Published: Thu, October 18, 2018
Business | By Eloise Houston

Saudis vow to 'retaliate' if sanctioned over journalist

Saudis vow to 'retaliate' if sanctioned over journalist

Saudi-backed SoftBank Group's Chief Operating Officer (COO) has announced that it is "business as usual" at companies backed by its almost $100 billion Vision, reported Reuters.

Prince Khaled al-Faisal, a senior member of Saudi Arabia's ruling family and senior adviser to King Salman, has met with Erdogan to discuss Khashoggi's disappearance, two sources with knowledge of the matter told Reuters without providing details.

Saudi Arabia's King Salman on Monday ordered an internal probe into the unexplained disappearance of prominent journalist Jamal Khashoggi as a joint Turkish-Saudi team was set to search the Saudi consulate in Istanbul where he was last seen on October 2.

Riyadh denies any involvement, but the markets fear the impact on the projects of Saudi Arabia at the time that it organizes from 23 to 25 October in an economic summit, dubbed the "Davos of the desert".

Still, regional traders said speculation the Khashoggi case might deter some inflows of foreign investment - and that a backlash in the US Congress could lead to US sanctions against some Saudi individuals - had triggered panic selling of stocks by some local investors. The fund has pumped money into around 30 companies, turning Son into the new kingmaker of Silicon Valley.

He said Saudi Arabia, which has a leading position in the Arab and Islamic worlds, has played a prominent role throughout history in achieving the security, stability and prosperity of the region and the world.

The CEO of the us bank JP Morgan has already announced that he wouldn't make it the "Davos of the desert" and several media outlets, including the Financial Times, the New York Times, The Economist, Bloomberg and CNN have chose to snub this event. Some analysts worry that SoftBank's Saudi ties could make it less popular with startups. Tesla is notably absent from the article, although Saudia Arabia has in Elon Musk's company.

Mr Masayoshi Son has much at stake in his relationship with Saudi Crown Prince Mohammed bin Salman. On his tour, he was seen, and, who owns The Washington Post, for which Mr. until he vanished. If that target is achieved, the Saudi share could be worth around $16 billion.

Following the statement, Hunt spoke to media at the foreign secretary's Chevening country residence, and challenged Riyadh to explain what happened to Khashoggi. He might have given his life for his bravery. Turning a blind eye to the human rights abuses of Saudi Arabia is no way of "changing the world".

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