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Saudi Corruption Crackdown Hits Gulf

Total market capitalization for the region has fallen to its lowest level since 2016

Saudi Arabia’s weekend arrests of dozens of princes, ministers and former and current officials have spooked investors across Gulf Cooperation Council countries. The collective sell-off amid what authorities are calling a crackdown on corruption has resulted in $17.6 billion of lost market capitalization in Gulf markets. Paris, Geneva, Zurich and Asia could all be beneficiaries if more money moves out, according to Sergey Dergachev, who helps oversee about $14 billion in assets as a senior portfolio manager at Union Investment Privatfonds GmbH in Frankfurt.

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