Saudi banks’ investment in US dips

RIYADH, 29 August — With the United States economy failing to pick up following Sept. 11 events and the spate of corporate scandals, value of stocks and funds has dipped sharply. The investments of Saudi mutual funds in US equities too have been hit hard. The cumulative loss of the banks’ investments is estimated at 18 percent. According to local bank managers, there is hardly any noticeable trend among Saudis withdrawing investments from the United States.