Economy
Saudi Arabia Collects $107 Billion as Prince Unwinds Crackdown
The Saudi anti-corruption commission headed by Crown Prince Mohammed Bin Salman has concluded its mission and recovered about 400 billion riyals ($107 billion) including cash, real estate, companies and securities.
The commission, which was established in 2017, settled cases with 87 individuals after calling a total of 381 people to testify, according to a royal court statement carried by the Saudi Press Agency late on Wednesday. It referred 56 people to prosecution and rejected settlements with eight individuals.
Dozens of royal family members and business leaders were rounded up and detained at the Ritz Carlton hotel in Riyadh for about three months during a purge that sent shock waves through business circles inside and outside the kingdom. The palatial hotel reopened for the public in February last year.
The list of royals and businessmen who were jailed during what the authorities called a “crackdown on corruption” included Saudi billionaire Prince Alwaleed bin Talal who was released after signing a “confirmed understanding” and Saudi-Ethiopian billionaire Mohammed Al Amoudi who was released on Jan. 27.
-
Economy1 month agoOMIFCO IPO: Price, Dividends, Subscription Dates and Listing – Here’s Everything You Need to Know
-
Magazines1 month agoOER May 2026 Edition: The Digital Copy
-
News3 weeks agoINVESTIGATION: Why Nokia Could Matter More in the Quantum Age Than It Ever Did in Mobile
-
Investment1 month agoWhy Are Tech Stocks Rising Again – And Is It Too Late To Invest In Them?
-
News3 weeks agoINVESTIGATION: Is AI in a Bubble? Inside the Trillion-Dollar Question Reshaping Global Markets
-
Magazines1 month agoSignature Oman: May 2026 Edition
-
Banking & Finance2 months agoOman Arab Bank marks successful listing of $400mn AT1 Bond on London Stock Exchange
-
Economy3 weeks agoOMIFCO Successfully Completes Bookbuilding & Sets Final IPO Offer Price

You must be logged in to post a comment Login