Saudi riyal at weakest since June 2017 on Khashoggi case

Saudi riyal at weakest since June 2017 on Khashoggi case

"The Kingdom affirms its total rejection of any threats and attempts to undermine it, whether by threatening to impose economic sanctions, using political pressures, or repeating false accusations that will not undermine the Kingdom and its staunch positions and Arab, Islamic and global status, the outcome of these weak endeavours, like their predecessors, is a demise", the country's press agency said, citing an "official source". The Public Investment Fund put $45 billion into SoftBank's first Vision Fund, and Bloomberg recently reported that the Saudi fund would invest another $45 billion into SoftBank's second Vision Fund.

Khashoggi, a USA resident and Washington Post columnist critical of Riyadh's policies, disappeared on October 2 after entering the Saudi consulate in Istanbul.

US President Donald Trump said on Saturday there would be "severe punishment" for Saudi Arabia if it turned out that Khashoggi was killed in the consulate.

Ties to the Gulf Kingdom extend beyond tech investment.

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.

Khashoggi "promised me to sponsor the project and I guess they could listen in to those conversations", he said.

Saudi Arabia warned Sunday it would retaliate against any sanctions imposed on the oil-rich kingdom over Khashoggi's disappearance, as the Riyadh stock market plunged on growing investor jitters.




A pro-government Turkish daily published preliminary evidence last week from investigators it said identified a 15-member Saudi intelligence team which arrived in Istanbul on diplomatic passports hours before Khashoggi disappeared on October 2. The Saudi writer, who lives in the USA, disappeared in early October after entering the Saudi consulate in the Turkish city of Istanbul.

US Secretary of State Mike Pompeo on Saturday declined to confirm whether US Treasury Secretary Steven Mnuchin would still be attending the Future Investment Initiative conference being hosted by the Saudi Crown Prince - known as "Davos in the desert" - later this month.

The Washington Post, citing unidentified USA and Turkish officials, reported that Turkey had told US officials it has audio and video recordings that prove Khashoggi was killed inside the consulate.

UK Foreign Secretary Jeremy Hunt and his German and French counterparts said "light must be shed" on Khashoggi's disappearance, and cautioned that the Saudi government was expected "to provide a complete and detailed response".

"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.

Germany, France and the United Kingdom have also pressured Saudi Arabia for an investigation into Khashoggi's disappearance.

Related Articles