Reasons for firms to steer clear of Saudi Arabia

IT IS EASY to forget how new Saudi Arabia is to the modern world. The man who founded the kingdom in 1932, Ibn Saud, is said in his early days to have carried his land’s entire treasury in the saddle bag of a camel. When Americans struck oil in 1938, Ali al-Naimi, who almost 60 years later would become the world’s most influential oil minister, was a shoeless urchin tending lambs in the desert.

Companies hoping to do business with Saudi Arabia have often tripped up on these shallow roots. Seduced by its vast oil wealth, and impressed with American-educated ministers speaking perfect English, they find to their dismay that the palace and its robed courtiers still call almost all the shots. But they still never expected to face such medieval horror as the presumed killing of Jamal Khashoggi, a Saudi journalist, regime critic and Washington Post columnist, in the Saudi consulate in Istanbul on October 2nd....

via Business Feeds

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