- BlackRock CEO Laurence Fink and Blackstone Group's (NYSE:BX) chief Stephen Schwarzman are skipping Saudi Arabia's business conference, sometimes called "Davos of the Desert," after the disappearance and alleged murder of dissident journalist Jamal Khashoggi.
- iShares MSCI Saudi Arabia ETF (NYSEARCA:KSA) closed down 1.8% on Monday.
- JPMorgan (NYSE:JPM) CEO Jamie Dimon also decided not to attend, as reported earlier.
- Executives from Goldman Sachs Group (NYSE:GS), Bank of America (NYSE:BAC), Citigroup (NYSE:C), HSBC Holdings (NYSE:HSBC), and Standard Chartered (OTCPK:SCBFF) are still scheduled to attend as of midday Monday, according to the Wall Street Journal.
- Saudi officials indicated that the event will still proceed; it's set to begin Oct. 23.
- Banks and other financial firms have worked for years to develop strong relationships with the Saudi government and its crown prince, Mohammed bin Salman, to get fees as the kingdom starts to move beyond oil and transform into an investment center.
- Previously: JPMorgan, Ford cancel plans for Saudi summit (Oct. 15)
- Now read: Citi Ventures Joins 0 Million Hopper Financing
Original article