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Foreign Investors Pull Record Sums from Saudi in Middle East Fund Flight

2023-11-12 14:31:03.055000

Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative. The iShares MSCI Saudi Arabia ETF saw record net outflows in October of more than $200 million, cutting 20% from what it held at the beginning of the month. Exchange traded funds (ETFs) providing exposure to stocks in Qatar, the UAE, and Israel also suffered outflows, with investors worried about instability, and flows have been muted this month. The equity investor cash flight highlights the still-serious risk to these economies, and their efforts to diversify, as the region falls back into conflict. [c1658770]

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