“The Saudi fund, which is nearly five decades old, is massive and guarantees long-term financial stability for the Kingdom. But it can also be a target for abuse, mismanagement, and corruption.” Rubin said.
In an interview with CNBC, Joel Rubin added that the personal agendat of Bin Salman is putting the Kingdom at potential risk. He argued that the Public Investment Fund can face sanctions because of MBS “recklessness”.
“The international private sector, which initially shunned Saudi Arabia after the killing of Khashoggi, will also view this as another public relations setback for engagements with Saudi,” Rubin said. “It could also open up the fund to increased scrutiny, lawsuits, and legislative action against the fund’s activities, both from abroad and within Saudi.”
In conclusion, Pres. Biden and his administration promised to punish Saudi Arabia over its human rights violations. He said in 2019 “We were going to in fact make them [Saudi Arabia] pay the price, and make them in fact the pariah that they are.”
