It's nicknamed the 'Davos of the Desert'.

But this year's Future Investment Initiative conference in Saudi Arabia may see a few empty seats.

Big names from business, media, and government pulling out after the apparent killing of Saudi journalist Jamal Khashoggi.

U.S. Treasury Secretary Steve Mnuchin is among the no-shows.

But if this is a boycott, it's informal, incomplete - and probably short-lived.

Reuters' Thomas Arnold has been looking beyond the headline cancellations.

(SOUNDBITE) (English) REUTERS CORRESPONDENT, THOMAS ARNOLD, SAYING: "Generally, international businesses won't want to act too hastily because there's so much up for grabs still in this Saudi economy.

For a start, it is OPEC's largest oil exporter.

It is also a big buyer of defense equipment from the U.S. and Europe.

U.S. President Donald Trump announced a 110 billion dollar arms deal with the Saudis last year.

Finally, the Saudis are also embarking on Vision 2030, an ambitious and wide-ranging privatization, a reform program which should offer a wide range of opportunities for investors and banks." The lure of trade with Saudi Arabia may just be too strong.

But there is also the reform agenda of Crown Prince Mohammed bin Salman.

That just happens to involve huge amounts of public spending, and western firms want a slice of the action.

It may explain why some western banks have NOT said anything about pulling out.

This week may be a public relations disaster for Saudi.

In the near future, not so much.

Saudi Arabia may just be too rich to ignore.