Saudi Arabia’s crown prince wants businesses, their employees and their families to move to the kingdom. Yet questions linger over the predictability and transparency of doing business there under mercurial Crown Prince Mohammed bin Salman. By ayaelb
Some investors remain concerned about doing business in the kingdom, said Ayham Kamel, head of the Middle East division at Eurasia Group, a political risk consultancy that advises businesses.
Al-Falih said Saudi Arabia wants to be seen as a safe place to do business. He said the self-declared anti-corruption campaign should be seen as a sign that the kingdom is “starting a new page” where foreign investors can find a “level playing field.” Some see the kingdom’s ambitions as a direct challenge to the UAE’s emirate of Dubai, which exudes luxury and flair with its trendy bars and restaurants, five-star hotels, high-end gyms, endless shopping and family-friendly beaches tailored for Western lifestyles and Asian tourists. For many, Riyadh remains lack-luster in comparison.
“We are the biggest economy. We are the geopolitical capital of the region,” he added. “And we have the biggest ambition. We have the biggest opportunities.” The mood at the investment forum in Riyadh largely reflected that. The three-day forum drew more than 1,000 delegates, including several American billionaires and top U.S. hedge-fund managers.
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