Markets

Saudi Arabia says it will respond to any economic sanctions

Saudi Arabia says it will respond to any economic sanctions

President Donald Trump has said the United States will inflict "severe punishment" on Saudi Arabia if the kingdom is found to be responsible for the death of Mr Khashoggi.

The drop in the Tadawul exchange in Riyadh happened Sunday, the first day of trading.

Trump has not described what punishment Saudi Arabia might face.

"This is happening at a time when Saudi Arabia is preparing for a big investment event and they don't need people suspending or pulling out investments", said Nadi Barghouti, head of asset management at Emirates Investment Bank in Dubai. "There has been a kind of uncertainty surrounding the situation of the disappearance of Khashoggi, which has caused the market to fall", Mr. Zidan said.

According to Independent Khaled bin Farhan al-Saud, a Saudi prince living in exile in Germany told foreign media that the Saudi authorities had planned to kidnap him as well before Jamal Khashoggi disappeared.

White House economic adviser Larry Kudlow on Sunday defended Treasury Secretary Steve Mnuchin's intention to attend a summit in Saudi Arabia later this month despite the kingdom's involvement in the case of missing journalist Jamal Khashoggi. In this spirit, light must be shed on the disappearance of Saudi journalist Jamal Khashoggi, whose family has lost contact with him since October 2nd.

The Turkish leadership has so far stopped short of accusing Saudi Arabia, although pro-government media have published sensational claims, including that an "assassination team" was sent to Istanbul to kill Khashoggi.

Though Trump called the allegations "really bad and disgusting", he told reporters on his way to a Kentucky rally Saturday that scrapping arms sales deals would hurt U.S. companies and jobs more than it would punish Saudi Arabia.

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"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", the official Saudi Press Agency quoted an unnamed government source as saying.

Fears are growing over the fate of missing journalist Jamal Khashoggi after Turkish officials said they believe he was murdered inside the Saudi consulate. The U.S. provides weaponry, intelligence and logistical support for the bombing campaign.

"The Kingdom of Saudi Arabia extends it appreciation to all, including the U.S. administration, for refraining from jumping to conclusions on the ongoing investigation".

"Markets start to price in a fundamental change in the nature of the relationship between the USA and Saudi Arabia", said Jaap Meijer, managing director and head of equity research at Arqaam Capital.

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

"The recent disappearance of Saudi journalist and Washington Post columnist Jamal Khashoggi suggests that he could be a victim of a gross violation of internationally recognized human rights", almost two dozen senators explained in their letter to the president.

JP Morgan CEO James Dimon and Ford chairman Bill Ford said on Sunday they would also not attend.

This would be the WWE's second show in Saudi Arabia of 2018.


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