Blackstone’s Stephen Schwarzman discusses Jamal Khashoggi in Q3 earnings call

The Public Investment Fund of Saudi Arabia is a major contributor to Blackstone's U.S. infrastructure fund

TRD NATIONAL /
Oct.October 21, 2018 12:00 PM

From left: Steve Schwarzman, Crown Prince Mohammed bin Salman, Jamal Khashoggi. (Credit: Getty Images, Npangarkar/WMF, DoD photo by Glenn Fawcett, POMED)

Blackstone’s CEO and chairman Steve Schwarzman spoke about dissident journalist Jamal Khashoggi during an earnings call last week.

The first question from an analyst on the call was about how Saudi Arabia’s role in the disappearance–and now confirmed death–of journalist Jamal Khashoggi may affect Blackstone’s U.S. infrastructure fund, according to a Seeking Alpha transcript.

In May 2017, the Public Investment Fund of Saudi Arabia committed to contributing half of Blackstone’s $40 billion U.S. infrastructure fund.

On the October 18 call, Schwarzman said they were “concerned… But we take a long-term approach both to our relationships and to building businesses. His comments came days after he cancelled his attendance at the country’s Future Investment Initiative in Riyadh this week.

“We think of ourselves as long term responsible stewards of capital,” Schwarzman said on the call. “Yes, in the short term we may get some questions. But the key thing to remember is our investors know that Blackstone is the sole GP of the capital.”

On Saturday, a source close to Saudi Crown Prince Mohammed bin Salman told the Wall Street Journal that the prince was “shocked” by the West’s reaction to Khashoggi’s death and that “he feels betrayed by the West. He said he would look elsewhere and he will never forget how people turned against him before evidence was produced.” [Seeking Alpha]–Erin Hudson


Related Articles

arrow_forward_ios
Abandoned malls are being turned into senior housing, giving planners a chance to rethink retirement communities (iStock)

Abandoned malls get new life as senior housing

Abandoned malls get new life as senior housing
Blackstone Group president Jonathan Gray (Getty)

Blackstone makes $1.2B deal with Brookfield for self-storage company

Blackstone makes $1.2B deal with Brookfield for self-storage company
Matt Borstein, Deutsche Bank’s global head of CRE, is moving to Oak Hill Advisors (Photo via Deutsche Bank)

Deutsche Bank’s CRE head moves to Oak Hill Advisors

Deutsche Bank’s CRE head moves to Oak Hill Advisors
J.C. Penney CEO Jill Soltau and Aurelius Capital Management CEO Dirk Markus (Getty; Wikipedia Commons)

J.C. Penney creditors want slow down “bad faith” sale

J.C. Penney creditors want slow down “bad faith” sale
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...