Saudi Arabia warned overnight that it will respond to threats and political pressure with tough measures of its own after US President Donald Trump said the oil-rich kingdom deserves "severe punishment" if responsible for the disappearance and suspected murder of Washington Post contributor Jamal Khashoggi.
The case has provoked an global outcry, with U.S. President Donald Trump threatening "severe punishment" if it turns out Khashoggi was killed in the consulate and European allies calling for "a credible investigation" and accountability for those responsible.
"If President Trump was angered by $80 oil, nobody should rule out the price jumping to $100 and $200 a barrel or maybe double that figure", he wrote. The statement read, "Germany, the United Kingdom and France share the grave concern expressed by others including HRVP [Federica] Mogherini and UNSG [Antonio] Guterres, and are treating this incident with the utmost seriousness".
Stocks have dropped as much as 9 percent since Khashoggi disappeared on 2 October after walking into the Saudi consulate in Istanbul.
Investment in sport has proved a viable option for those two oil-rich gulf states looking to project soft power and improve the global prestige of their nations overseas and, it's claimed, Saudi Arabia are set to look to do the same.
However, Turkish Foreign Minister Mevlut Cavusoglu said on Saturday that Saudi authorities were not cooperating with the investigation into the disappearance of Saudi journalist Jamal Khashoggi, and in particular are not letting Turkish prosecutors into the consulate building.
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Turkey accepted a Saudi proposal last week to form a joint working group to investigate Khashoggi's disappearance.
Yet the fact that the Arabiya article was published only minutes after Saudi Arabia's press release was issued led many to conclude it was either a message conveyed outside diplomatic channels or a trial balloon that quickly went flat.
Already, worldwide business leaders are pulling out of the kingdom's upcoming investment forum, a high-profile event known as "Davos in the Desert", and the sell-off on Riyadh's Tadawul stock exchange showed that investors are uneasy.
"By week's end, The New York Times and every other major Western news media organization, except Fox Business Network, had canceled its participation", the Times reported. According to Sabah's report, the men which included some Saudi officials arrived at Istanbul's Ataturk airport on the same day of Khashoggi's disappearance. Describing the disappearance as a "terrible thing", Trump said the U.S. would find out what happened to Khashoggi.
"The king firmly denied any knowledge of it", Trump told reporters as he left the White House for a trip to survey hurricane damage in Florida and Georgia.
The US President said Friday he had not yet spoken with King Salman of Saudi Arabia - the father of bin Salman - in the wake of Khashoggi's reported killing, but that he planned to "pretty soon". Moreover, the outlet claimed that Saudi Crown Prince Mohammad Bin Salman Al Saud had sought to bring Khashoggi to Saudi Arabia and detain him there.