Tara Giles operates a combine as she harvests wheat on a 160-acre field located south of High River, Alberta, September 28, 2013. REUTERS/Mike Sturk
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Saudi Arabia's decision to halt new investments and unload assets in Canada is likely to have limited impact, even as the kingdom's foreign minister threatens more action.Saudi Arabia's central bank and pension funds have already begun selling Canadian assets, according to people familiar with the matter.Saudi lender National Commercial Bank has an asset manager that held investments in 41 Canadian companies including Suncor Energy Inc., Canadian Natural Resources Ltd. and Canadian Pacific Railway Ltd. in its AlAhli North America Index Fund, according to May 2017 filings. Two-way trade between the two countries is tiny – around 0.4 percent of Canada's total trade in 2017 .Canada exported CA$1.37 billion worth of goods to Saudi Arabia last year, mostly tanks and other armored fighting vehicles and their parts, according to Statistics Canada. Saudi Arabia's move had a brief impact on the Canadian dollar, with the loonie depreciating as much as 0.5 percent to CA$1.3120 per U.S. dollar Wednesday after the Financial Times reported the Saudi central bank and state pension funds instructed overseas asset managers to dispose of Canadian assets.Canada's currency later reversed those losses, ending the day up 0.3 percent.
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