potential entrants to the market fearing a backlash at home, another Western diplomat said, while firms not used to Saudi need “hand-holding”. Mark Mobius, a prominent emerging market investor, told reporters in Dubai this week.

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