In a sign that the Saudis may not have as much leverage over Canada as they thought, many in the country say they are less concerned about the effects on Canada of the diplomatic spat than they are concerned for the well-being of the 15,000 students who were told they cannot resume studies for the fall semester and 800 doctors and medical residents who must leave by Sept. 1. [...]
But even though the Saudis are a significant presence in Canadian hospitals and in higher-education, contributing about $1 billion to $1.5 billion Canadian dollars (US$770 million to US$1.1 billion) to the Canadian economy last year, the overall effect is minimal since other foreign students can easily replace them. [...]
Financial markets did not appear hurt by the dispute amid reports that the Saudis intended to unload Canadian assets. There were rumors that Kingdom Holding Co. intended to sell its 47.5 percent stake in the Toronto-based luxury hotel chain Four Seasons. A company spokeswoman, Sarah Tuite, would only say that “day to day operations” have not changed. “It is business as usual,” she said. [...]
The worst potential impact on Canada would be if Saudi Arabia canceled Canada’s largest arms deal, a $15 billion deal with Saudi Arabia in 2014 to export its light-armored vehicles to the kingdom. Jim Reid, a union leader who represents 500 workers at the General Dynamics facility in London, said that could lead to job losses.
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