Where Saudi’s MBS Beats China’s Deng Xiaoping
The Gulf kingdom is no longer writing blank checks — it wants a two-way commitment from investors.
MBS has new expectations of investors.
Photographer: Prakash Singh/BloombergThe world’s biggest names in finance and tech congregated in Riyadh last week for Saudi Arabia’s flagship investment conference to pitch deals, raise funds and, hopefully, network with de-facto ruler Mohammed bin Salman. The most head-turning praise might have come from billionaire investor Ray Dalio, who likened MBS, as the crown prince is often called, to China’s Deng Xiaoping or Singapore’s Lee Kuan Yew.
The verdict is still out on whether MBS can transform the Gulf nation into the next China. But Deng and Lee, who founded the modern economies of their countries, are certainly no match when it comes to leveraging wealth to keep an army of bankers, asset managers, consultants and dreamers captive.