Mnuchin has said he will not attend the conference.
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A Western boycott of a major business conference in Riyadh next week suggests rising political risks in Saudi Arabia could harm its ambitions to attract foreign capital and diversify its economy away from oil. Rather than whipping up interest in Saudi investment opportunities, the event risks becoming a public relations debacle because of the disappearance of Saudi dissident Jamal Khashoggi, company executives and analysts say.Turkish officials have said Khashoggi was killed inside the Saudi consulate in Istanbul. The freeze may apply to both new Western contracts or investments in Saudi Arabia, and the Saudi government's own program of buying corporate assets abroad through its $250 billion Public Investment Fund.If a small group of Saudis were found responsible for Khashoggi's death and sanctioned this way, it could be embarrassing for Riyadh but would have no significant economic impact.Financial market moves show investors are worried about the Khashoggi affair but not nearly as fearful as they were after oil prices began plunging in 2014 .Even after normal business ties with the West resume, Khashoggi may cast a shadow over foreign capital flows into Saudi Arabia.
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