Saudi Arabia’s PIF could see big profit on Uber stake, Future Investment Initiative forum hears:
The Public Investment Fund (PIF), the Saudi Arabian sovereign wealth fund, is potentially looking at a windfall profit on its investment in Uber Technologies, the American ride-hailing company, it emerged at the Future Investment Initiative in Riyadh.
Lubna Olayan, head of the Olayan Group conglomerate, highlighted a potential doubling in the value of PIF’s stake in Uber if the San Francisco firm goes ahead with an initial public offering next year.
Speaking on a panel entitled “Can global investment inspire a collective vision of the future,” she remarked that PIF first invested $3.5 billion in Uber in 2016 when it was valued at approximately $60 billion.
Tuesday, 23 October 2018
As Saudi Crisis Grows, Kremlin Keeps Its Bet on Crown Prince - Bloomberg
As Saudi Crisis Grows, Kremlin Keeps Its Bet on Crown Prince - Bloomberg:
As pressure mounts on Saudi Crown Prince Mohammed bin Salman over the killing of a journalist critic, he’s finding strong support in Russia, where the Kremlin is betting the embattled young heir it’s invested heavily in courting is likely to emerge from the controversy unscathed and possibly even strengthened.
The 33-year-old prince, in an effort to outmaneuver the growing ranks of his opponents in the elite at home, is likely to push to take over the throne as early as the next few months, while King Salman, his father, is still alive, according to a specialist on the Mideast who’s a close policy adviser to top Kremlin officials. He spoke on condition of anonymity to discuss confidential matters. Two other people familiar with Kremlin thinking confirmed that Moscow expects the prince to emerge from the crisis undiminished.
Having cultivated the prince as a key ally in its quest for closer ties with another of the world’s top oil producers, Moscow is hoping to capitalize on that relationship as his power grows. But it’s a difficult balancing act, given the deep tensions between Saudi Arabia and two of Russia’s other friends in the region -- Iran and Turkey. The Kremlin also risks being caught out if the prince loses power at home and if the Saudis patch up ties with their longtime ally, the U.S.
As pressure mounts on Saudi Crown Prince Mohammed bin Salman over the killing of a journalist critic, he’s finding strong support in Russia, where the Kremlin is betting the embattled young heir it’s invested heavily in courting is likely to emerge from the controversy unscathed and possibly even strengthened.
The 33-year-old prince, in an effort to outmaneuver the growing ranks of his opponents in the elite at home, is likely to push to take over the throne as early as the next few months, while King Salman, his father, is still alive, according to a specialist on the Mideast who’s a close policy adviser to top Kremlin officials. He spoke on condition of anonymity to discuss confidential matters. Two other people familiar with Kremlin thinking confirmed that Moscow expects the prince to emerge from the crisis undiminished.
Having cultivated the prince as a key ally in its quest for closer ties with another of the world’s top oil producers, Moscow is hoping to capitalize on that relationship as his power grows. But it’s a difficult balancing act, given the deep tensions between Saudi Arabia and two of Russia’s other friends in the region -- Iran and Turkey. The Kremlin also risks being caught out if the prince loses power at home and if the Saudis patch up ties with their longtime ally, the U.S.
Saudi's PIF supports stocks to limit Khashoggi crash, sources say | Reuters
Saudi's PIF supports stocks to limit Khashoggi crash, sources say | Reuters:
Saudi Arabia’s Public Investment Fund (PIF) has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Saudi journalist Jamal Khashoggi, sources familiar with the matter said.
Foreign investors have been dumping Saudi equities over the past two weeks. Last week, they sold 1.07 billion in Saudi stocks, in one of the biggest sell-offs since the market opened to direct foreign buying in mid-2015.
The sell-off came amid increasing investor worries over the potential blow to Saudi Arabia’s relations with the West following the death of journalist Jamal Khashoggi in Istanbul on Oct. 2.
Saudi Arabia’s Public Investment Fund (PIF) has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the killing of Saudi journalist Jamal Khashoggi, sources familiar with the matter said.
Foreign investors have been dumping Saudi equities over the past two weeks. Last week, they sold 1.07 billion in Saudi stocks, in one of the biggest sell-offs since the market opened to direct foreign buying in mid-2015.
The sell-off came amid increasing investor worries over the potential blow to Saudi Arabia’s relations with the West following the death of journalist Jamal Khashoggi in Istanbul on Oct. 2.
CORRECTED-Saudi Arabia's National Commercial Bank Q3 profit rises | Reuters
CORRECTED-Saudi Arabia's National Commercial Bank Q3 profit rises | Reuters:
Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s largest lender by assets, reported a 15.4 percent rise in third-quarter net profit on Tuesday, helped in part by an increase in net special commission income and fees from banking services.
The bank made a net profit of 2.45 billion riyals ($653.05 million) in the three months to Sept. 30, up from 2.13 billion riyals in the same period of 2017, it said in a bourse statement.
SICO Bahrain forecast NCB would make a quarterly profit of 2.46 billion riyals.
Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s largest lender by assets, reported a 15.4 percent rise in third-quarter net profit on Tuesday, helped in part by an increase in net special commission income and fees from banking services.
The bank made a net profit of 2.45 billion riyals ($653.05 million) in the three months to Sept. 30, up from 2.13 billion riyals in the same period of 2017, it said in a bourse statement.
SICO Bahrain forecast NCB would make a quarterly profit of 2.46 billion riyals.
Saudi Aramco in talks with Russia's Novatek on large LNG project: Arabiya
Saudi Aramco in talks with Russia's Novatek on large LNG project: Arabiya:
Saudi Aramco Chief Executive Amin Nasser is negotiating with Russia’s Novatek to invest in a large liquefied natural gas (LNG) project, he was reported as saying by Al Arabiya TV on Tuesday.
Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials said.
Saudi Aramco Chief Executive Amin Nasser is negotiating with Russia’s Novatek to invest in a large liquefied natural gas (LNG) project, he was reported as saying by Al Arabiya TV on Tuesday.
Saudi Arabia signed deals worth more than $50 billion in oil, gas, infrastructure and other sectors at an investment conference in Riyadh on Tuesday, officials said.
Tadawul chairwoman says 320 foreign institutions registered in stock market | Reuters
Tadawul chairwoman says 320 foreign institutions registered in stock market | Reuters:
Some 320 foreign institutions have registered as qualified foreign investors in the Saudi stock market and 200 more are expected to register, the Saudi stock exchange chairwoman said on Tuesday.
Sarah al-Suhaimi, chairwoman of the Saudi Arabian stock exchange (Tadawul) was speaking at an investment conference in Riyadh.
Global index provider MSCI classified Saudi Arabian equity market as an emerging market in June, which is expected to attract billions of dollars of passive funds.
Some 320 foreign institutions have registered as qualified foreign investors in the Saudi stock market and 200 more are expected to register, the Saudi stock exchange chairwoman said on Tuesday.
Sarah al-Suhaimi, chairwoman of the Saudi Arabian stock exchange (Tadawul) was speaking at an investment conference in Riyadh.
Global index provider MSCI classified Saudi Arabian equity market as an emerging market in June, which is expected to attract billions of dollars of passive funds.
Oil down 3 percent as Saudi Arabia eases concerns, Wall Street drops | Reuters
Oil down 3 percent as Saudi Arabia eases concerns, Wall Street drops | Reuters:
Oil prices fell nearly 3 percent to more than one-month lows on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of U.S. sanctions on Iran and as U.S. equity markets sold off.
Brent crude futures LCOc1 dropped 2.8 percent, or $2.27, to $77.56 a barrel by 11:21 a.m. EDT (1521 GMT) after plunging to $77.50, the lowest since Sept. 18.
U.S. crude CLc1 fell $1.98, or 2.9 percent, to $67.38 a barrel, after hitting a session low of $67.26, the lowest level since Sept. 7
Oil prices fell nearly 3 percent to more than one-month lows on Tuesday after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of U.S. sanctions on Iran and as U.S. equity markets sold off.
Brent crude futures LCOc1 dropped 2.8 percent, or $2.27, to $77.56 a barrel by 11:21 a.m. EDT (1521 GMT) after plunging to $77.50, the lowest since Sept. 18.
U.S. crude CLc1 fell $1.98, or 2.9 percent, to $67.38 a barrel, after hitting a session low of $67.26, the lowest level since Sept. 7
MIDEAST STOCKS-Saudi stocks continue decline despite support from state funds | Reuters
MIDEAST STOCKS-Saudi stocks continue decline despite support from state funds | Reuters:
Saudi Arabia’s market fell sharply after a volatile day of trading on Tuesday, as foreign and retail investors continued to sell despite efforts from state-backed funds to limit the fallout from the killing of Saudi journalist Jamal Khashoggi.
The main index slid 1.3 percent after recovering some of its losses earlier in the session.
The market weakness came on a day when a three-day investment conference opened in Riyadh that has seen a boycott by Western politicians and global chief executives in the wake of Khashoggi’s killing.
Saudi Arabia’s market fell sharply after a volatile day of trading on Tuesday, as foreign and retail investors continued to sell despite efforts from state-backed funds to limit the fallout from the killing of Saudi journalist Jamal Khashoggi.
The main index slid 1.3 percent after recovering some of its losses earlier in the session.
The market weakness came on a day when a three-day investment conference opened in Riyadh that has seen a boycott by Western politicians and global chief executives in the wake of Khashoggi’s killing.
Five charts that explain Saudi Arabia’s importance to the global arms trade | Financial Times
Five charts that explain Saudi Arabia’s importance to the global arms trade | Financial Times:
Germany’s decision to halt arms sales to Saudi Arabia following the death of journalist Jamal Khashoggi has underscored the way that the kingdom’s military spending has become increasingly important to governments and businesses in North America and Europe.
Saudi Arabia has for years been one of the world’s largest arms importers. In the past decade, its purchases have risen sharply, as the country’s leadership has pursued an assertive regional security policy, including its military intervention in Yemen since 2015.
Mr Khashoggi disappeared earlier this month after entering the Saudi consulate in Istanbul, where Turkish officials said he was killed by Saudi operatives. Saudi officials said on Friday that Mr Khashoggi had died in a fist-fight.
Germany’s decision to halt arms sales to Saudi Arabia following the death of journalist Jamal Khashoggi has underscored the way that the kingdom’s military spending has become increasingly important to governments and businesses in North America and Europe.
Saudi Arabia has for years been one of the world’s largest arms importers. In the past decade, its purchases have risen sharply, as the country’s leadership has pursued an assertive regional security policy, including its military intervention in Yemen since 2015.
Mr Khashoggi disappeared earlier this month after entering the Saudi consulate in Istanbul, where Turkish officials said he was killed by Saudi operatives. Saudi officials said on Friday that Mr Khashoggi had died in a fist-fight.
Saudi Investment Summit Opens With Russian and U.A.E. Executives - Bloomberg
Saudi Investment Summit Opens With Russian and U.A.E. Executives - Bloomberg:
The heads of Saudi Arabia’s wealth fund and the Russian Direct Investment Fund kicked off an investment summit that’s being held amid international outcry over the death of a government critic.
Public Investment Fund Managing Director Yasir Al-Rumayyan opened the three-day conference in Riyadh, alongside billionaire businesswoman Lubna Olayan, Kirill Dmitriev and Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak. Pakistani Prime Minister Imran Khan is set to address the summit this morning, according to the organizer’s app.
Hosted by the kingdom’s sovereign wealth fund, the Future Investment Initiative was expected to be the stage for showcasing new ventures and unveiling billion-dollar contracts in front of the world’s business elite. That was, until the killing of Jamal Khashoggi prompted dozens of finance and business leaders to withdraw. After two weeks of denials, the kingdom acknowledged on Saturday that Khashoggi was killed inside its consulate in Istanbul.
The heads of Saudi Arabia’s wealth fund and the Russian Direct Investment Fund kicked off an investment summit that’s being held amid international outcry over the death of a government critic.
Public Investment Fund Managing Director Yasir Al-Rumayyan opened the three-day conference in Riyadh, alongside billionaire businesswoman Lubna Olayan, Kirill Dmitriev and Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak. Pakistani Prime Minister Imran Khan is set to address the summit this morning, according to the organizer’s app.
Hosted by the kingdom’s sovereign wealth fund, the Future Investment Initiative was expected to be the stage for showcasing new ventures and unveiling billion-dollar contracts in front of the world’s business elite. That was, until the killing of Jamal Khashoggi prompted dozens of finance and business leaders to withdraw. After two weeks of denials, the kingdom acknowledged on Saturday that Khashoggi was killed inside its consulate in Istanbul.
DP World's Dubai shipping container volumes fall 6.7% in third quarter | ZAWYA MENA Edition
DP World's Dubai shipping container volumes fall 6.7% in third quarter | ZAWYA MENA Edition:
DP World's shipping container volumes in Dubai fell 6.7 percent in the third quarter, with the port operator warning on Tuesday that the near-term outlook for Dubai's major Jebel Ali Port remained challenging.
DP World operates Dubai's Jebel Ali, a major transhipment port and the largest port in the United Arab Emirates, and the Mina Rashid port.
Dubai government-controlled DP World, one of the world's largest port operators, blamed the fall in cargo volumes on the challenging macro-economic environment and the loss of lower-margin cargo.
DP World's shipping container volumes in Dubai fell 6.7 percent in the third quarter, with the port operator warning on Tuesday that the near-term outlook for Dubai's major Jebel Ali Port remained challenging.
DP World operates Dubai's Jebel Ali, a major transhipment port and the largest port in the United Arab Emirates, and the Mina Rashid port.
Dubai government-controlled DP World, one of the world's largest port operators, blamed the fall in cargo volumes on the challenging macro-economic environment and the loss of lower-margin cargo.
Etihad, Saudia ink codeshare partnership | ZAWYA MENA Edition
Etihad, Saudia ink codeshare partnership | ZAWYA MENA Edition:
Etihad Airways and Saudi national flag carrier Saudia have announced a new codeshare partnership, providing customers with access to more than 40 leisure and business destinations in the home markets and across the world.
In addition to the codeshare agreement, the two carriers also announced plans for greater commercial cooperation in other fields, including frequent flyer programme benefits, cargo, and engineering and maintenance.
The codeshare agreement was signed at Saudia headquarters in Jeddah by Saleh bin Naser Al Jasser, director-general, Saudi Arabian Airlines, and Tony Douglas, group chief executive officer, Etihad Aviation Group.
Etihad Airways and Saudi national flag carrier Saudia have announced a new codeshare partnership, providing customers with access to more than 40 leisure and business destinations in the home markets and across the world.
In addition to the codeshare agreement, the two carriers also announced plans for greater commercial cooperation in other fields, including frequent flyer programme benefits, cargo, and engineering and maintenance.
The codeshare agreement was signed at Saudia headquarters in Jeddah by Saleh bin Naser Al Jasser, director-general, Saudi Arabian Airlines, and Tony Douglas, group chief executive officer, Etihad Aviation Group.
Mubadala says waiting for right time to revive Cepsa IPO | Reuters
Mubadala says waiting for right time to revive Cepsa IPO | Reuters:
Mubadala Investment Company is waiting for the right time to revive the listing of Spanish oil company Cepsa, said the Abu Dhabi state investor’s chief executive on Tuesday.
CEO Khaldoon al-Mubarak said in Riyadh that Mubadala felt that it could get a better valuation if it postponed the IPO.
Mubadala, which had planned to raise about 2 billion euros ($2.3 billion) by selling 25 percent of Cepsa, said on Oct. 15 it had postponed the listing.
Mubadala Investment Company is waiting for the right time to revive the listing of Spanish oil company Cepsa, said the Abu Dhabi state investor’s chief executive on Tuesday.
CEO Khaldoon al-Mubarak said in Riyadh that Mubadala felt that it could get a better valuation if it postponed the IPO.
Mubadala, which had planned to raise about 2 billion euros ($2.3 billion) by selling 25 percent of Cepsa, said on Oct. 15 it had postponed the listing.
Saudi sees deals worth billions at summit despite boycotts | Reuters
Saudi sees deals worth billions at summit despite boycotts | Reuters:
Saudi Arabia brushed off an outcry over the killing of journalist Jamal Khashoggi and went ahead on Tuesday with an investment conference boycotted by Western political figures, leading international bankers and company executives.
Speaking at the opening session, prominent Saudi businesswoman Lubna Olayan said the killing of the Washington Post columnist was “alien to our culture” and voiced confidence that the kingdom will “emerge stronger”.
Saudi Arabia brushed off an outcry over the killing of journalist Jamal Khashoggi and went ahead on Tuesday with an investment conference boycotted by Western political figures, leading international bankers and company executives.
Speaking at the opening session, prominent Saudi businesswoman Lubna Olayan said the killing of the Washington Post columnist was “alien to our culture” and voiced confidence that the kingdom will “emerge stronger”.
Oil falls as Saudi Arabia says it will play 'responsible role' | Reuters
Oil falls as Saudi Arabia says it will play 'responsible role' | Reuters:
Oil prices fell on Tuesday after Saudi Arabia said it would play a “responsible role” in energy markets, although sentiment remained nervous ahead of new U.S. sanctions on Iran’s crude exports that start next month.
Benchmark Brent crude oil LCOc1 was down 55 cents a barrel at $79.28 by 0735 GMT. U.S. light crude CLc1 was 35 cents lower at $69.01.
The U.S. sanctions on Iranian oil begin on Nov. 4, and Washington has said it wants to stop all of Tehran’s fuel exports.
Oil prices fell on Tuesday after Saudi Arabia said it would play a “responsible role” in energy markets, although sentiment remained nervous ahead of new U.S. sanctions on Iran’s crude exports that start next month.
Benchmark Brent crude oil LCOc1 was down 55 cents a barrel at $79.28 by 0735 GMT. U.S. light crude CLc1 was 35 cents lower at $69.01.
The U.S. sanctions on Iranian oil begin on Nov. 4, and Washington has said it wants to stop all of Tehran’s fuel exports.
Breakingviews - One alternative to tainted Saudi cash: Qatar | Reuters
Breakingviews - One alternative to tainted Saudi cash: Qatar | Reuters:
Epic natural-resource wealth, a ruling family becoming more progressive, and a pot of cash to invest in diversifying the economy. Until recently, asset managers looking for all that, plus Gulf exposure, would think first of Saudi Arabia. Ditto start-ups and governments attracted by the $45 billion pumped into SoftBank’s Vision Fund or $20 billion destined for a Blackstone infrastructure fund from the kingdom. With Riyadh’s reputation now crushed following the murder of journalist Jamal Khashoggi, Qatar may be their best alternative.
Pivoting to Doha is less weird than it sounds. True, in June 2017 the tiny desert peninsula was blockaded by Bahrain, Egypt, the United Arab Emirates and Saudi for a litany of alleged sins, precipitating a $30 billion non-resident funding exodus from its banking system. But Qatar switched trading partners and plonked $40 billion of reserves and overseas deposits from its central bank and $300 billion sovereign wealth fund into its lenders. Already $16 billion of that has been refinanced by Asian and European banks and investors, Fitch reckons.
Epic natural-resource wealth, a ruling family becoming more progressive, and a pot of cash to invest in diversifying the economy. Until recently, asset managers looking for all that, plus Gulf exposure, would think first of Saudi Arabia. Ditto start-ups and governments attracted by the $45 billion pumped into SoftBank’s Vision Fund or $20 billion destined for a Blackstone infrastructure fund from the kingdom. With Riyadh’s reputation now crushed following the murder of journalist Jamal Khashoggi, Qatar may be their best alternative.
Pivoting to Doha is less weird than it sounds. True, in June 2017 the tiny desert peninsula was blockaded by Bahrain, Egypt, the United Arab Emirates and Saudi for a litany of alleged sins, precipitating a $30 billion non-resident funding exodus from its banking system. But Qatar switched trading partners and plonked $40 billion of reserves and overseas deposits from its central bank and $300 billion sovereign wealth fund into its lenders. Already $16 billion of that has been refinanced by Asian and European banks and investors, Fitch reckons.
Assuming Qatar can refinance the rest – which should be easier given a potential 4.7 percent budget surplus in 2018 over last year’s 2.9 percent deficit – it would have $40 billion of spare cash. If it was feeling racy, it could leverage that and turn it into a Vision Fund-scale investor. But it doesn’t matter that the Qatar Investment Authority tends to be rather more conservative. Doha’s hike of liquefied natural gas production from 77 million tonnes to 110 million tonnes by 2024 could create an extra $40 billion of revenue. With annual capital investment due to halve from around $27 billion as the 2022 soccer World Cup nears, the QIA could be packing serious firepower.
The Latest: Economic forum underway in Riyadh
The Latest: Economic forum underway in Riyadh:
A high-profile economic forum in Saudi Arabia has begun in Riyadh, the kingdom’s first major event on the world stage since the killing of writer Jamal Khashoggi at the Saudi Consulate in Istanbul earlier this month.
The Future Investment Initiative forum, which began on Tuesday, is the brainchild of Saudi Crown Prince Mohammed bin Salman. It’s aimed at drawing more foreign investment into the kingdom and to help create desperately needed jobs for its youthful population.
Prince Mohammed was not immediately at the forum when it started.
A high-profile economic forum in Saudi Arabia has begun in Riyadh, the kingdom’s first major event on the world stage since the killing of writer Jamal Khashoggi at the Saudi Consulate in Istanbul earlier this month.
The Future Investment Initiative forum, which began on Tuesday, is the brainchild of Saudi Crown Prince Mohammed bin Salman. It’s aimed at drawing more foreign investment into the kingdom and to help create desperately needed jobs for its youthful population.
Prince Mohammed was not immediately at the forum when it started.
Saudi Aramco CEO says bankers have not raised concerns about funding costs on SABIC deal | Reuters
Saudi Aramco CEO says bankers have not raised concerns about funding costs on SABIC deal | Reuters:
The chief executive of oil giant Saudi Aramco said on Tuesday that bankers had not expressed any concerns about a recent rise in Saudi funding costs ahead of the company’s potential acquisition of a stake in petrochemical firm Saudi Basic Industries Corp (SABIC) 2010.SE.
The cost of insuring against a Saudi sovereign default over the next five years touched 100 basis points last week for the first time since June, in a sign of how deeply the killing of journalist Jamal Khashoggi has damaged sentiment toward the kingdom.
Asked whether bankers raised any concerns about the death of Khashoggi and worries over higher funding costs for the deal, Aramco CEO Amin Nasser said: “None whatsoever.”
The chief executive of oil giant Saudi Aramco said on Tuesday that bankers had not expressed any concerns about a recent rise in Saudi funding costs ahead of the company’s potential acquisition of a stake in petrochemical firm Saudi Basic Industries Corp (SABIC) 2010.SE.
The cost of insuring against a Saudi sovereign default over the next five years touched 100 basis points last week for the first time since June, in a sign of how deeply the killing of journalist Jamal Khashoggi has damaged sentiment toward the kingdom.
Asked whether bankers raised any concerns about the death of Khashoggi and worries over higher funding costs for the deal, Aramco CEO Amin Nasser said: “None whatsoever.”
Total to announce retail network in Saudi Arabia with Aramco - Total CEO
Total to announce retail network in Saudi Arabia with Aramco - Total CEO:
French oil and gas producer Total is set to announce a retail network in Saudi Arabia with Saudi Aramco, Total’s chief executive said on Tuesday.
Patrick Pouyanne was a speaking at an investment conference in Riyadh.
Total said in April it was interested in Saudi Arabia’s petrol station market and had signed a memorandum of understanding with state energy giant Saudi Aramco to look at options.
French oil and gas producer Total is set to announce a retail network in Saudi Arabia with Saudi Aramco, Total’s chief executive said on Tuesday.
Patrick Pouyanne was a speaking at an investment conference in Riyadh.
Total said in April it was interested in Saudi Arabia’s petrol station market and had signed a memorandum of understanding with state energy giant Saudi Aramco to look at options.
MIDEAST STOCKS-Saudi stocks stumble amid Khashoggi killing fallout | Reuters
MIDEAST STOCKS-Saudi stocks stumble amid Khashoggi killing fallout | Reuters:
Saudi Arabia’s stock market dived in early trade on Tuesday, the opening day of a three-day investment conference, amid persistent investor concern about global reaction to the killing of journalist Jamal Khashoggi.
The Saudi index fell 1.3 percent at 7,546 points in half an hour, with banks and petrochemical shares the biggest losers.
U.S. President Donald Trump said on Monday that he was still not satisfied with what he has heard from Saudi Arabia about the killing of Khashoggi in Turkey, but did not want to lose investment from Riyadh.
Saudi Arabia’s stock market dived in early trade on Tuesday, the opening day of a three-day investment conference, amid persistent investor concern about global reaction to the killing of journalist Jamal Khashoggi.
The Saudi index fell 1.3 percent at 7,546 points in half an hour, with banks and petrochemical shares the biggest losers.
U.S. President Donald Trump said on Monday that he was still not satisfied with what he has heard from Saudi Arabia about the killing of Khashoggi in Turkey, but did not want to lose investment from Riyadh.
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