Mohammed bin Salman was officially welcomed to London last week with "all the trappings of a state visit", says the Financial Times. The government's message to the 32-year-old crown prince, known as MBS, was "unambiguous: this is a man to do business with".
No wonder, say Margherita Stancati and Jason Douglas in The Wall Street Journal. Expanding economic links with nations post-Brexit is a "critical goal". Around £65bn of trade and investment could materialise with the UK, says Andy Critchlow in The Daily Telegraph. There's also the potential prize of Aramco, the world's biggest oil firm, being floated on the London Stock Exchange.
But at what cost, asks The Guardian. Saudi is currently playing a leading role in a war in Yemen, fighting Houthi rebels aligned with its chief regional rival, Iran. More than 10,000 people have died, and eight million are said to be at risk of starvation.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Prime Minister Theresa May reportedly raised "deep concerns" about the war with MBS, yet for all the UK's "boasts of providing humanitarian aid", it is also supplying weapons that are "fuelling" the crisis. The end of MBS's visit was marked by a £100m aid deal, and news of a provisional deal for BAE Systems to supply Saudi with 48 Typhoon fighter jets.
The likes of Boris Johnson love MBS because he "buys stuff" and is modernising Saudi, says Christopher de Bellaigue in The Spectator. But MBS needs the West, too. With the population and unemployment rising, the kingdom needs foreign investment to avoid burning its reserves on welfare spending. We should be wary, says the Financial Times. MBS shows no sign of wanting "to allow greater participation in political life". This is a concern that the "kingdom's allies... should be voicing. MBS, the strongman in the making, would be wise to listen."
-
Barclays warns of significant rise in social media investment scamsInvestment scam victims are losing an average £14k, with 61% of those falling for one over social media. Here's how to spot one and keep your money safe
-
Over a thousand savings accounts now offer inflation-busting rates – how long will they stick around?The rate of UK inflation slowed again in March, boosting the opportunity for savers to earn real returns on cash in the bank. But you will need to act fast to secure the best deals.
