Relations between the US and Saudi Arabia may have plunged to a new low after the kingdom cut oil production in defiance of Washington’s wishes, but for American banks and investors flocking to a Riyadh conference this week it is business as usual.
Jamie Dimon, chief executive of JPMorgan Chase, Blackstone co-founder Stephen Schwarzman and David Solomon, head of Goldman Sachs, are among a host of western executives scheduled to speak at the Future Investment Initiative.
The conference, dubbed the “Davos in the Desert”, opens on Tuesday just two weeks after US president Joe Biden warned Riyadh that there would “consequences” after Opec+ cut its daily output targets by 2mn barrels.
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