Saudi Arabia in ‘crisis’ over Khashoggi murder, says minister, as West avoids investment event

‘These are difficult days,’ admitted Energy Minister Khalid al-Falih at opening session of the Future Investment Initiative summit in Riyadh

Some high-profile foreign firms and officials decided not to go at the last minute, but not so for companies from China and Russia

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The Future Investment Initiative conference in Riyadh on October 23, 2018. Photo: AFP

Published: 8:15pm, 23 Oct 2018Updated: 9:04pm, 23 Oct 2018

Saudi Arabia is in “crisis” in the face of international outrage over the murder of journalist Jamal Khashoggi, Energy Minister Khalid al-Falih admitted on Tuesday at an investment summit boycotted by a host of global CEOs and policymakers.

The three-day Future Investment Initiative (FII) was meant to project the authoritarian petro-state as a lucrative business destination and set the stage for multibillion-dollar contracts.

People sitting beside empty seats on the opening day of the Future Investment Initiative at the Ritz Carlton Hotel in Riyadh. Photo: Bloomberg

But the summit, nicknamed “Davos in the desert”, has been overshadowed by the outcry over the murder of Khashoggi inside the kingdom’s consulate in Istanbul, prompting some high-profile foreign investors to pull out.

Saudi Crown Prince Mohammed bin Salman, whose credentials have been heavily damaged by the scandal despite denying he was involved in the killing, did not go to the opening session.