Saudi Crown Prince Mohammed bin Salman
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 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 Arabia will allow foreigners to invest in audiovisual services, land transportation and real estate brokerages, state news agency SPA reported on Tuesday.It quoted a statement after a cabinet meeting.King Salman: Saudi Arabia to hold to account those involved in Khashoggi killingYemen president leaves Saudi for US on ‘surprise’ visitBritain says questions remain over Khashoggi killing, only Saudis have answersBelgium calls for canceling arms sales to Saudi ArabiaDid Saudi intel officer Mutreb smuggle Khashoggi’s dismembered body abroad?Saudi investment conference opens amid international boycott
Saudi Arabia to allow foreigners to invest in audiovisual, land transport
A major investment conference opened in Saudi Arabia on Tuesday amid international boycott over the killing of Saudi journalist Jamal Khashoggi.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.Among boycotters of the conference are World Bank President Jim Yong Kim, Uber CEO Dara Khosrowshahi, billionaire philanthropist and Los Angeles Times owner Patrick Soon-Shiong and British billionaire Richard Branson.Saudi Arabia ‘in crisis’ over Khashoggi: MinisterThe New York Times, CNN, and CNBC have also announced they would not sponsor the event, and several prominent journalists have said they would not attend.Khashoggi, a Washington Post columnist, was last seen on Oct. 2 when he entered the Saudi Consulate in Istanbul.After days of denying to know his whereabouts, Saudi Arabia last week claimed Khashoggi died during a fight inside the consulate.Saudi King Salman sacked the deputy of the intelligence service and a top aide and ordered the arrest of 18 suspects over the case.Erdoğan: Evidence shows Jamal Khashoggi was brutally murderedOn the day of Khashoggi’s disappearance, 15 other Saudis, including several officials, arrived in Istanbul on two planes and visited the consulate while he was still inside, according to Turkish police sources. All of the identified individuals have since left Turkey.Saudi Arabia’s foreign minister admitted on Sunday that Khashoggi was killed inside the Saudi Consulate but argued that the Crown Prince Mohammed bin Salman was “not aware" of it. Foreign Minister Adel al-Jubeir claimed that it was a “rogue operation” by individuals who exceeded their responsibilities and later tried to cover things up.SoftBank CEO Son not to speak at Saudi conference, could still attend: WSJWebsite of Saudi investment conference hacked
Saudi investment conference opens amid international boycott