Saudi cam

Posted by / 24-Dec-2019 10:21

Saudi cam

"I think as an investor I would want to make sure that I'm investing in a country where my corporate investment, my business is protected through some type of rule of law," he told CNBC's "Squawk Box" on Tuesday.

A Saudia passenger plane is pictured parked at the tarmac of Ninoy Aquino International airport in the Philippines September 20.

The purge "stands to change a culture of corruption in the kingdom that can only be changed if a policy of cracking down on the bigwigs, if you like, without any half measures is embarked upon," he told "Squawk on the Street." Corruption is indeed endemic in Saudi Arabia, but the purge might not be the best way to deal with it, said Joseph Westphal, former U. Ambassador to Saudi Arabia under President Barack Obama.

It could very well "scare the hell out of potential investors" who partner with the Saudis.Those heavyweights included Prince Alwaleed Bin Talal, a billionaire investor often referred to as the Warren Buffett of Saudi Arabia, who was among those swept up in the purge.In light of recent events, some investors may think twice about putting money to work in the kingdom in the near term, analysts say."To accuse him of corruption is a neat way of doing it." While uncertainty stirred by the arrests will inevitably have an impact on investment, the main obstacle to doing business in Saudi Arabia is corruption, said Mohammed Alyahya, a nonresident fellow at the Atlantic Council.But prosecuting corruption will actually alleviate longer-term uncertainty and promote transparency, he said.

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"Over the short term you're going to have a lot of investor nervousness ...

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