Global top executives have queued up to cancel their participation at the «Davos in the desert» conference. Credit Suisse CEO Tidjane Thiam isn’t among them – his position being a little more complex.
The disappearance of journalist Jamal Kashoggi in Turkey has put the Saudi regime of Crown Prince Mohammed bin Salman on the spot. Having not so long ago been feted as a modernizer and supporter of women’s rights, the prince is now being fingered as the man behind an unsavioury assassination plot coldly executed in the Saudi embassy right on the doorsteps of Recep Tayyip Erdogan.
The damage to Saudi Arabia’s reputation has been massive as it is and is now affecting the Future Investment Initiative. The conference for top managers was dubbed «Davos in the desert» for its success in luring executives to the event due to be held in Riyadh at the end of the month.
Delicate
The cancellations are now adding up. Uber CEO Dara Khosrowshahi won’t go, and J.P. Morgan Jamie Dimon won’t either. Tidjane Thiam, the CEO of Credit Suisse, however is still listed as a participant. The bank didn’t comment on his participation when asked by finews.com.
Credit Suisse finds itself in a more complex situation than others because the Swiss finance powerhouse is a main sponsor of the conference and Thiam a member of its advisory board. Others share his delicate position however: Mastercard, Siemens and HSBC from the West, plus a string of Saudi firms (see picture below).
Further Developments Pending
Lawrence Fink, the chairman of Blackrock, and Steven Schwarzman, the CEO of Blackstone, are still mulling what to do, according to a report by the «New York Times». The newspaper said the two executives, together with Dimon, had urged the organizers to postpone the meeting.
Schwarzman, also a member of the conference advisory board, and Fink are keeping their options open, according to the «New York Times». Siemens is also monitoring events but so far has made no alteration to the plans of its CEO, Joe Kaeser.
Credit Suisse Woes
Thiam’s problem is further complicated by the fact that the bank has selected Saudi Arabia as a major stepping stone for its Middle Eastern strategy. Thiam in the summer told journalists that he was working hard to get a full banking license in the kingdom. Whether or not the focus on the oil-rich country would pay off in the long term remains to be seen.
Following executives so far have cancelled their trip to Riyadh, according to «Bloomberg»:
- Jamie Dimon, CEO of J.P. Morgan
- Bill Ford, chairman of Ford
- Bob Bakish, CEO of Viacom
- Dara Khosrowshahi, CEO of Uber
- Steve Case, investor and ex-CEO of AOL
- Patrick Soon-Shiong, owner of the «Los Angeles Times»
- Joanna Popper, HP
- Andy Rubin, co-founder of Android
- Rodger Novak, co-founder of Crispr Therapeutics
