Richard Branson suspends Saudi roles

12 October 2018
UK businessman has suspended directorships and talks with the Public Investment Fund while whereabouts of missing Saudi journalist are unknown

Founder of the UK's Virgin Group Richard Branson has responded to growing concerns about the whereabouts of missing Saudi journalist Jamal Khashoggi by suspending his directorships of two tourism projects in Saudi Arabia.

At the same time, Virgin has suspended discussions with Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), on proposed investments in space travel.

“While those investigations are ongoing and Mr Khashoggi’s whereabouts are not known, I will suspend my directorships of the two tourism projects," said Branson in a statement issued on the Virgin website on 11 October. "Virgin will also suspend its discussions with the Public Investment Fund over the proposed investment in our space companies Virgin Galactic and Virgin Orbit.”

Branson also voiced his concerns over media reports about Khashoggi’s disappearance.

“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 and to clarify their position in relation to Mr Khashoggi.”

Branson was the first international investor to commit to taking part in the Red Sea project in October last year.

After visiting Saudi Arabia, he wrote about the economic and social changes being made in the kingdom on his blog.

He also attended last year’s PIF-organised Future Investment Initiative in Riyadh.

For space, the PIF said last year that it plans to invest $1bn in Virgin Group’s various space-oriented programmes.

The companies are Virgin Galactic, The Spaceship Company and Virgin Orbit, the Saudi Press Agency said at the time.

The investment is aimed at enabling the firm to develop the next generation of satellite launches and accelerate its programme for point-to-point supersonic space travel.

Khashoggi's whereabouts have been unknown since he entered the Saudi consulate in Istanbul on 2 October.

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