Future Investment Initiative is launched. So what now?

[jose chalhoub + 388]

Today was launched in the middle of a growing outcry the FII by the House of Al Saud with attendants mostly from Russia, China, and Asia, although France's TOTAL CEO was also present and MbS was there as well. Based on diverse news media outlets, saudis seemed desperate in first of all showing the world oil market that they will continue to supply the market along with other players like Russia, second of all the rush of showing the world the myriads of contracts and deals signed at the very first day of the event (allegedly these were elaborated and prepared beforehand) and even condoning Pakistan of its debts to Riyadh and expanding investments by KSA in that ally country, taking this event place aside from another massive bloodbath in stock and oil markets, with losses of around 10 to 15% both WTI and Brent as a consequence of saudi statements on oil supplies.

After all, it seems that the main winners out of this event taking place finally are China and Russia, gradually filling voids in the Middle East and without any considerations for the respect of human rights and the rights of freedom of press and journalism. So in this sense, my concern and question here is if at the end of the day, in global oil markets and geopolitics, business as usual will continue to trump basic human rights of people in oppresive countries like in this case KSA? Also could we connect this event to the overall redesign of energy and business geopolitics where China and Russia seem to be the main pillars? Has Washington lost its place in the region? Of course we need to wait until the outcomes of this forum and the consequences it brings in the coming weeks and months. 

[John Foote + 1,135]

The problem with China is they won’t Saudize. Lot’s of Chinese projects already, but they do their own work, reap the rewards. Western internationals play the Saudization, treating like a tax of sorts. Russian equipment won’t easily fit in. Mostly in oil, they have locked themselves with the West.