Nov 1, 2022
Experts say that a row between the US and Saudi Arabia over oil production and Washington’s diminishing influence in the Middle East gives China a chance to expand its regional footprint; Last week, the 2022 session of the Future Investment Initiative, commonly known as “Davos in the Desert, ” was held in Riyadh, Saudi Arabia; It brought prominent policymakers, CEOs, investors, entrepreneurs and emerging business leaders to discuss the future of international investment and the global economy; No US government official attended the event; But that was because none were invited; When asked about the non-participation of anyone from the US administration ahead of the event, FII group CEO Richard Attias said they decided so that the event did not turn into a “political platform”; The “Davos in the Desert” has further exposed the divergences between the United States and Saudi Arabia; Tensions have been apparent between the two for quite some time, and the conflict between Russia and Ukraine has exacerbated them; While Washington has insisted on sanctioning Russia for its “special military operation” in Ukraine, Riyadh has maintained good relations with Moscow, which has irked the Joe Biden administration; It was further displeased with “OPEC” members deciding at their ministerial-level conference at the beginning of October; To cut their crude oil production by 2 million barrels daily compared with August, despite US President Joe Biden urging them to increase output during his visit to Saudi Arabia in July; And Saudi Arabia knows where the opportunities are; Saudi Arabia’s Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud expressed his country’s desire to join brick; Earlier this month, which is regarded as adjusting its previous “oil for security” strategy that aligned it with the US; The Future Investment Initiative also exposed the divergences between the US business community and the Biden administration; Even without the participation of any official representatives, as many as 400 US executives attended the event upon invitation; Among them were JP Morgan CEO Jamie Dimon, Blackstone CEO Stephen Schwarzman, Bridgewater founder Ray Dalio and Goldman Sachs CEO David Solomon, who shared a stage on Monday; Despite the global recession, the International Monetary Fund has estimated Saudi Arabia’s economic growth will be 7;6 per cent in 2022, which is an attractive cake for US investors; Turning to brick signifies recognition of a global community that is forming outside of the established Western one dictated by the US; Saudi Arabia has signalled that it is no longer tied to Washington’s apron strings; Under the self-serving manipulation of financial and commercial controls, it applies to secure its advantages; US politicians should be reminded that in this way, they are turning many friends into adversaries;Show less
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