Technology Saudi Arabia sells off Canadian assets as dispute escalates

16:25  08 august  2018
16:25  08 august  2018 Source:   ft.com

Saudi Arabia expelling Canadian ambassador

  Saudi Arabia expelling Canadian ambassador Saudi Arabia expelling Canadian ambassador"We consider the Canadian ambassador to the Kingdom of Saudi Arabia persona non grata and order him to leave within the next 24 hours," Saudi Arabia's foreign ministry said on Twitter.

Saudi Arabia is selling Canadian assets as the kingdom escalates its response to Ottawa’s criticism of the arrest of a female activist. The Saudi central bank and state pension funds have instructed their overseas asset managers to dispose of their Canadian equities

In Canada , Saudi -controlled grain trader G3, which bought the assets of the former Canadian Wheat Board in 2015, said in a statement that it is “continuing Why two words set off our diplomatic spat with Saudi Arabia . Three suggestions for preventing the Canada - Saudi dispute from getting worse.

Saudi Arabia is selling Canadian assets as the kingdom escalates its response to Ottawa’s criticism of the arrest of a female activist.

The Saudi central bank and state pension funds have instructed their overseas asset managers to dispose of their Canadian equities, bonds and cash holdings “no matter the cost”, two people with direct knowledge of the orders said.

Third-party managers are estimated to be mandated to invest more than $100bn of Saudi funds in global markets, executives say. While the proportion of that figure invested in Canadian holdings would be “fairly small in absolute terms,” the asset sale sent a strong message, one of the people said.

Canada not clear yet on Saudi retaliation

  Canada not clear yet on Saudi retaliation OTTAWA - A federal official says Canada remains unclear about the measures Saudi Arabia is taking in response to Canadian criticism of its human rights policies. The official says Foreign Affairs Minister Chrystia Freeland spoke with her Saudi counterpart Tuesday in part to get clarity about the measures, including one report that said Saudi banks and pension funds had been ordered to sell off their Canadian assets. Saudi Arabia has not confirmed that report, and the official — who spoke on condition of anonymity given the sensitivity of the matter — says a full understanding of their plans remains elusive.

Canada plans to seek help from the United Arab Emirates and Britain to defuse an escalating dispute with Saudi Arabia , sources said on Tuesday. Canada says it does not know what will happen to a billion defense contract to sell Canadian -made General Dynamics Corp armored vehicles to

JEDDAH: Canada plans to seek help from United Arab Emirates and Britain to defuse an escalating diplomatic dispute with Saudi Arabia , Reuters reported on Tuesday, as traders revealed the Arab state would no longer buy Canadian wheat and barley.

The sell-off began on Tuesday and underlines how the Gulf monarchy is flexing its financial and political muscle to warn foreign powers against what it regards as interference in its sovereign affairs. “This is severe stuff,” said one banker.

The row between Riyadh and Ottawa erupted after Chrystia Freeland, Canada’s foreign minister, called for the release of Samar Badawi, a prominent Saudi women’s rights activist who has family in Canada. Ms Badawi and another activist were arrested last week as part of a government crackdown against dissenting voices, human rights groups said.

In response to Ms Freeland’s criticism, Saudi Arabia expelled the Canadian ambassador, froze new trade and investment with the G7 member, suspended a student exchange programme and halted Saudi Arabian Airlines flights to Canada. Riyadh on Wednesday said it was also suspending all medical treatment programmes in Canada and working to transfer Saudi patients out of the country.

Saudi Airlines to suspend Canadian flights

  Saudi Airlines to suspend Canadian flights TORONTO - The rift between the federal government and Saudi Arabia has prompted the country's state airline to suspend operations in Canada. Saudi Airlines issued a tweet early Tuesday saying flights to and from Canada would be suspended starting August 13. Saudi Arabia operates at least two routes to the country, both of which depart from Toronto. Transport Canada did not immediately respond to request for comment on the decision. Saudi Airlines' Saudi Airlines issued a tweet early Tuesday saying flights to and from Canada would be suspended starting August 13.

Feud between Saudi Arabia and Canada escalates . CBS This Morning. Gates says he committed crimes with Manafort. The dispute appears to have been sparked by tweets from Canadian diplomats, including one from Canadian Foreign Minister Chrystia Freeland, who said she was "very

OTTAWA, Aug 7- Canada plans to seek help from the United Arab Emirates and Britain to defuse an escalating dispute with Saudi Arabia , sources said on. Canada says it does not know what will happen to a billion defense contract to sell Canadian -made General Dynamics Corp armored

The kingdom’s actions carry echoes of the measures Saudi Arabia and its regional allies have taken against Qatar since imposing a regional blockade on the Gulf state a year ago.

The Saudi Arabian Monetary Authority, the central bank, had foreign assets of $506bn in July, most of which are invested in US Treasuries. Pension funds such as the General Organisation for Social Insurance and the Public Pension Agency manage additional assets.

The Public Investment Fund, the Saudi sovereign wealth fund, also has $250bn of assets under management, including stakes in global companies such as Tesla and Uber, as well as local assets.

Since Crown Prince Mohammed bin Salman became heir apparent last year Riyadh has adopted an increasingly assertive approach to achieve its foreign and domestic policy aims. He has pledged to open up the conservative kingdom, but has also displayed a decreasing tolerance for criticism.

Canadian dollar gets whacked after Saudi Arabia reportedly starts dumping the country's assets 'no matter the cost'

  Canadian dollar gets whacked after Saudi Arabia reportedly starts dumping the country's assets 'no matter the cost' The Canadian dollar slid Wednesday after the Financial Times reported that Saudi Arabia had begun selling off its holdings of the country's bonds, stocks, and cash.According to the FT's Simeon Kerr, Saudi Arabia ordered the divestments "no matter the cost" after Canada criticised its arrest of Samar Badawi, a women's rights activist. Saudi central bank and state pension funds told their overseas asset managers to unload Canadian bonds, stocks, and cash holdings "no matter the cost," the report said. The selling began on Tuesday, it said.

Freeland said students from Saudi Arabia who had been accepted were still welcome at Canadian schools. It’s a coincidence Canada is rolling out another young woman to put a face on a diplomatic dispute … surely there is no narrative calculating at play…

Saudi Arabia said on Sunday that it is ordering Canada ’s ambassador to leave the country and freezing all August 6, 2018 at 7:09 pm. Because his eyebrows don’t fall off . LikeLiked by 3 people. Next will be imports if it keeps escalating . The commenters on Canadian media said so what?

Authorities rounded up more than 300 princes and businessmen late last year and detained them at the Ritz-Carlton in Riyadh in a crackdown on corruption.

The extraordinary clampdown spooked the foreign business community at a time when Prince Mohammed is trying to attract foreign investors into the kingdom to help realise his vision or modernising the oil-dependent economy.

Riyadh is also the forefront of a four-state embargo against Qatar, accusing the Gulf state of financing terrorism. Doha denies the allegations and the stand-off is in its second year.

When the embargo was imposed on Qatar, fund managers said Saudi Arabia asked them to remove Qatari investments from their portfolios and refrain from using the stock exchange in Doha.

Since Crown Prince Mohammed bin Salman became heir apparent last year Riyadh has adopted an assertive approach to achieve its foreign and domestic policy aims: Mohammed bin Salman, Saudi Arabia's crown prince, sits for a photograph ahead of a meeting with Theresa May, U.K. prime minister, not pictured, inside number 10 Downing Street in London, U.K., on Wednesday, March 7, 2018. emorandums of Understanding for 14 trade deals are due to be signed during the isit of the prince, but British officials don't expect a decision on who will ost the initial public offering of state oil company Aramco. Photographer: Will Oliver/Pool via Bloombeg© Bloomberg Mohammed bin Salman, Saudi Arabia's crown prince, sits for a photograph ahead of a meeting with Theresa May, U.K. prime minister, not pictured, inside number 10 Downing Street in London, U.K., on Wednesday, March 7, 2018. emorandums of Understanding for 14 trade deals are due to be signed during the isit of the prince, but British officials don't expect a decision on who will ost the initial public offering of state oil company Aramco. Photographer: Will Oliver/Pool via Bloombeg

German companies have also complained about difficulty in securing contracts in Saudi Arabia since Berlin criticised Riyadh’s role in Lebanese politics and moved to halt arms sales to countries involved in the war in Yemen, including Saudi Arabia.

Analysts say Riyadh’s decision to sell off Canadian assets risks further undermining business confidence in the kingdoms.

“These sort of actions are not going to assure minds about the stability of doing business there,” said a major emerging markets investor.

Additional reporting from Peter Smith and Andrew England in London

Saudi Arabia reassures Canada on oil supplies as dispute drags on .
Saudi Arabia reassures Canada on oil supplies as dispute drags onThe world's largest oil exporter has a "firm and long-standing policy" that petroleum supplies are not influenced by political considerations, Khalid al-Falih said in a statement.

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