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Why Are Foreign Fund Managers Fleeing Saudi Arabia? – Dr. Saad Al-Fageeh

 

TRANSCRIPT:

Why have foreign fund managers resigned from the Saudi Public Investment Fund? They’ve resigned because of two or three reasons. The first reason is that they’ve discovered that these funds are not real investments, and that they end up under the control of MBS. The second reason is that they found out the notion of transparency and accountability and accurate auditing is inexistent. There is no such thing as transparency, and that there is no regard at all for these notions.

The third reason is that the scientific and logical order for administration and economic management, which is a well-known academic process, is flouted, and they are forced to go by the dictates of MBS. “I want you to design the Neom project.” They work hard and design the Neom project, after which he decides that he no longer wants the Neom project. “I want you to design the Aramco project.” Then, he decides that he no longer wants to sell Aramco. “I want you to design the Red Sea project.” Then, he decides that he no longer wants the Red Sea project. The last reason is the Khashoggi case, because anyone who’s affiliated with any institution that is connected with MBS will be linked with the Khashoggi assassination. So, a large number of them have resigned for these four reasons.