The Wall Street Journal revealed in a report issued this week that foreign investment in Saudi Arabia has been stubbornly low in recent years, despite Prince Mohammed’s efforts to restructure its economy.
According to the US journal, international firms have complained about slow payments from government contractors, retroactive tax bills and archaic bureaucracy.
The US-Saudi tensions are one reason companies are worried, said Hasnain Malik, a Dubai-based equity analyst at Tellimer Research, citing companies that fell out of favor due to disagreements between the US government and Russia and China.
The paper quoted people familiar with the matter as saying that Saudi officials have said privately that the kingdom could sell the US Treasury bonds it holds if Congress were to pass anti-OPEC legislation.
Foreign Investment Declining
WSJ further pointed out that Saudi Arabia has sought in recent years to use the conference as an annual marker of the progress of economic and social changes first announced by Prince Mohammed in 2016. The summit has often been overshadowed by geopolitical events, particularly in 2018 when Western senior Leaders canceled participation after Saudi agents killed dissident journalist Jamal Khashoggi.
In 2018, US former president Donald Trump got $2 billion from Saudi wealth fund run by crown prince Mohammed bin Salman (MBS) although the US intelligence agencies have concluded that Saudi he was likely the one who ordered Khashoggi's murder.
Foreign Investment Declining
