Saudi Arabia Appears To Be Trying To Tank Canadian Asset Prices

Saudi Arabia Appears To Be Trying To Tank Canadian Asset Prices

The equities selloff comes after Canada's Global Affairs Ministry expressed concern about the arrest and detention of a female blogger and activist in Saudi Arabia, prompting the kingdom to respond forcefully.

"Canada stands together with the Badawi family in this hard time", she tweeted on Friday, referring to the jailed women's rights activist, "and we continue to strongly call for the release of both Raif and Samar Badawi".

Saudi Arabia's state airline said it would suspend flights to and from Canada, starting next week.

Saudi Arabia executed and "crucified" a man from Myanmar as punishment for murdering a woman and other crimes, the country's state-run media announced Wednesday.

On Monday, Canada's foreign minister, Chrystia Freeland, said her government - which has come under fire previously for signing off on the sale of more than 900 armoured vehicles to Riyadh - would continue to call for the release of the detained activists. It stopped medical treatment of Saudis in Canada and made arrangements to bring home Saudi patients.

In an indication that the quarrel may worsen, Jubeir said that the kingdom was still "considering additional measures" against Canada, but did not elaborate.

Watch the Canadian dollar trade in real-time here.

European traders said Saudi Arabia's main state wheat buying agency, the Saudi Grains Organization (SAGO), has told grains exporters it will no longer accept Canadian-origin grains in its global purchase tenders. "A mistake has been made and a mistake should be corrected", the Saudi minister said. Riyadh said Ottawa was interfering in its internal affairs.

The kingdom also said it plans to freeze future trade relations between the two countries.

Saudi students in Canadian universities have been given four weeks to pack their bags and leave the country as their scholarships have been suspended. Saudia Airlines has also announced it will suspend flights to and from Canada starting August 13.

Meanwhile, Saudi Arabia's main state wheat-buying agency, Saudi Grains Organization (SAGO), issued a notice to exporters that it will no longer buy Canadian wheat and barley.

Saudi Arabia, under the new leadership of young Mohammed Bin Salman, has undertaken a number of reforms to fight radicalism, and improve human rights and economic prospects for the country.

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