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Branson Suspends Negotiations Over $1 Billion Space Investment From Saudi Arabia

11 Oct 2018, 22:33 UTC
Branson Suspends Negotiations Over $1 Billion Space Investment From Saudi Arabia
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Virgin Group Chairman Richard Branson said he is suspending discussions with Saudi Arabia’s sovereign wealth fund, which last year signed a memorandum of understanding to invest $1 billion in Virgin Galactic and Virgin Orbit.
Branson announced the decision amidst growing international concern over the fate of journalist Jamal Khashoggi, who disappeared after entering the Saudi consulate in Turkey. There are unconfimed reports that saudi security officials murdered the dissident writer.
Branson also suspended his directorships in two Saudi tourism projects to be built around the Red Sea.
Branson’s full statement is below.
I had high hopes for the current government in the Kingdom of Saudi Arabia and its leader Crown Prince Mohammed bin Salman and it is why I was delighted to accept two directorships in the tourism projects around the Red Sea. I felt that I could give practical development advice and also help protect the precious environment around the coastline and islands.
What has reportedly happened in Turkey around the disappearance of journalist Jamal Khashoggi, if proved true, would clearly change the ability of any of us in the West to do business with the Saudi Government. We have asked for more information from the authorities in Saudi ...

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