Global

FT: Saudi Arabia sells off Canadian assets as dispute escalates

FT: Saudi Arabia sells off Canadian assets as dispute escalates

"There is nothing to mediate. Therefore, Canada must correct its actions towards the kingdom".

Saudi Arabia has cut diplomatic ties with Canada, expelled the Canadian ambassador, frozen trade and investment between Riyadh and Ottawa and halted flights to and from Canada.

There are about 280 Saudi nationals enrolled at UBC.

A fresh escalation of the row emerged on Tuesday.

"I will say Canada is very comfortable with our position", she told reporters.

The bank had received no instructions to sell assets as they do not have any exposure there, the source said.

Still, Rai said the impact on the currency should be "ephemeral" as bilateral trade between Saudi Arabia and Canada is small. "This is part of this story that shows that CAD has had this massive divergence from typical drivers over the past few days, which has potentially been reinforced by some momentum traders".

In a statement, Ernest Mulvey, Director, International Education Centre, at Algonquin College says, "We have had a strong relationship with the Saudi Arabian Cultural Bureau and will work with them and their sponsored students to meet the students' current and future academic needs, whether that means students remain at Algonquin to complete their studies or transfer to another institution".

The report said his conviction was upheld by the courts and his execution was endorsed by King Salman.

The spat began last week when Canada's foreign ministry expressed its concern over the arrest of Saudi civil society and women's rights activists.

Saudi Arabia's main state wheat buying agency, the Saudi Grains Organization, has also told grains exporters it will no longer accept Canadian-origin grains in its global purchase tenders, according to European traders. The government provides health care services through several government agencies for public employees.

Canada on Monday called for Saudi Arabia to release women's rights campaigners detained in the country, which prompted a harsh response from the kingdom. Saudia Airlines has also announced it will suspend flights to and from Canada starting August 13.

Canada's Prime Minister Justin Trudeau speaks during a news conference following a cabinet shuffle at Rideau Hall in Ottawa, Ontario, Canada, July 18, 2018.

The dispute looks set to damage what is a modest bilateral trade relationship worth almost $4 billion a year.

So far this year, Canada has exported C$1.4 billion in merchandise goods to Saudi Arabia and imported C$2 billion, according to Statistics Canada data.


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