Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent: The US vetoed a UNSC resolution calling for a ceasefire in Gaza, arguing it does not condemn Hamas nor grant "Israel" the right to “self-defense.”
Israeli occupation forces issue a new bombing threat against civilian buildings in the Southern Lebanese towns of Borj Qalaouiye and Chehabiyeh.
Sources to Al Mayadeen: Extending the snapback mechanism deadline will test how independent Europeans truly are from the US.
Sources to Al Mayadeen: Activating the snapback mechanism will nullify the Cairo Agreement, shut the door on cooperation between the IAEA and Tehran, and bar inspections.
Sources to Al Mayadeen: The diplomatic window remains open, but signs of activating the snapback sanctions mechanism on Iran are increasing.
Sources to Al Mayadeen: Although the Cairo Agreement meets an important part of European demands, they have begun speaking of new conditions in recent communications.
Sources to Al Mayadeen: European countries show no independence in their stance toward Iran during the talks.
Israeli occupation forces issued bombing threats to bomb civilian buildings in Southern Lebanon.
Israeli media: Person behind shooting operation at Allenby Crossing is a Jordanian Army soldier.
Israeli media citing Emergency Services: Both wounded in Allenby shooting operation now dead.

US executives flocking to Saudi Davos despite US-Saudi tension: NYT

  • By Al Mayadeen English
  • Source: NYT
  • 25 Oct 2022 17:47
  • 1 Shares
4 Min Read

The US New York Times publishes a report by writer Kate Kelly in which she says that US investors are flocking to the Saudi "Davos in the Desert", while White House officials planned not to attend after tensions between Washington and Riyadh escalated over the latter's stance on the OPEC decision to reduce oil production.

  • x
  • US executives flocking to Saudi Davos despite US-Saudi tension
    The Biden administration’s message to corporate America was clear: Consider the reputation of the countries you do business with.

Some senior US business executives are heading to the Saudi business conference, while Biden administration officials decided not to attend following Saudi Arabia's stance on Russia and the cut in oil production, the New York Times reported on Tuesday.

Read: Biden threatens KSA with 'consequences' over OPEC oil output cut

"The Biden administration’s message to corporate America was clear: Consider the reputation of the countries you do business with," writer Kate Kelly says in the report, adding that some top US executives were getting ready to head to the Future Investment Initiative or Davos in the Desert along with thousands of other businesspeople, investors, and politicians despite the ongoing tension between the two countries and Biden's warning that there would be “consequences.”

The meeting is scheduled to start on Tuesday, but "US government officials will be notably absent," the report added, after "an intense and public trading of accusations between the US and Saudi governments over an Oct. 5 production cut by the oil cartel OPEC Plus, co-led by Saudi Arabia and Russia."

Chief executives of Goldman Sachs, JPMorgan Chase, and Wells Fargo are expected to attend the conference, as well as top investors like Bridgewater founder Ray Dalio and the Blackstone Group chief Stephen A. Schwarzman. Others have received commitments to finance their investment firms from the main Saudi sovereign wealth fund. Thus, they are also expected to attend the conference, and according to the report, they are Jared Kushner and Steven Mnuchin, former Trump administration officials.

Related News

US Veto blocks UN Security Council Gaza ceasefire resolution

White House drafts order on political violence after Kirk killing

In her report, Kelly noted that "the Treasury, Commerce and State Departments all said their top officials were not planning to attend" adding that "the White House declined to say whether they were sending anyone."

Democrat Representative Ro Khanna, who is a sponsor of a bill that would temporarily ban US arms sales to Saudi Arabia, said that “This decision to cut production has been such a slap in the face of the U.S., and such an alignment with Putin, that I think it’s going to again generate bipartisan outrage."

However, despite the tension, the report adds, the Biden administration hasn't done much to deter companies from attending this week's forum; some like Blackstone and JPMorgan, have long-established business ties in Saudi Arabia, and other smaller companies hope to attract investments from deep-pocketed funders.

The conference, Kelly explains, is not just a venue for a parade of business deals, but investors know well how important it is to Saudis to show up in person as the kingdom tries to be a global hub for business and tourism.

It is worth noting that the head organizer of the Saudi investment conference, Davos in the Desert, pointed out on October 17, 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.

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.

  • United States
  • Biden administration
  • Ukraine crisis
  • Riyadh
  • Russia
  • Washington
  • Oil Production
  • Ukraine
  • Saudi Arabia
  • Davos Economic Forum
  • OPEC+

Most Read

Why is Choose Love using a firm with British and US intelligence connections to run a pro-Palestine musical event? (Al Mayadeen English; Illustrated by Batoul Chamas)

Together for Palestine: Troubling questions about the organisers of this huge event

  • Opinion
  • 17 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025
UKLFI’s latest faux pas, like "Israel’s" recent failed attempt at regime change in Iran, is unambiguously indicative of a flailing entity on the verge of extinction. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Zionist lawfare operation facing collapse?

  • Opinion
  • 13 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A Hezbollah supporter who lost his sight in a pager attack carried out by "Israel" on Sept. 17, 2024, covers his eyes with a red headband inscribed with the name "Hussein" during Ashoura, July 6, 2025 (AP)
Politics

'We Have Recovered': Lebanon marks 1st anniversary of Pager Attack

The Arab neighborhood of El Za'im, on the outskirts of east Occupied Al-Quds in the West Bank, near where Israeli government says housing units will be built as part of the E1 settlement project, Thursday, August 21, 2025. (AP Photo/Ohad Zwigenberg)
Palestine

'Israel’s' deliberate policies drive West Bank economy toward collapse

Ben & Jerry's ice cream shop, Wednesday, Feb. 26, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa)
Politics

Ben & Jerry’s co-founder resigns over parent company curbing activism

Trump’s approval rating falls to new low in second term: Poll
US & Canada

Trump’s approval rating falls to new low in second term: Poll

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS