MBS head to head with Biden, US officials not invited to Davos

By Al Mayadeen English
Source: Al Mayadeen English + Agencies
17 Oct 2022 21:05
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The CEO of the organizing party of the Future Investment Initiative (FII) also known as Davos in the Desert announced no US officials were invited to the event so as not to turn it into a "political platform."

Future Investment Initiative (FII) also known as Davos in the Desert

The head organizer of the Saudi investment conference, Davos in the Desert, said Monday that no invitations will be sent to US government officials to attend the conference, which will be held at the end of October," adding that it is to prevent the gathering from becoming a "political platform."

The decision not to invite US officials, contrary to previous years, comes as tensions escalated between Washington and Riyadh over the recent decision of the OPEC+ organization to reduce oil production by up to two million barrels per day, starting next November.

Richard Attias, CEO of the non-profit organization in charge of the event, the Future Investment Initiative FII, said that up to 400 CEOs of US companies are expected to participate in this year's edition.

In response to a question about official representatives from the United States attending this year, Attias said: "We have not invited any US government officials."

"We are not inviting too many politicians, because I realized that when you have political leaders on stage, the attention of the media, let's be very frank, is diverted to the political agenda, and we don't want FII to become a political platform," added Attias.

The CEO also expressed his lack of belief that "the dispute between Riyadh and Washington will affect the conference this year," saying, "There is no impact at all. On the contrary, we see more appetite from the private sector in the United States to attend the Future Investment Initiative."

He continued, "We don't do politics at all. We have never done politics since we were born in 2017, but if people want to talk about geopolitics during the debate they are free to do so," however adding that, "we are not doing politics at all."

Atias had said earlier, that "more than 12 ministers of economy and finance" will attend this year's event.

He also added that they are waiting for confirmation from heads of state that might come, "We will know in a few days who the heads of state are sure to attend."

The event, which is a three-day conference scheduled to begin Oct. 25 in Riyadh, usually attracts Wall Street giants and high-ranking officials from around the world.

The Institute for the Future Investment Initiative (FII), headed by Attias, is not officially linked with the government of Saudi Arabia, however, the annual event held in Riyadh is closely associated with the kingdom's de facto ruler, Saudi Crown Prince Mohammed bin Salman.

In recent days, Saudi Arabia has rejected Washington's accusations that it sided with Russia in the Ukraine war by cutting oil production, stressing that the decision is purely economic.

In a written speech on Sunday evening, Saudi King Salman bin Abdulaziz stressed that the Kingdom's strategy in the global oil sector is based on supporting the "stability and balance" of the market.

Last week, US President Joe Biden threatened Saudi Arabia with "consequences" after a coalition led by Riyadh agreed with Russia to cut output.

The 13-nation OPEC+ and its 10 allies infuriated the White House by resolving to cut output by two million barrels per day beginning in November, fueling fears that oil prices may spike.

Attempting to curve the prices of oil in the US when all else failed, Washington has been actively using its Strategic Petroleum Reserve (SPR) for over a year. At the current pace of oil production, the reserves will shrink to a 40-year low with only 358 million barrels remaining by the end of October.

Biden had previously tried to convince the organization to increase its oil output in a bid to cool the red-hot energy prices, traveling to Saudi Arabia with hopes of persuading Saudi Arabia to promise to increase its oil output and relieve the pressure on the global supply chain.

US re-evaluating ties with KSA following OPEC+ decision

US President Joe Biden is re-evaluating Washington's ties to Saudi Arabia after OPEC+, the international petroleum organization led by Riyadh, announced last week that it was cutting oil production, White House National Security advisor John Kirby said last Tuesday.

Kirby also highlighted that Biden was willing to cooperate with Congress to review the prospect of US-Saudi relations amid the ongoing tensions. The issue is not only about the Ukraine war but mainly US national security interests, the White House official explained.

In light of Saudi Arabia's decision to support OPEC+ oil production cuts, US Democratic Senators Richard Blumenthal and Democratic Representative Ro Khanna proposed legislation to stop Washington from providing weapons to Riyadh, arguing that what the US regards as the kingdom's support for Russia deserves a "far-reaching review of the US-Saudi relationship."

In addition to proposed legislation to cut arms sales to Saudi Arabia, a group of US lawmakers is introducing a bill to mandate the removal of US forces from Saudi Arabia and the United Arab Emirates (UAE) following the decision of OPEC+ countries to cut oil production, Congressman Tom Malinowski's office said in a statement.

The bill would relocate US military defense systems and equipment to the Middle East with an aim to protect US troops elsewhere, the release said.