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The Journal.

The Collapsing U.S.-Saudi Relations

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 26 October 2022

⏱️ 18 minutes

🧾️ Download transcript

Summary

An unofficial oil-for-security pact between the U.S. and Saudi Arabia has survived 15 presidents and seven kings, but is now fracturing under two leaders who don’t like each other. WSJ’s Stephen Kalin explains why the U.S. and Saudi Arabia’s relationship has hit a new low.Further Reading: - U.S.-Saudi Relations Buckle, Driven by Animosity Between Biden and Mohammed bin Salman - Saudi Conference Draws Wall Street Executives Amid Strained Ties With U.S. Further Listening: - As Saudi Arabia Cools on the U.S., It Warms to China Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Your wild heinous, your heinouss, your excellencies, ladies and gentlemen.

0:13.0

There's a major conference happening in Saudi Arabia.

0:16.5

We are on the road to a new global order.

0:21.0

FII is proud to make.

0:24.4

FII for future investment initiative.

0:28.6

It's part of an effort by Crown Prince Mohammed bin Salman to draw foreign investment into

0:33.6

the kingdom.

0:35.6

It is hosted at the Ritz Carlton Hotel in Riyadh, which is palatial and very large,

0:42.8

very ornate.

0:43.8

Lots of gold, lots of chandeliers, marble halls, sort of French, palatial style, I would say.

0:51.2

Our colleague, Stephen Kaelin, is attending the conference.

0:54.8

The conference was absolutely packed.

0:57.4

I think there were about 7,000 people in attendance.

1:03.3

Throughout the entire complex, there were networking rooms and coffee breaks and just

1:09.6

sort of these marble halls where Saudis and Wall Street bankers and investors from

1:15.6

Europe and Asia were sort of hobnobbing and talking about business and a little bit of politics.

1:23.3

Stephen seen Wall Street bigwigs like Jamie Diamond of JP Morgan and Steve Schwartzman

1:28.1

of Blackstone and billionaire investor Ray Dalio.

1:32.0

There are also major delegations from Europe, Africa and Asia.

1:36.9

But he says one important group is missing.

1:41.1

Basically, there's not anybody representing Washington here.

1:45.2

That is sort of the glaring absence from the conference this year.

...

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