Khashoggi case: What's next for Saudi Arabia's economic dream?

Khashoggi case: What's next for Saudi Arabia's economic dream?

Editor’s note: This show was recorded shortly before Saudi Arabia confirmed Khashoggi’s death.

The killing of Saudi journalist Jamal Khashoggi at his country’s consulate in Istanbul has shocked the planet.

Saudi Arabia was under intense pressure to describe what happened. And after initially remaining quiet and denying allegations that Khashoggi left the consulate never, Saudi Arabia has admitted that Khashoggi was killed in the consulate now, but made no reference to where his body is.

The world’s largest oil exporter could face international sanctions. The expense of insuring against Saudi default has increased 32 percent, this means investors view the national country as a much riskier bet. The government could be forced to improve more debt at an increased cost now. It’s already owning a budget deficit.

The Saudi government is wanting to court investment for new projects and cities. But big names running a business, finance and media, including US Treasury Secretary Steven Mnuchin, are actually boycotting the next edition of the kingdom’s prestigious economic Future Investment Initiative (FII) conference, on October 23-25 because of take place.

This conference was regarded as a opportunity for the Saudis to resuscitate business confidence which includes been plunging for months due to underlying fears of sanctions.

Sanctions against Saudi Arabia “will be terrible for the plans of the young crown prince, Mohammed bin Salman,” says Laurent Lambert, senior policy analyst at Qatar University.

He highlights this is simply not the initial case which has undermined investor confidence in Saudi, {{discussing} last year’s arrest {of {several} prominent princes,|of {a genuine} {amount of} prominent princes,} {government businessmen and ministers.}

“{The issue} was {there is} little transparency, no real trials, {and {by the end} of {your day},|{your day} and {by the end} of,} people believed {that} was {a kind of} extortion,” says Lambert. “So, {{how do} the people {have confidence in} the judicial system of Saudi Arabia?|{how do} the social people {have confidence in} the judicial system of Saudi Arabia?} That’s also {a problem} for investors.”

“The oil market {is definitely} very reactive to news,” explains Lambert and adds that, {although Saudi Arabia {may potentially} play the “oil card”,|although Saudi Arabia could play the “oil card” potentially,} “{they don’t really} {desire to} disrupt any global [oil] economy. {They’re} completely {based on} oil exports. {There is a} fair share of bluff, but {that is} diplomacy.”

Lambert says that the cancellations for the upcoming Saudi investment conference are “{bad} for business, but {simultaneously|concurrently|as well}, the conference has {its} domestic and regional audience {so that it} {had not been} completely {based on} these essentially Western investors. But {it is a} {problem} for the Saudi economy, definitely.”

Turning to Saudi’s 2030 economic vision, “{For the present time}, {the momentum {isn’t} there,|the momentum {there isn’t},} so they’re {most unlikely} {to really have the} {sort of} diversification they {desire to} … the diversification strategy {isn’t} {on the right track} so many investors are waiting.”

The future of food

The UN’s Food and Agriculture Agency says {the planet} {will have to|should} change {just how} it produces its food {to be able to|so as to|as a way to|so that you can} cater to {a growing} global population. Emma Hayward {visited} Scotland {to check} {in the} world of vertical farming

“{Whether it’s} {nearly} delivering calories, there’s enough land {all over the world} and probably enough resources {for folks} [to feed the world]. {{The thing is} where that food {needs to be|must be|should be},|The nagging problem is where that food {needs to be|must be|should be},} {be it} nutritious enough or {be it} affordable,” {in accordance with} Adam Anders, cofounder and managing partner at Anterra Capital, {{the biggest} single dedicated agtech fund {on the planet|on earth|on the globe}.|{the biggest} single dedicated agtech fund in the global world.}

“Agtech {may be the} adoption of new ideas, new technologies, be it digital, biotech, {material sciences {put on} any {facet of} {the meals} and agriculture value chain.|material sciences {put on} any {facet of} the agriculture and food value chain.} {That ongoing works from the stage of breeding,} pesticides, on-farm practices, transportation, {shelf logistics and life.}”

COUNTING THE COST {The continuing future of} food: Exploring agtech farming (6:07)

An agtech farm would consider “the genetics, {the specific} performance of the plant … and … {once you have} actually made a planting decision, {how will you} use data to {become more} precise, both {about this} first moment of planting {also to} treat that plant {since it} grows … Then, {cure} process of {another} generation of pesticides and harvesting and {how do} the farmer best market their product.”

“Digital biotech solutions {can be found} to help {every part} {of this} for the farmer … {{Making use of your} smartphone or an iPad {to be able to|so as to|as a way to|so that you can} prioritise {how to proceed} that day,|That day {making use of your} smartphone or an iPad {to be able to|so as to|as a way to|so that you can} prioritise {how to proceed},} {to learn} more in specificity where {there could be} disease pressure, {ways to|the best way to} more accurately apply pesticide or {take care of} your field {and also} farming at that {more descriptive} at that level {will undoubtedly be} helped more by technology,” says Anders.

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Also {with this} episode of |{with this} episode of&nbsp

Also;}Counting the Cost:

Canada cannabis: Canada has joined {the} exclusive club of countries that {permit the} sale of recreational cannabis. After Uruguay, it’s only {the next} country {to take action}, as Daniel Lak reports from Toronto.

Tunisia tourism: Tunisia is enjoying a tourism revival. {The} {had opted} into decline {carrying out a} {group of} attacks by armed groups on visitors in 2015, as Mohamed Vall reports.

Netflix earnings: {Much better than} expected earnings at Netflix have helped its shares this week. {The streaming video service added seven million {clients} in the {90 days} to September.|September the streaming video service added seven million {clients} in the {90 days} to.} Now, {{you can find} 137 million people globally using Netflix.|{you can find} 137 million people using Netflix globally.}

China debt: China {could possibly be} facing a debt iceberg, {in accordance with} S&P Global. The ratings agency is highlighting what it called titanic credit risks {due to} unreported {municipality} debt. Meanwhile, the world’s {number 2} economy reported its slowest quarterly growth rate {because the} global {financial meltdown}.

Brexit latest: European Union leaders have given themselves several more weeks {to attain} a break-up {cope with} the UK. {Talks this week {didn’t} deliver a {wished for} breakthrough.|This week {didn’t} deliver a {wished for} breakthrough talks.}

Source: Al Jazeera News