Saudi Arabia's Central bank Ahmed al-Kholifey
Saudi Arabia's central bank governor said the kingdom will not penalize foreign banks that boycotted an investment conference in Riyadh and reiterated the country's commitment to defend its currency peg to the dollar.
Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey said in an interview with Al Arabiya TV on Wednesday that institutions that pulled out of the Saudi conference will still be able to apply for and obtain banking licenses to operate in the kingdom.
He also reiterated the country’s commitment to defend the Saudi riyal’s peg to the dollar, adding that the current pressure to the peg was much lower than in the past when oil prices crashed.
The riyal, which sank to a two-year low of 3.7526 against the U.S. dollar earlier this month because of concern that the disappearance of journalist Jamal Khashoggi could hurt foreign investment in Saudi Arabia, has recovered some of the losses and on Wednesday stood at 3.7511.
Saudi Crown Prince Mohammed bin Salman said on Tuesday he was satisfied with the Future Investment Initiative conference as he toured the venue."Great, more people more money," he told reporters.Organized by the Public Investment Fund (PIF), the three-day event aims to draw investments with a view to diversifying the kingdom’s oil-based economy.Several major banks, corporations and businessmen have boycotted the conference, which is held under the shadow of an international outcry over Khashoggi’s murder at the Saudi Consulate in Istanbul.Saudi stocks continue decline despite support from state fundsSaudi Arabia to allow foreigners to invest in audiovisual, land transportSaudi investment conference opens amid international boycott
Saudi crown prince says satisfied with investment conference in Riyadh
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.Last week, foreign investors sold $1.07 billion in Saudi stocks, the biggest sell-offs since the market opened to direct foreign buying in mid-2015.UK 'concerned' to hear Khashoggi murder 'premeditated'"The recent sell off has exposed some value but with all the turbulence and volatility, there is zero visibility on how things will progress and at this stage, we're not calling this a buying opportunity," Nick Wilson, chairman of London-listed Gulf Investment Fund plc, said.The wider investment community is going to hold back from building a meaningful position until there is clarity on the current events, Wilson added.But government-linked funds have been propping up Saudi Arabia's stock market since Oct. 14, when the index lost up to 7 percent in its biggest drop since December 2014. The index is down 5 percent in the month-to-date.Saudi king, crown prince meet Khashoggi family membersThe kingdom's Public Investment Fund (PIF) has been indirectly supporting local stocks, using local institutions, to limit a market crash caused by the Khashoggi case, Reuters reported on Tuesday, citing sources familiar with the matter.Nonetheless, Saudi Arabia was also set to sign deals worth $50 billion on Tuesday at the conference.Saudi Arabian Mining (Ma'aden) rose 6.1 percent after it signed a contract with South Korea's Daelim Industrial to build an ammonia plant for about 3.35 billion riyals ($892.98 million).Saudi Arabia to allow foreigners to invest in audiovisual, land transportSaudi Industrial Export outperformed the market, jumping 9.9 percent after its third-quarter loss narrowed.Jabal Omar Development also advanced 3.7 percent after posting a third-quarter profit.Egypt's blue-chip index lost 0.5 percent with Abu Qir Fertilizers and Chemical Industries falling 8.7 percent and Alexandria Mineral sliding 11.7 percent.In Dubai, Amanat Holdings added 2.7 percent and Gulf Navigation Holding climbed 3.7 percent after Dubai Financial Market said direct deals were executed on 82 million shares of the company for 80.4 million dirhams.King Salman: Saudi Arabia to hold to account those involved in Khashoggi killingThe main index was up 0.2 percent.Nasdaq-listed DP World reversed losses to rise 4.8 percent despite reporting a 6.7 percent drop in its shipping container volumes for the third-quarter.The Abu Dhabi index inched up 0.3 percent with Arkan Building Materials jumping 12.9 percent and Emirates Driving Co rising 14.9 percent.Ras Al Khaimah Cement increased 4.5 percent after its board approved the sale of a part in the firm's equity portfolio.
Saudi stocks continue decline despite support from state funds
Saudi king Salman received family members of murdered journalist Jamal Khashoggi in Riyadh, state news agency SPA reported on Tuesday.They included his son, Salah bin Jamal Khashoggi, and the meeting was also attended by Crown Prince Mohammed bin Salman, SPA said.Saudi Press Agency releases a picture of Jamal Khashoggi's son meeting Saudi Arabia's Crown Prince Mohammed bin Salman in Riyadh pic.twitter.com/oyqNLbBZQ4— TRT World (@trtworld) 23 Ekim 2018 King Salman: Saudi Arabia to hold to account those involved in Khashoggi killing
Saudi king, crown prince meet Khashoggi family members
Saudi King Salman bin Abdulaziz on Tuesday met with Pakistani Prime Minister Imran Khan at Riyadh's Al-Yamamah Palace, with whom he discussed bilateral ties and regional developments.According to the official Saudi Press Agency (SPA), the two men “reviewed the close relations between the two countries and the latest developments in the region”.Khan's current visit to Saudi Arabia is his second since he assumed the Pakistani premiership in August.Last month, King Salman met with Khan in Jeddah -- during the latter’s first official trip abroad -- to discuss bilateral ties and prospects for enhanced cooperation.Khan is now visiting Riyadh to take part in a high-profile investment conference currently underway in the Saudi capital.Imran Khan leaves for Saudi conference saying Pakistan 'desperate' for loansPakistan ends military operations in Swat valleyWhen asked about the furor caused by the disappearance early this month of a Saudi journalist, Khan told The Independent on Monday: "What happened in Turkey is just shocking… But that aside, the reason I have to take this opportunity [to attend the Riyadh conference] is because we [Pakistan]… have the worst debt crisis in our history.”A columnist for the Washington Post, Jamal Khashoggi was last seen on Oct. 2 when he entered the Saudi consulate in Istanbul. Pakistan, Russia hold joint military drillsPakistan welcomes Turkish-Saudi contacts on KhashoggiAfter days of denying any knowledge of his whereabouts, Saudi officials last week admitted that Khashoggi had died inside the consulate.Since then, King Salman has sacked the deputy head of the Saudi intelligence agency (along with a top aide), while also ordering the arrest of 18 suspects in the case.On Sunday, Saudi Foreign Minister Adel al-Jubeir admitted that Khashoggi had been killed inside the consulate, but insisted that Mohamed bin Salman -- Saudi Arabia’s high-profile crown prince -- had not been aware of it.Al-Jubeir has also posited the notion that Khashoggi’s presumed murder was a “rogue operation” carried out by Saudi intelligence operatives.
Saudi Arabia's King Salman meets Pakistani PM in Riyadh