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Tag Archives: Nigel Sillitoe

Saudi Arabia withdraws $70b from global funds

Posted by aurelius77 on October 1, 2015

Saudi Arabia has withdrawn $70 billion from global asset managers as Opec’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery.

“Fund managers we’ve spoken to estimate Sama has pulled out between $50 billion to $70 billion from global asset managers over the past six months,” Nigel Sillitoe, chief executive officer (CEO) of the Dubai-based firm, said on Monday. “Saudi Arabia is withdrawing funds because it’s trying to cut its widening deficit,” he said. Continue reading →

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Comments Off on Saudi Arabia withdraws $70b from global funds Posted in Axis Powers, Business & Economics, Economic Crisis, Middle East, Oil & Gas, OPEC, Politics, Saudi Arabia Tagged $70 billion, budget deficit, Business & Economics, Capital Economics, current account deficit, Dubai, Economic Crisis, foreign exchange reserves, IMF, Insight Discovery, International Monetary Fund, Jasen Tuvey, Middle East, Nigel Sillitoe, Oil & Gas, Oil Prices, OPEC, politics, Sama, saudi arabia, Saudi Arabia withdraws $70b from global funds, Saudi Arabian Monetary Authority

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