Investors Pull $650m From Saudi Arabia Amid Khashoggi Allegations
WHERE IT HURTS
International anger hitting Saudi pockets.
Reuters / Osman Orsal
Money appears to be leaking out of Saudi Arabia as international condemnation of Jamal Khashoggi's murder intensifies, with $650 million of investment already having been withdrawn from the country's main exchange. Many business leaders and public figures have been quick to cool ties with Saudi Arabia over allegations that its royal family was involved in the murder of the writer, and data from Arqaam Capital, a Middle East investment bank, shows that the country’s main exchange—known as Tadawul—has seen the heavy outflow of cash since 11 October. Only 5 percent of the stocks are owned by foreign investors so the Tadawul has avoided heavy losses, but the figures show managers are getting increasingly anxious as the diplomatic fallout over Khashoggi's murder worsens.
