deals

Saudi signs $50bn deals despite boycott

MNA Business Desk: Saudi Arabia signed deals worth $50 billion on Tuesday, showing it can still attract investment at a conference boycotted by Western politicians and global business chiefs after the killing of journalist Jamal Khashoggi.

Crown Prince Mohammed bin Salman arrived at the investment conference late in the day after attending a meeting at which King Salman received members of Khashoggi’s family, including his son Salah.

Earlier, Energy Minister Khalid al-Falih assured the investment conference that the world’s top crude exporter was passing through a “crisis of a sort” but would power ahead with economic reforms.

The chief executive of Saudi Aramco said the government remained committed to a partial flotation of the oil giant but that the timing would depend on market conditions and other factors.

Hundreds of bankers and company executives joined officials at a palatial Riyadh hotel for the Future Investment Initiative. But while last year’s inaugural conference drew the global business elite, this year’s event has been marred by the withdrawal of more than two dozen high-level speakers, reported news agency.

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