Good morning.
Prior to Hamas’s Oct. 7 attacks on Israel, CEOs often talked about the Middle East as a growing hub for innovation and new markets. As conditions shifted, so has the conversation. At the Milken Institute Global Conference this week, I had several background conversations with business leaders from the Middle East and U.S. Who want to see the establishment of a Palestinian state, followed by Saudi- or UAE-led efforts to rebuild Gaza with U.S. Support. I met Israeli attendees who talked about their struggle to attract investors, as well as their frustration with Prime Minister Benjamin Netanyahu and those who think every Israeli supports his policies. (Jordan’s Queen Rania told the audience that Israelis have “been taught by their leaders that Palestinians are not people,” which is not what I’ve witnessed.)
Critics can find plenty of reasons to write off countries. Sometimes leaders are accused of criminal acts: Canada says agents of the Indian government murdered Sikh separatist Hardeep Singh Nijjar, while U.S. Intelligence linked the murder of journalist Jamal Khashoggi to agents of the Saudi government. (Officials in both countries deny the allegations.) We see a lot of corrupt courts, curbed freedoms, and values that run counter to our own. Add in China, Russia and elsewhere, and America seems to be finding more foes than friends.
Some negative opinions are clearly justified, but Middle East leaders at Milken were trying to shake what they see as misconceptions about the region. Sarah Al-Suhaimi is chair of the Saudi Tadawul Group that owns the Saudi Stock Exchange, which has attracted investors from around the world. While she came to talk about trends in the capital markets and what’s next in building out the infrastructure, she’s often asked about conditions for women in the kingdom. I asked her about women’s rights as activist Manahel al-Otaibi was recently sentenced to 11 years for alleged terrorism. “We have our own culture that we respect and live by, but that does not mean that women are oppressed or mistreated,” she said, pointing to her own career path. “We’re much more open-minded than people think.”
I agree. Moreover, there are common goals beyond ending the war. Saudi Arabia’s Minister of Investment Khalid Al-Falih told interviewer Dina Powell McCormick of BDT & MSD Partners that the country’s investments in renewables and other areas are paying off. “For the first time in my lifetime, oil is no longer the dominant part of the economy.”
Tackling critical issues like climate change is good for everyone. As former President Bill Clinton said in closing the event, “any time you focus on our differences instead of figuring out how to make common cause for a shared future that we all want, I think you’re in trouble.”
Diane Brady
@dianebrady
[email protected]
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This edition of CEO Daily was curated by Nicholas Gordon.
