Major press outlets, expressing outrage over the apparent slaying of Washington Post journalist Jamal Khashoggi, have abruptly signaled they will not participate in Saudi's Vision 2030 conference, an event meant to showcase the oil kingdom's plan to revolutionize its economy.
The article begins by noting that Silicon Valley startups such as WeWork, DoorDash, Wag, and Slack all wouldn't exist without investments from the Kingdom of Saudi Arabia. CNN announced on Friday that it's withdrawn its participation, while the Financial Times said it wouldn't partner with the event while Khashoggi's disappearance remains unexplained.
Khashoggi, a former Riyadh insider who has been working for The Washington Post newspaper and has been known for his criticism of Saudi authorities, went missing in Turkey on October 2.
"US sanctions on Riyadh would mean Washington is stabbing itself", said the general manager of the Dubai based Al-Arabiya news channel, Turki Aldakhil.
In a sign Saudi King Salman bin Abdel-Aziz may seek a diplomatic solution to the incident, the monarch stressed the strength of Saudi-Turkish ties in a telephone call with President Recep Tayyip Erdogan of Turkey, the SPA said late Sunday.
"If the price of oil reaching $80 angered President Trump, no one should rule out the price jumping to $100, or $200, or even double that figure".
The Saudi stock market lost $33bn (€28bn) of its value yesterday amid investor worries about deteriorating global relations, one of the first signs of the economic pain that Riyadh could suffer over the affair. American lawmakers have threated sanctions against the Saudis, and Germany, France and Britain jointly called today for a "credible investigation" into Mr Khashoggi's disappearance.
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However, Turkish Foreign Minister Mevlut Cavusoglu said on Saturday that Saudi authorities were not cooperating with the investigation into the disappearance of Saudi journalist Jamal Khashoggi, and in particular are not letting Turkish prosecutors into the consulate building.
Turkish officials have released footage of a squad of Saudi men arriving in Istanbul the day Jamal Khashoggi vanished.
Turkish officials have said they believe he was killed - a claim Saudi Arabia refuted - and the controversy has dealt a huge blow to the image of the kingdom and efforts by the youthful crown prince to showcase a reform drive.
Hours before the announcement, Tadawul exchange in Riyadh dropped by as much as 7 percent during the week's first day of trading, with 182 of its 186 listed stocks showing losses by the early afternoon. "We're going to get to the bottom of it, and there will be severe punishment".
"There's something really awful and disgusting about that, if that was the case, so we're going to have to see", Mr Trump said.
"The king firmly denied any knowledge of it", Trump told reporters as he left the White House for a trip to survey hurricane damage in Florida and Georgia.
After committing $45 billion to the Vision Fund, Saudi Arabia's crown prince Mohammed bin Salman also pledged to invest billions in SoftBank's next venture capital fund.