Published: Thu, October 18, 2018
Finance | By Jaime Brady

Saudi stocks fall as tension with United States increases over Khashoggi case

Saudi stocks fall as tension with United States increases over Khashoggi case

A Turkish diplomatic source said investigators would inspect the consulate on Monday afternoon, following delays last week when the two countries agreed to work together to find out what happened to Khashoggi, a critic of the Kingdom's policies.

Mohammed bin Salman, the 33-year-old crown prince of Saudi Arabia who leads the country's Public Investment Fund, has pledged $45bn to SoftBank's Vision Fund, making it one of the most significant stakeholders in the Japanese investment vehicle.

Khashoggi, a United States resident and critic of Riyadh's policies, disappeared on October 2 after entering his country's diplomatic mission in Istanbul.

A White House aide says President Donald Trump is serious when he says there'll be "severe punishment" if Saudi Arabia is found to be complicit in the disappearance of USA resident and journalist Jamal Khashoggi. The article begins by noting that Silicon Valley startups such as WeWork, DoorDash, Wag, and Slack all wouldn't exist without investments from the Kingdom of Saudi Arabia.

Saudi financial markets have come under pressure in the last few days as U.S. President Donald Trump has threatened to punish Riyadh if it turns out that Khashoggi was killed in the Saudi consulate in Istanbul as alleged by the Turkish authorities.

"If US sanctions are imposed on Saudi Arabia, we will be facing an economic disaster that would rock the entire world", he added.

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Several individuals and major businesses have distanced themselves from Saudi Arabia and Crown Prince Mohammed Bin Salman, further isolating the Middle East powerhouse that vehemently denies involvement in Khashoggi's alleged murder.

Saudi Arabia, which provided much of the funding for the SoftBank Vision Fund, is seeing a growing number of attendees pull out of the "Davos in the Desert" investment conference after the disappearance of a prominent Saudi journalist. Turkish officials fear Khashoggi was killed and dismembered, allegations Saudi officials call "baseless".

Long before the dissident Saudi journalist Jamal Khashoggi vanished, the kingdom has sought influence in the West - perhaps intended, in part, to make us forget what it is.

'The country that can help us get to the bottom of this is Saudi Arabia, ' he said.

"We are seeing a massive backlash right now on tech companies and investors who are receiving funding from the Saudi Arabian government", Constellation Research's Ray Wang told CNBC.

"Something this big would definitely spook investors, and Saudi just opened up for foreign direct investment, so that was big", said Issam Kassabieh, a financial analyst at Dubai-based firm Menacorp Finance.

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