MONEY TALKS

U.S. Execs Jet Off to ‘Davos in the Desert’ Despite Biden’s Warning to Saudis

Business moguls are attending the Saudi business conference even after the president threatened the kingdom with “consequences.”

Executives from the likes of Goldman Sachs, Wells Fargo, and JPMorgan Chase are all planning to attend a major Saudi business conference this week despite Biden’s recent admonishment of the kingdom. The Future Investment Initiative—also known as “Davos in the Desert”—will play host to American business magnates when it opens in Riyadh on Tuesday. The influential conference comes after President Biden accused the Saudis of siding with Moscow over the war in Ukraine when oil cartel OPEC Plus chose to cut oil production earlier this month. Biden’s promise of “consequences” for the kingdom hasn’t deterred American corporate leaders from attending the event, which is also expected to count former Trump administration officials including Jared Kushner and Steven Mnuchin among its attendees.