Wall Street may be returning to Saudi Arabia, but it’s not back to business as usual

Excerpt

Despite the concerns of many firms, it’s unclear whether Mohammed bin Salman realizes — or cares — how serious a blow the kingdom’s image has taken. Western firms that do business with Saudi Arabia may face a Sisyphean challenge when trying to protect their reputations after every new outrage.

Under such conditions, Saudi Arabia is unlikely to get the buy-in it wants from the business community. Executives may return to conferences and investors may pursue yield. But until Saudi Arabia acquires the kind of deep, long-term partnerships, that Vision 2030 needs — which can boost Saudi nationals’ employment and benefit Saudi society — it’s not yet back to business as usual in Riyadh.

Varsha Koduvayur is a senior research analyst at the Foundation for Defense of Democracies, where she focuses on the Gulf. The opinions expressed in this commentary are her own.