A Lesson in Influence and Power
At precisely 6:19 PM last Tuesday evening, a significant lesson unfolded in the opulent gold-trimmed corridor leading from the lobby of the Ritz-Carlton, Riyadh. It was a scene that encapsulated the intricate dance of money, power, and what many Arabs refer to as wasta, or influence.
The evening commenced with Marc Rowan, a billionaire in the private equity sphere, pacing the plush carpet that guided him toward the unassumingly named Meeting Room B. Just moments prior, chairs had been meticulously arranged in a semicircle, preparing for the gathering of influential figures. Mr. Rowan, dressed in a tailored suit rather than his customary sweaters, arrived 11 minutes early. In a display of anticipation, he even retraced his steps a couple of times, seemingly hesitant to be the first to enter.
Shortly thereafter, he was joined by a dozen or so luminaries from the realms of technology and finance. This elite assembly included top executives from renowned firms such as the Carlyle Group, BlackRock, Citi, and Standard Chartered, alongside the founders of the colossal hedge funds Bridgewater Associates and Third Point.
Mr. Rowan was among a select group of attendees invited to a private dinner hosted by Saudi Arabia’s crown prince, Mohammed bin Salman. Once the attendees had gathered, they were swiftly escorted by Saudi security personnel to a lavish dinner in Diriyah, the historic heartland of the al-Saud family. This particular venue was at the crown prince’s own farm.
Despite his past controversies, including allegations related to the assassination of a dissenting journalist six years prior and a notorious anticorruption campaign that involved imprisoning, torturing, and extorting his own family members within the very halls of the Ritz, this dinner served as a potent reminder of his restored standing in the global arena. The presence of such prominent business figures at his table illustrated that, in the world of international relations and commerce, perceptions can shift dramatically.
