According to Al-Jubeir, there was "nothing to mediate" in the diplomatic clash, adding that Ottawa knew what to do to in order "fix its big mistake."
Meanwhile, the Financial Times reported that the Saudi central bank and state pension funds have ordered their overseas assets managers to sell their Canadian equities, bonds and cash at any price amid the diplomatic row with Canada.
The newspaper was citing two people with direct knowledge of the orders, who also said that only a "fairly small" amount of Saudi funds was invested in Canadian assets.
According to the Financial Times, experts believe that the decision to sell Canadian assets will have a negative effect on Saudi Arabia's business.
"These sort of actions are not going to assure minds about the stability of doing business there," a major emerging markets investor told the newspaper.
Previously, the Saudi Ministry of Foreign Affairs stated that it was recalling its envoy to Canada, and will now consider the Canadian ambassador to Riyadh a ‘persona non grata.' The move was followed by various measures by the kingdom, such as freezing trade and investment transactions, selling Canadian assets, and recalling Saudi students from Canadian universities.
READ MORE: Saudi Arabia Freezes New Trade, Investment Transactions With Canada — Reports
Raif Badawi was arrested in 2012 and sentenced to 10 years of inprisonment for criticizing the country's religious police. The activist was also accused of insulting Islam and of committing cybercrimes. His wife and their three children moved to Canada and later became its citizens.