SoftBank's Saudi Ties Unnerve Investors as Shares Drop 8 Percent

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Saudi stocks made a strong comeback on Monday after days of heavy losses in economic fallout linked to political tensions over the disappearance of prominent journalist Jamal Khashoggi.

The statement did not directly acknowledge Khashoggi's disappearance, which happened October 2 when he visited the Saudi Consulate in Istanbul.

They said there must be a credible investigation to establish the truth and "if relevant" identify those responsible for Khashoggi's disappearance. Saudi Arabia also has its own investment in the ride-hailing firm.

"What has reportedly happened in Turkey. if proved true, would clearly change the ability of any of us in the West to do business with the Saudi government", he said in a statement.

A Turkish official told Reuters on Sunday that the Saudis had said they would allow the consulate to be searched, and that this would happen by the end of the weekend, though he conceded to "flexibility on this date".

While an earlier generation of Saudi leaders, like Prince Alwaleed bin Talal, invested billions of dollars in blue-chip companies in the United States, the kingdom's new crown prince, Mohammed bin Salman, has shifted Saudi Arabia's investment attention from Wall Street to Silicon Valley.

The statement was issued as global concern grew over the writer who vanished on a visit to the Saudi Consulate in Istanbul over a week ago. "We'll wait and see, but rest assured that when the president says we will take actions if we find out bad outcomes, he means it". Rubio said U.S. -Saudi relations may need to be "completely revised" and stressed the U.S. would lose credibility on human rights if the Trump administration remained silent.

U.S. President Donald Trump has threatened "severe punishment" if it turns out Khashoggi was killed in the consulate, although he said Washington would be "punishing" itself if it halted military sales to Riyadh. Ford Motor Co said Chairman Bill Ford has canceled his trip to the Middle East, which included an appearance at the Saudi investment conference.

Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, expressed profound appreciation for the distinguishing position of the Kingdom as a major power ensuring security and stability in the Arab and Muslim worlds, commending all the constructive initiatives and policies adopted by the Kingdom to underpin regional and international peace and development. "Because of the leadership, because of the location, because of the people in the kingdom, we can make it happen".

Trump said he could not confirm such reports. According to that narrative, the crown prince had approved an interrogation or rendition of Khashoggi back to Saudi Arabia, but the intelligence official was tragically incompetent as he eagerly sought to prove himself.

Ties to the Gulf Kingdom extend beyond tech investment.

JP Morgan Chase and Ford did not comment on whether the decision was related to concerns about the disappearance of Khashoggi.

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