Saudi Arabia is promoting Canadian property in an escalating row after Ottawa criticized the arrest of a feminine activist, the Monetary Instances reported on Wednesday, citing sources.
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The Saudi central financial institution and state pension funds have instructed their abroad asset managers to eliminate their Canadian equities, bonds and money holdings “irrespective of the price,” in keeping with the report.
The sell-off started on Tuesday and underlines how the Saudi authorities is flexing its monetary and political muscle to warn overseas powers in opposition to what it regards as interference in its sovereign affairs, the FT stated.
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Saudi Arabia froze new commerce and funding with Canada and expelled the Canadian ambassador this week, in an escalating row after Ottawa urged the nation to free rights activists.
The Saudi Central Financial institution didn’t instantly reply to a request for remark. A consultant with Canada’s ministry of worldwide affairs didn’t instantly have a remark.