Saudi relationship is ‘crucial’ for the US, says Scaramucci

DUBAI: The American investment community has been impressed by Saudi Arabia’s economic growth and Vision 2030 goals over the past few years, New York financier Anthony Scaramucci told Arab News.
“The general American public still misunderstands Saudi Arabia and the Middle East generally. While there have been some unfortunate setbacks, I can tell you the investment community has certainly taken note of the social and commercial progress in the Kingdom,” he said.
“We hosted the CEO of NEOM at our US-based SALT Conference in 2019 and our community was blown away by the vision. The Public Investment Fund has set the tone with ambitious projects and smart strategic investments, with the growth of FII (Future Investment Initiative) a testament to how things are moving,” he added.
The founder managing partner of global investment firm SkyBridge Capital, Scaramucci rose to public prominence due to his stint as a White House communications director under US President Donald Trump in 2017. Fired after 10 days and a firm critic of the former president, Scaramucci does not believe the arrival of Joe Biden in the Oval Office will dramatically change relations between the US and the Kingdom.
“I don’t think there will be much of a change. On the surface there may be less backslapping. For example, I don’t expect Biden’s first state visit to be to the Kingdom. But where it really matters, I think every American president, when they review our geopolitical goals, realizes the importance of the US’s long-standing alliance with Saudi Arabia,” he said.
“The relationship is crucial in countering the malign threat posed by Iran, whose regime I believe is more fragile than many people realize, and fostering greater prosperity in the region. Economic empowerment is the greatest weapon in the fight against extremism, and Saudi leadership understands that well.”
Scaramucci was one of the 150 or more speakers during last week’s FII forum, the Kingdom’s flagship investment event. On Thursday, Crown Prince Mohammed bin Salman unveiled plans to more than double Riyadh’s population and for the Saudi capital to become one of the 10 richest cities in the world.
Arab News reported that 24 multinational companies had announced plans to establish regional headquarters in Riyadh. The companies — including such heavyweights as PepsiCo, Schlumberger, Bechtel and Boston Scientific — are a clear indication of the Kingdom’s vision to attract global investment, Scaramucci said.
“The tourism industry in the Red Sea area and the city of Riyadh will grow tremendously over the next decade. The natural beauty on the coast is stunning. The plan being executed by the Royal Commission of Riyadh City will vault Riyadh into become one of the next great global cities with cutting-edge infrastructure, lifestyle amenities and a multicultural population,” told Arab News.
“Americans who have never been there might scoff at that notion, but Riyadh has grown and changed so much in just the last five years. With the current mindset of investing in innovation and sustainability while liberalizing society I think that progress will only accelerate.
Scaramucci brought his financial investment forum SALT to Abu Dhabi in December 2019. Held in collaboration with the Abu Dhabi Global Market (ADGM), speakers included UAE Minister of State Ahmed Ali Al-Sayegh, CEO of ADNOC Sultan Ahmed Al-Jaber and Group CEO of Mubadala Investment Company, Khaldoon Khalifa Al-Mubarak.
“After the very successful debut of SkyBridge’s inaugural conference in the region — SALT Abu Dhabi — the firm looks forward to becoming more active in the region, including more events in the region once it’s safe and feasible,” he said of his aims to host another showcase in the Middle East.

Saudi relationship is ‘crucial’ for the US, says Scaramucci