FIRST AIRED: October 25, 2018

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

We've got more news

Get our editor’s daily email summary of what’s going on in the world.

US Edition
Intl. Edition
Replay Program
0:00
0:00
More Info

COMING UP:Share Opener Variant 3

×

Transcript

00:00:01
>> This investment conference in Saudi Arabia has been something of a PR disaster as big names from Silicon Valley and politics boycott over the Khashoggi crisis. But the conference that was supposed to showcase the kingdom's green and high tech future hasn't been abandoned by the opposite side of the spectrum, Saudi's old friend, big oil.
00:00:26
Reuters Energy Editor, Dmitry Zhdannikov.>> This forum was meant to be about high-tech robots and all that stuff. And instead, we are seeing that three-fifths, more than three-fifths of bills that are being signed are about the good of oil and petrochemicals, and refined products, etc. And some of those bills are not even new.
00:00:46
So it speaks volumes about the conference taking Saudi back to where they were a couple of years ago. And even the Saudi Energy Minister Khalid Al-Falih, who is very soft spoken, very, very, usually very careful, yesterday he said yes, we're in a crisis of sort.>> Crown Prince Mohammad bin Salman has made diversifying away from oil a central talking point of his reform agenda.
00:01:13
He wants the kingdom to end its addiction to the black gold. But of the $50 billion in deals signed at this conference, 30 billion went straight to the national oil corporation, Saudi Aramco, seen here. That's not to say other industries won't return in time, many of those that officially boycotted still sent mid-level representatives.
00:01:37
It's too big a market to ignore. Even an adversary might look to bury the hatchet.>> Prince Mohammad bin Salman said that our economy has been growing quite strongly and will continue growing. Well, that took a lot of people by surprise because for the past year he has either refused to comment on Qatar altogether or said that they are sponsors of terrorists which Doha has denied.
00:02:02
So to many people a signal that some settlement might be in the making.>> The United States has been pressuring Saudi and Qatar to make nice for unity's sake against Iran.
00:02:11
BLANK_AU
IO]