Saudi Arabia withdraws $70b from global funds

Saudi Arabia has withdrawn $70 billion from global asset managers as Opec’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence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