Saudi Arabia is selling Canadian assets as the kingdom escalates its response to Ottawa’s criticism of a female activist’s arrest.
The Saudi central bank and state pension funds have instructed their overseas asset managers to sell their Canadian equities, bonds and cash holdings “no matter the cost”, two people with direct knowledge of the orders said.
Third-party managers are estimated to be mandated to invest more than $100bn of Saudi funds in global markets, executives say. While the proportion of that figure invested in Canadian holdings would be “fairly small in absolute terms”, the asset sale sent a strong message, one of the people said.
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