Big investors in Saudi Arabia are pushing ahead with deals and pouring money bac...
DUBAI/RIYADH - Big investors in Saudi Arabia are pushing ahead with deals and pouring money back into its stock market as the kingdom tries to move on from the murder of Saudi journalist Jamal Khashoggi.
Deterred by the case, some Western firms in the technology and entertainment sectors have distanced themselves from Saudi Arabia. But several U.S. multinationals told Reuters they are building on their plans in the largest Arab economy. Last month it announced $54.4 billion in deals and offered fresh incentives under a 10-year industrial program that aims to attract $427 billion in investment.
“There’s too much opportunity for investment in Saudi Arabia,” said Nick Wilson, chairman of the $100 million Gulf Investment Fund which plans to increase its exposure to the Saudi stocks it sees benefiting from reforms. Hollywood talent agency Endeavor and PIF “parted ways” after talks on the fund investing $400 million, a source familiar with the matter said.
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