Saudi Arabia vows retaliation against USA sanction 'threats' following Jamal Khashoggi's disappearance

18 October, 2018, 06:30 | Author: Corey Lynch
  • Saudi media: Any US sanctions over Khashoggi would ‘stab its own economy to death’

In an "Silicon Valley's Saudi Arabia Problem", the New York Times outlines how liberal Silicon Valley tech firms struggle with the issue of taking money from Saudi Arabian investors while ignoring the countries many human rights violations. Turkey said Khashoggi was killed in the Saudi consulate in Istanbul, while Saudi Arabia said the journalist left unharmed.

In a statement published by the state-run Saudi Press Agency, the kingdom warned that if it "receives any action, it will respond with greater action, and that the kingdom's economy has an influential and vital role in the global economy". Trump announced he'd dispatched Secretary of State Mike Pompeo to the kingdom - and anywhere else necessary - to get to the bottom of the apparent demise of Khashoggi, a Saudi who had been living and working in the United States.

Sens. Marco Rubio and Jeff Flake, members of the Foreign Relations Committee, said Congress was prepared to move quickly and firmly if Trump failed to adequately respond to the October 2 disappearance of Khashoggi, a Washington Post contributor who had written columns critical of Saudi Crown Prince Mohammed bin Salman.

Sheikh Abdullah reiterated that the UAE's support for the Kingdom in weal and woe stems from the true brotherly bonds between the two countries, noting that the fierce and politicised campaign led against the Kingdom ignores the constructive and reasoned policy of Saudi Arabia. He said the incident is being investigated and pledged "very powerful" consequences if Saudi Arabia is found guilty.

But he has said repeatedly that he does not want to halt a proposed $110 billion arms sale to Saudi Arabia - as some in Congress have said he should - because it would harm the USA economically.

"It's cumulative - the Yemen war, the dispute with Qatar, the tensions with Canada and Germany, the arrests of women activists".

Media companies and some technology executives have pulled out of a major Saudi investment conference dubbed "Davos in the Desert", scheduled for next week in Riyadh, because of growing outrage over the disappearance.

JP Morgan Chase and Ford did not comment on whether the decision was related to concerns about the disappearance of Khashoggi.

Both Brent crude oil, the worldwide benchmark, and West Texas Intermediate, the USA benchmark, were up just less than 1%, at $81.21 and $71.87 a barrel, holding just below nearly four-year highs reached October 3. "First and most importantly, we believe tech names will remain under selling pressure, leaving Vision Fund's paper profits on names like Nvidia vulnerable to big under-performance relative to the fund's targets".

Meanwhile, Saudi King Salman spoke by telephone with Turkish President Recep Tayyip Erdogan about Khashoggi.

The main stock market index in Riyadh fell as much as 7% on Sunday and billions of dollars were wiped off the value of leading Saudi companies.

"It has been 13 days since the event, so surely proving some of the evidence might be difficult" the Turkish official said.


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